Handling A Real Estate Downtrend As A Realtor
I am sitting here reflecting, pondering the future of the industry and simply being grateful for all it has provided me.
I mean it does not take a brain surgeon to know that we will see a downward trend at some point. Seems to happen every 10-15 years. 80’s, 90’s, 20’s. I was at KW Family reunion in December 2011 in Orlando and they talked about steady appreciation till 2019/2020 and then a price correction would happen. What was not in the formula was a super hot election (not the place to discuss so keep the troll shadow at bay) the “vid” or global economic meltdown.
But here we are in 2020, the market is still hot in many areas. I mean the surface of the Sun – hot!!! So it seems illogical that it would cross the pinnacle and head down but history is history.
I hope not but I am rooted in reality. The best preparation is done well in advance and not at the time of the storm.
Proactive vs Reactive. So what can you do NOW?
Review expenses
Review expenses and cut fluff. You’d be surprised what fluff is really there.
Stash
Stash away money. Keep 3 months on hand at all times, then I put some into mutual funds and some into crypto – which is up
Stand out
1.5 gazillions of agents out there. How are you different? How do you stand out? Not Gimmicky or hooky, but leadership style.
Review business sources
Where does your business come from? Really, not just pulling an answer out of the air, put it in a spreadsheet and say 64% came from a referral, 17% came from…, then drill that down; of the 64%, 44% came from networking at X, 39% were past clients, etc….
Double Down
Take the info from #4 and Double Down in those areas and then add #3 to the mix.
To me, it is all about relationships and conversations. The more you have, the more you make. If you have integrity, contribute, are supportive and empathetic then skies the limit and if you can crack the code and stand out you will never cold call again because you will Attract Business!
Welp! That is just this old man’s take on this. Off to save the world.
Be the One.
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Important Note: PropStream does not offer legal advice. Before offering any of the solutions mentioned below, we recommend doing your own research and/or consulting with a legal professional who specializes in bankruptcy law. Bankruptcy can be a scary position for homeowners to be in. But as an agent, you can educate them on their options […]