Stress and Real Estate
"Real estate is often ranked among the most stressful professions. Irregular hours, fierce competition and uncertain income are just some of the reasons why a career in this field can be stressful."
Real estate, from the point of view of the real estate transaction, is an environment in which individuals, negotiators, buyers or sellers of a property, experience a situation of change. The notion of change is central to the definition of stress.
Stress is: "A nonspecific response of the body to any demand to adapt to change. (Hans Selye in 1936) . The Larousse states: "Reactionary state of the organism subjected to a sudden aggression”.
In other words, in reference to our old brain ensuring our survival since the dawn of time, the context of the real estate transaction is unknowingly perceived as "threatening" in relation to the vital principle.
Stress is life, it is present in all life events, from birth. We are not all equally sensitive to all events in our lives. This is why some people unknowingly exceed their stress limit, inflicting a sometimes fatal burnout on their health.
Stress is a physiological response, with a broad emotional, behavioural and cognitive scope. It is a vast subject!
I approach stress in the context of the real estate transaction and my aim is to present that in reality, when we talk about stress in real estate, we are talking about a specific environment. But the fundamentals of stress remain the same as in any other environment.
There are stress factors specific to each context and each person responds to them in their own way, differently.
A diver in the sea may be confronted with a fearsome predator, such as a shark. A real estate negotiator rarely encounters this shark, as his activity takes place in a different environment, on land and not underwater, of human relations. Every environment has its stressors!
"Anything that causes the production of stress hormones is by definition a stressor. There are two main categories: physical stressors and psychological stressors. They are interdependent...
Mourning the loss of your home
It is already difficult to leave this place full of memories, but the date has been set for the signing of the sales agreement. Unforeseen on the seller's side, a sudden disagreement between spouses. This can lead to the process being interrupted immediately. And the incident may occur twenty-four hours before or on the very day of the signing of the preliminary sales agreement in the presence of the solicitor...
More generally, fear of not selling at the right price? Months go by and visits are becoming rare? Are you afraid of being separated from your family home? Are you anxious about moving? Are you losing sleep? These situations and questions are not exhaustive and there are as many as there are individuals.
There are as many ways of managing and adjusting to an objectively stressful situation as there are individuals. And over time, in a subsequent context that may be perceived as identical to the previous one, the same person may adapt, adjust differently to the stress of the situation. There is no control possible, except to literally "burn out".
Thus, the negotiator could very well manage a situation on Monday without any emotional stress. Then on Friday, in a similar or perceived context, lose their temper. And clients for their part can be very emotional in real estate transactions. Patience and a sense of conciliation are required.
The buying couple may also break up over the property they have just purchased. One may regret the purchase of a house and at the same time confirm the definitive instability of the couple's relationship...
The individual at the centre of the transaction.
But as you have probably already sensed, the common denominator of all environments in which potential stressors can be observed is the individual himself!
Stressors are stimuli or contexts that trigger a physical stress response in a person.
The question arises as to how the internal environment of the individual party to the transaction will influence his ability to deal with the situations he will face. Psychic stress...
His environment is simply his thought system, his "internal software" or subconscious, which determines his emotional states, behaviours and decision making. A person's ability to adjust to everyday stress is precisely linked to his or her psyche! That is to say, all the conscious and unconscious manifestations of one's personality.
Once this has been assimilated, it will be possible to understand the parties to the transaction and the human stakes involved. The negotiator will be able to let go of control, a sine qua non condition for achieving mastery.
In conclusion, the sometimes very technical aspects of the transaction will be handled more smoothly and efficiently if the negotiator, real estate agent or representative, knows a stable internal emotional state. My book "10 vital reasons to activate your talents" deals with this aspect.
In my opinion, the only component that can be controlled and that creates the right climate for a healthy transaction is the state of mind of each party to the transaction. The negotiator is only master of his personal score...
The nature of the climate of trust to be established thus rests to a large extent on the shoulders of the negotiator.
This is probably one of the fundamental reasons why real estate is often ranked among the most stressful professions. Concerning the stress of uncertain or fluctuating income, isn't every entrepreneur affected by this reality?
It seems to me that this is a real issue, certainly in the areas of talent acquisition and dealing with the stresses inherent in the transaction.
Finally, about this so-called "fierce competition", the development of a personal brand is also a context discussed in the "10 vital reasons to activate your talents".
Jacques C. Tresfield