With all of the uncertainty around us right now, it is hard to know what the real estate market is going to do. One thing we know for certain is the economy as a whole is going to go through a tough time, and that will most likely affect housing sales and prices. I'm not as concerned as many of my fellow real estate agents around me seem to be, and I think a lot of that has to do with the fact that I've been here before. I started my career in 2005, so I've been through a real estate recession — the worst in the history of this country. Here are a few of the things I learned then that I believe will help real estate agents this time around:
1. Get lean — fast.
One of the biggest mistakes that I and many others made in the last downturn was trying to pretend that it was business as usual. I was tied into a number of marketing expenses that I couldn't get out of and my savings were quickly being drained. Every dollar you spend right now in a tough economy is a dollar that you will never get back. That is why it is so important to go through your entire budget and cut out anything that you don't absolutely need to be spending money on.
2. Focus on your key players.
I know in a perfect world that you would be able to hang on to everyone on your team and you would be able to give equal attention to all. But that just isn't realistic. Who is vital to your real estate business? Who can you not afford to lose? Now isn't the time to make sure everyone is happy; you need to focus on those team players who you need around and make sure they know they are going to be taken care of.
3. Have a detailed plan.
Now more than ever, it is vital that you have a detailed plan of how you are going to make money. How many sales do you need to make each month to pay your minimum expenses? How many calls do you need to make each day to get enough appointments to make those sales? In uncertain times, we tend to lose focus and a lot of people just freeze. This is the one thing you cannot do. You must keep moving; communicate with your clients and employees and take massive action each day to make something good happen.
4. Take daily mindset breaks.
One of the most important things I did during the Great Recession that helped me get through each day was taking 20-minute mindset breaks each day. I would schedule into my calendar twice per day to go out to my car and just focus on pumping something positive into my head — books, audiobooks, meditations, affirmations, prayer or whatever else would help me get my mind right. I also recommend taking additional breaks as needed if you ever feel your energy drop.
5. Be the person others can look to and count on.
This is probably the most important lesson I took out of the last housing crash. Now is the time for you to step up and be somebody who your friends and clients can count on. They are scared, they are worried and they are surrounded by negative news every day. You don't want to be the out-of-touch real estate agent saying it's "business as usual," but what you can do is be a source of good every day. Call to check in on people, share positive messages and inspire others to keep a heart of gratitude in a tough situation.
When thinking about how I want to show up each day during this pandemic and this economically hard time, I think of some advice I received years ago: "Nobody cares how successful you are, how good-looking you are, how funny or how rich you are. All they care about is how you make them feel when they are with you." This is the most important thing you can remember as you talk to your clients and help them in this tough time. How you show up now is how they are going to look at you for the next 10 years of your career. Be the one who brings light and hope.
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April 22, 2020 at 06:41PM
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Lessons For Today From The Last Housing Recession - Forbes
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