If you're an agent, you probably have this itch in the back of your mind that keeps saying "a recession is coming", "a recession is coming"...
While it's true that recessions can be tough on everyone, today I'm going to talk to you about the things that you can do to ensure that your business doesn't suffer.
As a business, you need to be preparing for a potential downturn...
The first adjustment that you can make is to increase the activities that create and convert business. This means making more calls, sending more emails, and being more active on social media. You need to be top of mind for your clients and potential clients. Get to work on those relationship building activities.
Stop watching the news. While it's important to be aware of what's going on in the world, getting wrapped up in the doom and gloom of the news will only make you feel worse. Cut out the riffraff and focus on your business.
The second step is to over-communicate with your clients. Keep them updated on what's going on in the market, let them know about any new listings that you think they might be interested in, and stay in touch.
This means you need to be ready to show clients dozens and dozens of homes, with no sense of urgency .
The third step is to adjust your budget. This is a good time to cut out any unnecessary expenses and focus on getting the most bang for your buck. This means being more selective with your marketing spend and making sure that you're getting in front of the right people.
A recession proof agent is one who is prepared for the worst but still optimistic about the future.
If you're part of a team, it's time to lock in your on-boarding and training. The last few years have been unique for the real estate market. Make sure you build a framework for success in any marketplace under any conditions and you will have the most in-sync, professional, and ready team around.
By following these steps, you can weather the storm and come out ahead. Remember, recessions don't last forever, but your business needs to be prepared.
What are some other things that you can do to recession proof your business? Share your tips in the comments below!
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