5 Things To Do Right Now If You're A Real Estate Agent
In these unprecedented times, it is more important than ever for real estate agents to be prudent and pro-active with their businesses. To weather this storm, do these 5 things now:
1. Get Real With What's Changed. The market has just changed enormously, and this means you must change with it. Those who refuse to acknowledge and adapt to the change will be left behind, and likely forced to leave the industry. To a certain extent that is normal; we lose agents every year as part of the business cycle, although this year may bring a much larger reduction. But agents who adjust their business plans quickly, build their skills, and connect with more people than ever, will survive. Agents who are prepared will take up the slack left by agents weren’t, and will have the opportunity to thrive when we come out of this crisis.
That means now is not the time to take a step back; it's time to step forward, dig deeper into your business and lead generation, and set yourself apart from the rest. This crisis will impact everything you do – or don’t-do —today, although that impact may not show up until 30-60 days from now. So, today is the time to adapt. And although this crisis is temporary, it may leave behind a permanently changed industry. If so, you will be prepared for that, too.
2. Surround Yourself With Top Performers. Crisis doesn't make us, it reveals us. In this market, it's important that you surround yourself with those who have a can-do, positive mindset. Many agents will regress to bad habits and treat this time as "downtime" when, in reality, it's anything but that -- it's game time. Avoid downtime agents at all cost. Instead, focus and surround yourself with the ones who choose success.
3. Take Responsibility and Action. Regardless of the market you are in, as a business owner, you have 100% responsibility for, and control of, your business and your plan. The buck stops with you. Study what is going on, then take action. Massive action. What has worked in the past may not work in today's market, and that's OK. Take responsibility. Adjust. And, do it quickly.
4. Cut Deep and Create Savings. Businesses usually fail because of expense mismanagement. Essentially, they go out-of-business because they run out of cash to operate. Don't let this be you. Even a great ship with a leak will eventually sink. It’s time to practice minimalism.
Brokerage splits, rent, lead generation, and wages are typically the highest expenses in real estate. So, where can you cut? The shift may require you to take lead generation back into your own hands, and not outsource it. Potentially, it could mean taking back transaction coordination. And just cut any non-essential marketing that hasn't provided results. Get lean, stick to the timeless fundamentals, and keep and grow your cash. Then, when the market comes back in full force, continue this business structure. You will be rewarded for it and pick up market share on the way back.
The same concept applies to your personal life. Cut anything that does not immediately provide value to you or your family. You can live very well on a lot less than you think.
5. Build Professional and Personal Skills. When the market gets tough, buyers and sellers need well-informed, professional agents more than ever. There’s no more of the “tide lifting all ships”. So, get your student on and improve your skill-set by taking courses, getting a mentor or coach, doing script and role play daily, surrounding yourself with other top performers, and connecting with those who are succeeding on the front lines of real estate. Don’t be swayed by those who are dreaming and talking about the past. It’s time to learn from those who are changing the conversation today.
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Jon Brooks is co-founder of Momentum Realty, where agents are practicing all five of these activities on a daily basis, and holding each other accountable to their financial goals. If you're interested in joining the momentum, reach out to Jon to schedule a private consultation. 904-570-1216. s
