The term “peaks and valleys” is a common metaphor, used across industries, personal growth journeys, fitness routines, and countless other contexts. Most people understand the concept—it’s part of the universal human experience. But understanding the metaphor and living it, especially from a financial and professional perspective, are entirely different things.

Over the past five years, working in real estate has been a rollercoaster of peaks and valleys. The COVID-19 pandemic brought unprecedented challenges, followed by periods of rapid growth and shifting market dynamics. For real estate professionals, these fluctuations often look very different depending on your role. For instance, in a low-supply, high-demand market, a realtor with a prime listing might be riding high, while one working with buyers struggles through multiple unsuccessful offers—a stark contrast between a peak and a valley.

Understanding the Valleys

Some valleys in real estate are short and shallow; others feel vast and unending. Often, you don’t realize you’re in a valley until you’re already there. Unlike salaried jobs, real estate professionals rely on commissions from successful transactions. For seasoned agents, patterns of consistency over five or ten years can provide a sense of predictability—enough to plan for major life expenses like a mortgage or a car loan. But when the market shifts, that predictability can vanish overnight.

Market shake-ups, corrections, or periods of rapid growth or decline ripple across the industry, often impacting entire offices, towns, or even provinces. For those who worked in real estate during the late ’80s and early ’90s, the memory of high interest rates, economic recession, and political uncertainty still lingers. While today’s market isn’t quite the same, it’s certainly struggling to find equilibrium, and the uncertainty is palpable.

Facing the Unknown

One of the most challenging aspects of working in real estate is managing the uncertainty of when your next paycheck will come. This is especially true in times like these, where 2024 is predicted to see a significant number of agents leaving the industry. Both seasoned professionals and newcomers are feeling the pressure of working harder than ever while staring into the unknown.

As the owner of a brokerage and leader of a real estate team, I’ve seen firsthand how important it is to plan for both the short and long term. Success in this industry requires you to think about the next week, the next six months, and even the next 18 months. Some of the leads you’re working on today will become the buyers and sellers of tomorrow. Setting up your life and your business to withstand market fluctuations is critical to surviving—and thriving.

Adapting and Innovating

When the market shifts, adaptability is key. Real estate isn’t static—it’s constantly changing. If traditional buying and selling opportunities slow down, consider focusing on leasing or rentals. If the condo market weakens, pivot to single-family homes. Your past successes shouldn’t dictate your future; instead, let them inform your decisions.

In challenging times, collaboration and innovation become even more important. Talk to others in the industry, brainstorm new ideas, and experiment with different strategies, technologies, or approaches. Down markets can provide valuable time to refine your business, build new relationships, and explore opportunities that are harder to pursue during busier periods. Don’t wait for things to happen—make them happen. The agents who succeed are the ones who take action, not the ones who sit back and hope for better days.

Riding Out the Valley

The emotional toll of a valley can be heavy, leading to questions like, “What am I doing wrong?” or “How will I survive this?” The key to pushing through is to stay proactive. Make a plan, execute it, reflect on what works and what doesn’t, and adjust accordingly. Keep moving forward.

Eventually, the valley will start to rise, and you’ll find yourself on a peak again. And when you get there, that success will feel even more rewarding. Every peak builds on the last, and each one prepares you for the next challenge—and the next triumph.

In real estate, the peaks and valleys are inevitable, but they also make the journey worthwhile. By staying resilient, adaptable, and forward-thinking, you can navigate the ups and downs with confidence and emerge stronger on the other side.