How to Manage Your Slow Months
When it comes to closing on deals, some months are just better than others. Even though people buy and sell homes all year round, there’s no questioning that commissions are being made more so in certain seasons than others. Over time, you may start to observe patterns in your own closing schedule and eventually be able to anticipate any slow months (or busy months) that are coming up. And, whether you can anticipate it or not, there are ways to manage your slow months if you’re having concerns about money.
Don’t Panic and Stay Positive
Having a slow month as a real estate agent – or, in any line of work in which you are your own boss – can no doubt be a little bit scary. But, don’t panic. You’ve been here before and you will probably be here again. That’s just one of the downsides in an otherwise great career. As long as you keep up your work ethic during this time and stay positive, you’ll be just fine. In fact, you’ll soon be overwhelmed, missing the little time you had to breathe.
Increase Your Marketing Strategy
A slow month is the perfect time to take on all those little tasks that you’ve been putting off for so long. One of these tasks is likely your marketing game and other related areas that could help influence major growth and bring more clients to you in the long run.
Even if you have a marketing team, there are probably some ideas you’ve been tossing around that you’ve wanted to experiment with, but you just haven’t had the time yet to do so. After all, if you’re been busy the last couple of months, then marketing wouldn’t have necessarily be at the top of the to do list. Use this time to go full speed ahead on those ideas.
Surely, it will pay off soon.
Reach Out to Past Leads
In addition to amping up your marketing strategy, you can use this slow period to reach out to past leads. If you have some emails in your inbox, comments on your Facebook page, or casual texts sitting on your phone that you haven’t given a thorough response to because you were too preoccupied at the time, now, you can circle back. No need to mention that you didn’t have the time for them back then and you do now. But, just check-in and see what these potential clients need help with, if anything. Even saying something along the lines of, “If you haven’t found your dream house yet, I’m happy to help!” should do the trick.
Get Involved in the Community
When was the last time you showed your face out in the neighborhood? If you’ve been quite busy up until this point, there’s a good chance the only people that have seen your face are your team members and your clients. If you’re having a slow month, take this opportunity to get out in the community. Perhaps hold a live event or participate in a real estate expo. See if you can place your business card or ad at several local shops in the community, and say “Hello” to whoever crosses your path.
Alter Your Hours
If you’re a successful agent, then there’s a good chance that you already work some strange hours to accommodate your clients’ needs. And, while there’s no doubt that productivity does not correlate directly with numbers of hours worked, putting in more hours or altering your schedule can certainly have an impact on your current situation. Be willing to answer your phone for all those new (or, rather, old) leads you’ve reached out to and check your email at times you may not otherwise check it.
Pursue Another License and Network With Others
A real estate agent should never stop improving themselves. If you’re experiencing a slow period, then it would be a great time to take that class, certification test or earn that designation that you’ve been meaning to get. The NAR website has a full list of designations and certifications that you can take a look at. Use your time wisely!
Enjoy the Time Off
Slow months are usually inevitable. If this is something that you’re used to and you always come out of it every year naturally, then maybe this would be a great time to take a break. Real estate agents need vacations, family time, and personal time just like everybody else. And, if you’ve been working hard this whole year – forgoing time-off in order to maximize your earnings – then you deserve to take some time for yourself.
Always Save for Later
It’s a no brainer that a slow month is not the best time to start a renovation project in your own home. As an agent, you should always be putting a percentage away from each of your payments, for taxes, insurances, and most importantly, emergencies (5% at the very least, 50% at the most). If you’re currently in the midst of a slow month, then this advice won’t be too helpful right now. But, when you start getting back into the swing of things, make sure you practice this regularly. This way, you won’t have to worry so much when another slow month comes – because, it probably will.
Have you ever experienced a slow month? What did you do? What would have done differently, and what do you do now to prepare? Let us know in the comments below!