 If you want to make more money as a real estate agent when the market crashes watch this video Hey, what's up? It's Ricky Caruth. I'm headed to show a few condos to referral from a past client Okay, so I got in real estate in 2002. I was 20 years old. I made a million dollars by the time I'm 23 I lost every single dollar and some in the crash of the late 2000s and today I'm going to teach you everything that I learned through the crash and how you can make more money As a real estate agent when the market crashes by just doing a few simple things So sit back get comfortable click subscribe and let's ride It's absolutely true. I lost a million dollars in the crash But that was the greatest thing that ever happened to me and here's why I learned what to do when the market crashes So what you have to do is a real estate agent is recognize a shift and when it starts shifting the buyers You are working with right now are probably going to go away and a new client is going to emerge somebody who's Been waiting on this opportunity and so what happens is most agents when their buyers go away They don't know what to do. They get scared and they get out of the business But what the smart real estate agent does is he he switches over and he starts cold calling or running ads or however You generate your leads and you start telling people. Hey the market is shifting. What do you want to do? Do you want to buy sell or hold? Because when the markets down buyers that buy when it's down They want to buy and they want to buy right now before it goes up and the sellers have to sell Right now because they're in trouble. So it creates so much urgency in the market So many agents get out of the business and it leaves so much business for us as the market crashes And all the agents who are going to get out get out of the business This is the time to eat up as much market shares You can when you take the opportunity of a market crash to acquire more market share Which if you watch any of the other videos of mine You'll know that my definition of market share is the percentage of lifelong real Relationships with property owners in your market and when you capitalize on the moment when there are so fewer Realtors in the market and go out and maintain the relationships you already have and create new Relationships during that time when the market rebounds you will be the number one agent in your area This is how I did it in 2005 our market started declining That's when I got out of the business started roofing houses and worked in a oil rig I did that for three years in 2008. I got back in real estate. This was that basically the bottom of the market This is when I actually realized that relationships were far more valuable than transactions and that's when I realized That's what I needed to do create and maintain relationships forever with property owners in the area So that's what I wanted my mission 2008 when I started from there to 2014 six years It took me to get to a hundred deals a year so it doesn't happen overnight It took me six years to figure it out another six years to implement it to get where I wanted to be the first thing You have to do is realize that the market is changing. This is a very interesting time right now in my market last month We were down 20% in transactions Month over month compared to last year. So that's a big difference, right? It's a different market than it was last year We've had six years of growth and now we have this year where we're down overall about 15% year-over-year and number of transactions so prices are higher But we have a lot less buyers in the market. So it's a different kind of market You have to price the properties just right last year You could price the properties five or ten percent higher and still sell them this year You cannot you have to price the property right on the money So these are the kind of things you have to do as the market shifts You have to adjust your game plan of how you price your listings What you're saying to people how you're handling yourself and what your overall game plan is So the first thing you have to do is pay attention and recognize when the market is shifting always be watching prices Always be watching number of transactions always be watching the mood of the market your buyers What are they saying so on and so forth? So anything can trigger a market to shift the reason why so many agents have to get out of the market It's because they don't pay attention to market shifting they continue doing the same things over and over again Which doesn't work in a shifting market. You see home buyers and investors who buy when the market's going up They're not necessarily the ones buying when the market's going down The people that might buy when the market's going down aren't buying when the market's going up So it's two different kinds of clients right one is waiting for the market to crash The other is buying one is up and then they get in trouble as it's coming down And they're the ones that have to sell or get in trouble or have to foreclose or short sell so on and so forth Another interesting fact is that the percentage of agents in any kind of crash goes down further than the percentage of transactions that go down Which means there's more transactions per agent of the agents that stay in the business during the crash That means that you can make more money because you're closing more deals and you're acquiring more market share all at the same time So you cannot lose if the markets going up sideways down It doesn't matter if you pay attention to the shifts and you adjust your game plan accordingly Stay busy. Stay talking to people asking what you can do to help them If you have the right intentions if people know that you're pure people know that you're really there to help them and you focus on Building your database to epic proportions and you have a follow-up system to stay in touch with them for the rest of their life Maintaining your relevance in their life as their real estate agent you are going to win click subscribe and hit the bell We'll talk to you soon