How you can handle your real estate business during a market shift.
By now, everyone knows that the market is starting to shift. In light of that, many agents want to know how they should handle their finances in these uncertain times. The good news is that there are two things you can do to help.
The first step is to remargin your business. You don’t want to carry any unnecessary expenditures during a shifting market. The more fixed expenditures you have, the more at risk you are. Some of the experimental stuff, like marketing campaigns you’ve been toying with, should be cut; now is not the time for them. During a shifting market, it’s all about fighting tooth and nail to maintain your market share. You need to cut down, go back to basics, and focus on what you know works.
Once that’s done, you need to turn the corner and go on offense. I’ve mentioned it in previous videos, but market shifts can be huge opportunities if you’re positioned to take advantage of them. After you know you’re financially stable, double down on what works. If you have a lead generation campaign, do it more. If you want to grow your team, it’s time to start recruiting more. Everyone’s looking for safe harbor in this shift, so if you have the confidence to weather the change, it can be a great time to expand your team.
On top of that, shifting markets are great opportunities because people will be running for the hills. A lot of marketing campaigns and whole careers will be abandoned. It will be a tough market, but this is where millionaires get made.
If you want to have a 15- to 30-minute conversation about how we can recession-proof your business, I’d love to do so. Just call or email me.