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Is this the time to cut back on your business spending?

The current situation of the Real Estate market is probably the worst that it has been since the great recession. You must’ve seen how houses and other properties are just sitting on the market for months, listing agreements expiring and buyers are becoming more and more scarce by the day.

Inflation going out of control seems likely to be the root cause of it all, and this might make you worry about your business or future. These are the times people have been the most fearful of, within the Real Estate business. However the truth is, times like these are where the ones who make the right calls and take the opportunities presented to them without being afraid are the ones that become successful and grow rich. As Warren Buffet once said: 

“Be fearful when others are greedy. Be greedy when others are fearful.”

The time is now to be focused more than ever, on your business development goals and to explore all the possibilities and opportunities for lead generation and growth. This will boost your business further while others are lacking behind being too worried about the economy to take the right steps in the current market situation.

A lot of Real Estate agents, when they see markets in trouble or prices going all over the place, their first instinct is to cut any sort of spending on things they deem frivolous. This most often means cutting on certain important business development tools like, marketing, client follow up and lead generation platforms. The issue that arises with this is that it is a self-fulfilling prophecy – when you cut your business generation activities,that always means less business for you at some point in the future, even if you don’t feel the effects of it immediately. Being cautious in this business is important, however, being overly cautious to the point of being afraid of the market will end up with you not taking the necessary steps in the right direction and will inevitably lead to the downfall of your business. 

This is the perfect time to double down and make plans and strategies to further push your Real Estate Business in the right direction, and implement such strategies for future growth. Economic downturns, market crashes and inflation will always happen and they will always pass as well. Those Real Estate agents that remain focused on their goals and seize the right opportunities, by staying up and in-front of their potential clients will survive this downturn and will inevitably be the ones whose business blooms when we round the curve.

With all that out of the way, you might be asking yourself: What exactly should you be doing right now? Well, that depends on your market and brand, but here’s a few things you might consider:

  • Double down on lead generation activities: Invest in tools and additional hands to help you do the basics of lead generation, call people, email people, text people – things that everyone hates doing. This will make you stand out of the competition and while times are tough and the market’s down and everyone else is lacking behind, you’ll make an impact on your clients and they will remember your brand & business.
  • Keep on top of your SOI’s mind: Make sure to keep in touch with your past clients, send them monthly newsletters, keep them informed about the state of the market – don’t sugarcoat it. People will appreciate you for being their resource for news on the Real Estate industry as a lot of people (especially young people) are looking keenly at the Real Estate industry right now.
  • Focus on your own brand development: Following up from the previous point, brand yourself as a market expert and use social media to your advantage. Create an action plan for your SOI marketing, newsletters, market reports, additional marketing materials – make use of the extra time you have to brainstorm topics and material for your future marketing efforts.
  • Pivot into new prospecting strategies: If you’ve just been working with buyers up till now, it might be time to consider doing FSBO or expired prospecting and vice versa. Explore new avenues and stick with them.
  • Invest into yourself: The greatest investment you can make is into yourself. Learn a new skill that will help you greatly with your future marketing, learn how to do graphic design, learn videography, learn photography, learn something you’ve been meaning to learn for a while but just never got around to it.

While it’s true that the Real Estate market is slowing down, there are opportunities for those willing to learn and for those brave enough to embrace them. This is the time for you to focus on business development and we’re here to help you with exactly that. If you need help with any of your marketing efforts, including social media, print marketing, email marketing or even direct marketing – get in touch with us and schedule a quick consultation and lets understand your business and ramp up your business development activities.

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