Lessons Learned from 2020
As 2020 winds down to a close, it’s certainly been a year to remember. The phrase “unprecedented year” gets thrown around a lot, and it still feels like an understatement.
This year was incredibly busy. I love my work, and I thrive when I’m busy and productive. So, even amidst all the chaos, I found satisfaction in helping my clients successfully navigate an ever-changing and complicated market.
There was also a lot to learn…new ways of conducting business and closing transactions; fresh strategies for working with buyers and sellers; more complex negotiations; and adjusting to ever-changing rules and protocols.
In spite of dire predictions, and after being at a near standstill, activity in the San Francisco real estate market skyrocketed over the summer. As a result, my volume increased significantly this year. By November 15, I closed 35 transactions for nearly $60M in sales volume, and I have moved from the top 2% of all agents in San Francisco to the top 1%; and I still have several contracts to close before the end of the year, and more listings lined up for 2021.
So, as I look back at this “unprecedented year,” what are the take-aways? Here’s my perspective of lessons learned while navigating the real estate market during a global pandemic and a bumpy economic and political climate.
1. The San Francisco market is built to last
While the rental market has taken a nose-dive, long-term investment in San Francisco real estate is still a safe proposition. Although there is excess condo inventory, pricing is not far off from previous years. And the market for single-family homes has remained stable, with median prices holding steady. The long-term prospects for investing in San Francisco real estate remain positive.
2. Adaptation is key
Like most businesses, real estate had to adapt to survive this past year. Old, codified ways of doing business were tossed aside. In many ways, this made us work smarter and more efficiently. Embracing new tools and technologies is part of San Francisco’s DNA. This year was proof that flexibility and adaptability are just as important to success as experience and market knowledge.
3. Live and breathe market knowledge
The market changes daily as the economy, political drama, and the pandemic continue to throw curveballs our way. More than ever before, up-to-the-minute market knowledge is critical. Beyond data crunching, it’s vital to be on the ground, in regular communication with colleagues, and paying attention to how buyer and seller sentiments are fluctuating.
4. Expect to set expectations
Honesty and a straight-forward approach are part of my core beliefs. I don’t mince words when it comes to selling homes and setting expectations on price. Managing expectations is especially important now, with volatile forces changing the news narrative and the market oscillating. We can make carefully informed decisions, but the market still determines what will sell at what price, and what won’t.
5. The value of emotional intelligence
Emotional intelligence is a way of approaching relationships with care and empathy; it’s always been a cornerstone of my professional philosophy. We are all working hard, and struggling to adjust to constant change. Being able to appreciate what others are experiencing is more than just good business; it’s what good people do in challenging times.
6. There’s no substitute for plain old hard work, but balance is good for the soul
While realtors have a wealth of tools at their disposal, there’s no substitute for simply putting in the work. Shepherding a deal through to completion, especially these days, takes a lot of time, attention to detail, and perseverance. I’m a self-admitted workaholic, and I am happiest when I’m busiest. But after this year, I’m learning to appreciate a healthy balance of work and my personal life!
Overall, this year was a bit of a roller coaster, but I’m appreciative that my clients put their trust in me to ride through the twists and turns with them. We all have learned a lot this year, and we’re all prepared to push forward into a better year ahead.
Here’s to success, health, and happiness in 2021!
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