If you're still in real estate, you're through the hard part. 💪 

I've presented my latest MarketPulse 360 to roughly 300 realtors in Northeast Florida over the past few weeks.

One question I ask the audience is to describe 2024 in one word.

The most common answers have been difficult, challenging, frustrating, hard, slow, & annoying. 🥵

The consensus is in: 2024 wasn't an easy year for most agents.

And this reminded me of a concept that applies to every industry and our society as a whole..👇

The repeating cycle of real estate. 🔄

You might have heard this quote from G. Michael Hopf before, and I think it shows us a cycle we all go through:

"Hard times create strong men. Strong men create good times. Good times create weak men. And, weak men create hard times." 💬

Here's a visual of the cycle for people who like pictures:

I think this is hugely important for managing our expectations and navigating our lives.

There's no starting point on a circle, but if I had to pick one I'd go with hard times.

In most parts of life, we start with hard times because we know very little and have to learn how to play whatever game we're starting to play (school, a new job, dating a new person, having kids, etc.).

These challenges either make us quit very quickly or turn us into strong people. 🤷‍♂️

Once we get the hang of it, times get a bit easier. 

We don't have to try as hard to get good results and we can easily handle what comes our way.

Unfortunately, this allows us to get lazy, soft, and weak. 😴

Then, either circumstances shift and/or other people notice the opportunity and start to compete at your game and suddenly times are hard again.

The rules change, we are caught off guard, and stuck wishing we could go back to the good 'ole days. 

And we're back in hard times and the cycle repeats...😳

Prefer video? Check this out:

Where are we in the cycle today? 🤔

As I eluded to in the title, I think we are past the hardest part of the cycle.

Consider the past few years which take us through the cycle:

• 😡 2020 was a hard year.
  We faced fear, isolation, death, and massive change. We were hardened as we adapted to the new environment and learned to win.
• 🤩 2021/2022 were easy by most measures.
  Clients were plentiful, the numbers worked, and bank accounts were flush. Suddenly, we didn't have to try very hard to have record years and got soft. A lot of new agents got into the game.
• 😡 2023 was the year we pivoted fully from easy times to hard times. 
  Rates more than doubled, competition was high, deals were hard, and business became more scarce.
• 🥵 2024 was the hangover and when we really felt it.
  Our bank accounts got stretched, our hope for things to go back to the way they were disappeared, and we had to put our big boy/girl pants on and figure it out.

But all of this has made us stronger!

You are battle-tested.

Agents who are still in the game lived through the mother of all "going back to the gym for the first time in years" moment. 🏋️‍♂️

It doesn't mean you aren't sore.

And I know most of you didn't like it.

But we needed it.

We're better off because of it.

What comes next? 🤔

As we're growing in strength, times will get easier.

It may not get easy like 2021, where outside circumstances accelerated things, but we'll be more prepared to succeed in today's market.

Working hard will be normal and our expectations will be in line with reality. 😉

All-in-all, the agents who made it through the change to hard times and didn't give up will find new ways to succeed and play the game with more ease.

⭐️ The most successful agents today and tomorrow will find ways to leverage AI/automation, strengthen their mindset, deepen relationships, and use market insights to guide their business/clients.

I hope you're making these a priority in your business plan.

If you're looking for some help and a group of like-minded pros, I've got 2 spots left in my Market Insiders coaching membership. 

Here's to always improving, never stopping, and living your best life! 🚀

Dr. Alex Stewart
Founder