Gibran Nicholas, CEO
A whopping 74% of real estate agents experienced burnout recently, according to a survey we conducted at a recent Inman Connect event. Agents also reported bidding wars as one of the top challenges in today’s market. What if you could implement a simple strategy to simultaneously help your referral partners – AND YOU – avoid burnout and help your borrowers win their bidding war?
Want to avoid burnout? Sell the best version of yourself to yourself.
Burnout manifests as a lack of motivation and enthusiasm about your day-to-day job. So, what causes it? The Harvard Business Review cites lack of role clarity, unmanageable workload, and unreasonable time pressure as 3 of the main causes of burnout. Chances are you and your referral partners are experiencing any or all 3 of these things. If so, it’s probably time to change the story you’re telling yourself about what you need to do in your business and why you need to do it!
Here’s one question that can help you re-organize your workload and give you more professional clarity: What exactly is my unique value in the market?
Your unique value is directly linked with your unique ability to connect with people on a human level and educate them about the market or the home buying process. You were born to tell clients stories and paint a picture about how they could become the best version of themselves using your services. You’re a storyteller. And once you see yourself in this way, you begin letting go of all other responsibilities that distract you. This reduces your work stress and frees up your time and energy so you can focus on the one thing you do best.
What makes a good story?
A good story needs 3 elements: a hero, a villain, and a conflict. But the best stories include something else: the trusted guide. The biggest villain and conflict that many buyers face in today’s market is a lack of inventory and bidding wars. The best way to sell that story is to simply say something like this:
Mr. or Mrs. Client, the number one challenge you face in this market right now is lack of inventory. This is leading to bidding wars in your price range and/or desired neighborhood. Even if you do find a home and place an offer on it, it’s very likely that you’ll lose the home to a competing offer. This is likely to happen not just once, but many times over! What’s your strategy for overcoming that?
What we did with that story is we painted a picture for the buyer of the number one challenge that he or she will experience in the market. We showed them the villain! Then, we asked the buyer to come up with a solution to beat the villain on their own.
Most buyers can’t come up with a solution to beat the villains on their own. That’s why they need you, their trusted guide. Instead of telling buyers or sellers a story about you, tell them a story about themselves. Tell them a story of the villains they’ll encounter and the pain they will experience in today’s market. Tell them a story of your unique value as a guide along their journey. In doing so, you can use the power of storytelling to get more buy-in for your advice and articulate your unique value.
And most importantly, you’ll be better positioned to avoid burnout this year because you’ve clarified your role and set realistic expectations for both yourself and your clients.
The opinions and insights expressed in this blog are solely those of its author, Gibran Nicholas, and do not necessarily represent the views of either Mortgage Guaranty Insurance Corporation or any of its parent, affiliates, or subsidiaries (collectively, “MGIC”). Neither MGIC nor any of its officers, directors, employees or agents makes any representations or warranties of any kind regarding the soundness, reliability, accuracy or completeness of any opinion, insight, recommendation, data, or other information contained in this blog, or its suitability for any intended purpose.
Gibran Nicholas is the founder and CEO of Momentifi, a financial technology and sales training company based in Alpharetta, GA. Since 2005, Gibran has trained, coached and certified over 8,000 of the nation’s top producers in the mortgage, housing and financial services industry. Momentifi’s Certified StorySeller program helps real estate agents, CFPs and CPAs learn more about how to use the power of story to beat the competition and is approved for continuing education credit in many states.