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October 11, 2018

Which Are You? How Personalities Handle Different Kinds of Markets

Every person’s personality type creates natural tendencies. Personality can affect everything we do on a personal and a professional level.

There are four main personality types, which I call Promoter, Controller, Analytical and Supporter. They are each very different and each has their own set of strengths and weaknesses
 
And believe it or not, personality plays a major role in how an agent handles different kinds of real estate markets. I’m going to talk about how agents, all with different personalities, handle good markets and challenging markets. Have they prepared? Do they handle the changes well? Have they experienced a great deal of difficulty?

The pace of a fast market allows an agent’s weaknesses to be masked. Agents think they are at the top of their game. They are happy because the market is going well and they’re making money. In essence, the best of their type shines through because they have very little stress.

However, the moment you add market stress to their daily life, each personality type handles it differently. For some, it is somewhat detrimental for their business but they will recover. For others, it can ruin their business.

Let’s look at the 4 types, how they handle a good market, and how they handle a changing or challenging market.  

Promoter: When the market is good, a promoter is having a great time. They are outgoing, they are high energy and one-on-one communication is very important to them. They can juggle – and thrive when juggling - a lot of people at once. When the market changes, however, a Promoter starts to lose their mojo. There are not enough people to talk to and not enough activity. For a promoter, lack of activity can destroy their business. Promoters need positive momentum. When it’s missing their gears get stuck and they slow way down. In a challenging market, the key for Promoters is to ramp up their follow-up and lead generation. They have to increase the number of people interactions. They need to find outlets for their energy.

Controllers: When the market is good, a Controller is really happy because there is a lot to do. They are completely task-oriented, and they like getting things done. It’s not that they don’t like people, they are just very, very focused on ‘the job’. They are focused on the tasks. For a Controller, in a challenging market, they struggle because there are fewer tasks to handle. They get very nervous because they need something to work for. The key for Controllers to staying focused is to find ways to have lots of tasks to do. If there are undone projects—i.e. buyer and seller packages or a new website—this is the time to really concentrate on those projects. Find a positive outlet for “tasks energy.”

Analytics: The Analytical agent is happiest when they can spend most of their time really looking at market statistics and providing concrete advice to their clients. They like giving advice. However, this is also the agent that experiences the most fear in a challenging market. They analyze everything. They pour over the news. They over-analyze client remarks. They pay very close attention to what the other agents are saying. And, they become fearful. Oftentimes, they freeze. They are unsure what kinds of advice to give, so they don’t give any. It’s somewhat like a turtle—they recede into the safety of their shell. The key to the Analyticals is to increase their lead generation and work with clients who have to move. They need to find ways to provide the kind of advice that they think is critically important to receive. Analyticals also benefit from a strong mentor because they need someone who is confident about the future and can counsel that the market is not as bad as they think it is.

Supporters: The supporter loves people. They love building relationships. They really care about their clients and they take their job as a real estate agent, and the support they provide, very seriously. In a challenging market, where clients are sometimes upside down on their mortgage, or cannot move because the market has them financially strapped, supporters have a great deal of difficulty. Because they love people so much, and they feel so badly about circumstances—even worse, they can’t fix the problems, their stress level becomes huge. When a Supporter has a short-sale client, it will bother them for weeks. It takes away their mojo. The key for a Supporter is to be careful about taking on other people’s problems. If they can help, great. If not, they cannot feel as if it’s their fault. Supporters also benefit from making sure they spend time with colleagues who are positive about the market.  
 
The bottom line is this: Every agent and personality type reacts differently to good, challenging, and normal markets. You need to find a way to use what’s happening to benefit your business

By Denise Lones CSP, M.I.R.M., CDEI - The founding partner of The Lones Group, Denise Lones, brings over two decades of experience in the real estate industry. With expertise in strategic marketing, business analysis, branding, new home project planning, product development, and agent/broker training, Denise is nationally recognized as the source for all things “real estate”. With a passion for improvement, Denise has helped thousands of real estate agents, brokers, and managers build their business to unprecedented levels of success, while helping them maintain balance and quality of life. The Lones Group.

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