How To Deal with the Stress and Anxiety of Real Estate Market Changes
Let’s address the elephant in the room today, shall we?
In March of 2020, it’s not exactly business-as-usual in the world, and that will inevitably affect the real estate market.
The Bank of Canada is cutting rates back weekly to help, but the stress test remains in place on mortgages, which wasn’t the original plan for this spring.
In times when you can’t predict how the world and the economy are going to fare, how do you deal with the stress and anxiety of it all?
We’ve got you covered with four strategies that can help you cope in unpredictable times like these and the real estate market changes it brings with it.
Coping Mechanisms for You and Your Real Estate Business
As a REALTOR®, you are your business. Keeping yourself as strong, healthy and positive as possible is the best thing that you can do to weather this storm.
From personal self-care through to future-proofing your business for the market changes, you can do this.
Here are four ways to keep yourself on the rails in times of chaos.
1. Take Care of Yourself and Your Mental Health
When the world seems to be changing on an hourly basis, the best thing we can do for our health is to maintain routines that make us feel in control.
This doesn’t have to be complicated, fancy or time-consuming. Simply, keep up with the things that make you feel good every day; for example:
- Workout, whether it’s a short walk around your neighbourhood or an online workout at home.
- Continue your meditation practice, morning routine or mindfulness.
- Keep making healthy meals for you and your family to keep you strong and energized.
The stronger you are mentally and the better you feel physically, the more equipped you are to deal with the changes happening around you, meaning you can quickly pivot your business and strategy from a place of clarity.
2. Stay Connected Even While Social Distancing
We live in a wild time. We can still stay in touch with our family, friends and clients while being at home.
Now, more than ever, it’s important to reach out to people and check in. Give them a call, arrange a Skype or Zoom chat, send them a voice note DM on Instagram or send out a text.
This isn’t about business so much as it is about maintaining relationships and making sure the people you love are okay.
Some people struggle with being alone and feeling isolated. A simple call from you can change that.
The same goes for your mental health. If you’re feeling worried, anxious, unsure or scared, reaching out to your network of friends to chat is essential. They know you best and can help you work through those feelings.
But most importantly, staying connected virtually will ensure you won’t feel alone. The market changes are affecting everyone and every industry. Together, we can get through the downtown much easier than if we all go it alone.
3. Shift Your Perspective and Focus on Your Business’s Backend
It’s so tempting to be frustrated that you’re stuck at home and you can’t get out and connect with people and clients in person. Maybe you’ve also seen a huge downturn in the number of people at open houses lately.
But rather than getting annoyed, which isn’t productive, what if you shifted how you were looking at this?
What if you thought about these next two weeks as the quiet time you finally received to:
- Build or refresh your real estate website
- Put a social media and online content plan in place
- Take an online course or certification
- Get all your tax paperwork in order and submitted
- Improve your email sequences and client relationship management software
There are so many things we put off until it’s “a better time.” Well, now’s the time.
Get after it! Doing so will make you feel a heck of a lot more in control of the situation.
4. Begin To Future-Proof Your Real Estate Business
This time of uncertainty may have been the wake-up call you needed to think about how to future-proof your business.
As you look forward to fewer sales and less activity, ask yourself: Are you ready for this?
This is not the time to panic, it’s the time to plan.
Ask yourself the following questions and begin to ruminate on how you can shift your real estate business to solve them:
- Is my emergency fund large enough to carry me through two to three slow months?
- Is there a way that I can expand my client base so that I have more potential streams of income?
- Does my content and marketing strategy still work when everyone is online and no one is meeting in person?
Again, moving from a place of worry and into a space of problem solving and planning will help you to feel more prepared for any future downturns.
How are you feeling right now about your real estate business, amidst all the change?