The real estate business is known for its ups and downs, often referred to as the real estate dip. These fluctuations can be both exhilarating and challenging, but understanding the concept of the dip and its stages can help you navigate through them effectively. The dip consists of three distinct stages: the Yearn stage, the Earn stage, and the Endure stage. Let's dive into each stage and explore how to progress through the dip successfully.

The Yearn Stage: Excitement with Low Clarity

The Yearn stage is the initial phase when everything feels fresh and exciting. Imagine the honeymoon period of a relationship—your chemistry is high, and you're thrilled about every new opportunity that comes your way. In real estate, this might be when you first enter the industry, inspired by glamorous TV shows or success stories. You're eager to learn, motivated, and driven by the potential for success.

However, during this stage, clarity is often low. You might not fully understand the challenges and nuances of the business. It's crucial to recognize this phase as a time of learning and exploration, but also to prepare yourself for the reality that lies ahead.

The Earn Stage: Hard Work with High Clarity

As you transition from the Yearn stage, you enter the Earn stage, where the rubber meets the road. This phase is characterized by hard work and high clarity. You now have a clearer understanding of what it takes to succeed in real estate. The initial excitement might wane, and the daily grind of generating leads, making calls, and building relationships becomes more apparent.

During the Earn stage, chemistry tends to be lower. The excitement of the new venture fades, and the reality of the hard work required sets in. Many agents struggle in this phase and might feel tempted to give up. However, it's essential to focus on the foundations of your business. Consistency in daily activities and a commitment to the basics will help you push through this challenging stage.

The Endure Stage: Balancing Chemistry and Clarity

If you persevere through the Earn stage, you reach the Endure stage, where chemistry and clarity find a balance. Think of a couple that has been together for decades—they have weathered many storms and emerged stronger. In real estate, this is when your business is stable, and you have a deep understanding of what works. You're no longer struggling with the basics but are fine-tuning your strategies for long-term success.

In the Endure stage, you can start getting creative and exploring new opportunities. Your business is running smoothly, and you have the freedom to innovate and expand. This is the time to lead with revenue and experiment with new ideas, but only after solidifying your foundational practices.

The Importance of Purpose

One key element that helps navigate all stages of the dip is understanding and knowing your purpose. When you're clear about why you do what you do, it becomes easier to stay motivated, even during the challenging Earn stage. Your purpose acts as a guiding light, reminding you of your goals and helping you push through difficult times.

If you haven't already, take the time to reflect on your core purpose. What drives you to get out of bed in the morning? What makes you passionate about real estate? Having a clear purpose will provide the necessary motivation to endure the tough times and celebrate the successes.

Conclusion

The dip in real estate is inevitable, but by understanding the Yearn, Earn, and Endure stages, you can navigate it more effectively. Embrace the excitement of the Yearn stage, commit to the hard work in the Earn stage, and strive for balance in the Endure stage. Focus on your purpose and the foundational elements of your business to ensure long-term success. Remember, every real estate agent experiences the dip, but those who understand and persevere through it are the ones who thrive.

Hear Brent Hanson talk about this at the Livian Select Youtube Channel!

Learn more about the Boise Real Estate market at City of Trees Real Estate.