Broker's Playbook - Good For Real Estate



How to succeed and grow your real estate business during a recession

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In the last few years, excitement in the real estate market hit such a high that it seemed closing deals was easier than ever. Now though, with the Canadian economy on course for a recession as interest rates rise, the business of real estate is going to look very different in the near future. Agents who thought they had it all figured out may soon find themselves struggling to keep up – if they aren’t already. Are you prepared with the skills you need to succeed?

To find out just what it takes for an agent to thrive in recessionary times, we spoke with Simeon Papailias, co-founder of REC Canada as well as the host and founder of Broker’s Playbook. With years of experience under his belt in both sales and leadership Papailias has seen his fair share of agents come and go. Now, he hopes to share the keys to success with agents who are willing to learn.

In terms of what challenges agents will face in the coming year, the largest will be an overall dwindling of available clients. In contrast to the last two years of cheap borrowing and high demand, would-be buyers are now shying away from the market as uncertainty looms.

“The pool of interested buyers is getting decimated due to interest rate hikes,” explained Papailias. “Agents will be faced with a lot fewer clients, which means competition to land the remaining buyers is going to be fierce. They are going to find their value proposition has to be much stronger if they hope to succeed, and the room for error when trying to close with a client will be tighter than ever.”

Most agents, Papailias says, are probably not prepared for what is to come. The comfort that came with a strong market has inspired more confidence than may be justified, especially among newer agents. Those who possess solid business and entrepreneurial skills will find themselves with the lion's share of business in the coming years, while others play catch up.

“Agents are going to need to focus on being very proficient in relaying their value proposition to their target client base,” explained Papailias, listing some of the crucial skills that help agents succeed in a down market.  “They need to define themselves with branding and find their niche. They need to be very loud about what they do and who they service, and they need to be easily accessible via social media and the web.”

Recognizing a gap between what agents are taught in real estate schools and what they truly need to know to succeed in the real world, Papailias is seeking to share his industry insights in his upcoming Rising Agent Mastery Program. The 12-week program will cover the best practices and proven systems that help agents ramp up their business and stand out among the crowd.

Recognizing the crucial need for this type of education as markets shift, Papailias is even encouraging members of his own team to participate in the course.

“As a team leader of 50 agents, I've been getting calls every day from my own team and outside my team, asking what strategies to deploy. Agents are scared, they're nervous, and they need help in leading their clients to successful real estate transactions.  We have always treated our business like a business, and we have always created educational content for our clients to learn, watch, and of course, discover us and understand who we are.”

“After a very careful review of all training programs available to North American Realtors, I have decided to become certified with Workman Success Systems to provide this course. This comprehensive, year-long program is the strongest training available in the industry. For agents who participate, they're going to find the brand that will attract the right client and gain balance, structure and predictability in their business.”

“It will change your mindset, it will change your daily habits, and it will definitely change your income and revenue if you make use of what you learn.”

Whether a new agent plotting their course for success, or an established agent frustrated with spinning your wheels while getting nowhere, the RAMP program may be for you. The program runs from June 27th to September 26th, 2022, and registration is open now for both live and self-paced training options. You are also invited to attend the live program launch Zoom on Monday the 27th at 10:30 am to learn more and to access a two-week trial of the program.