The purpose of this post isn't to downplay COVID-19, it's impact on the economy, or the challenges it's created for real estate businesses across the country.
Rather, this post should highlight the massive opportunity that lies underneath chaotic and uncertain markets—and what is possible when a team is well-equipped to take on these types of tests.
Yea, transactions are down 50%, but the competition is down 80% so we are crushing it!
- A realtor in California with a really great attitude whose name I can't recall
Just like the 2008 crash decided the winners in real estate markets for the next 12 years, those who are able to best manage this situation in 2020 will be leaders in their markets for the next decade.
I talk to dozens of real estate teams across the country each day, so I like to think I have a decent pulse on how most teams were doing with the chaotic situation in March and April of 2020.
Some teams went into complete lockdown and weren't able to show houses at all. Not much to be done there, but there were still teams who did an exceptional job of building a pipeline (which they will reap the benefits from in the coming months).
Most teams were shut down for a few days but were eventually deemed as essential by their state and were permitted, with strict regulations, to go out and show homes.
These are the teams that I've really kept a close eye on, curious about how they would navigate the situation and curious see if they would come out on top.
This (the second) was the hand dealt to Utah Life Real Estate Group (ULRG) in Davis County, Utah. They were unable to show homes for a few days, but eventually deemed as essential. Armed with permission from the state and some portable hand washing stations, they set the stage for what would be two very impressive months.
Before we dig into the numbers, here's what you need to know about ULRG:
Here are a few graphs illustrating increases across almost every single metric for the team in March/April 2020
Keep in mind that ULRG has roughly the same number of full-time agents this year compared to last year—i.e. their recruiting is not the contributing factor to these gains (although their recruiting is currently on fire as word gets out about their success in the difficult market).
I always say that real estate is 80% mindset and 20% hard skills
Spring Bengtzen, CEO at ULRG
I won't bore you with incredible detail here—we'll just go straight to the facts.
There's a lot that went into the team having a killer couple of months.
I believe the little things really added up to their success. Here's a list of the things I saw:
And here are some of the most important factors in my mind:
Note that the Bowen Adams Group, who competed against ULRG over this time period, had an equally impressive performance over the time period using a lot of the same strategies.
Every person you know is a result of their systems.
The things you do daily compound into your character and situation.
I believe this team crushed it because they focus on the agent first.
If you first help the agent create the right mindset to crush it in real estate, and then you place them in an ideal environment with coaching, accountability, and a little friendly competition....
You'll have a lean machine that's ready to step on the gas when times get tough and opportunity arises.