What if you knew for sure that that 12 months from now everything in the real estate business will be completely different? In today’s show, we’ll be discussing the steps to take NOW to ensure that your real estate business is prepared for the changing market.
We’re going to walk you through 14 key points to ensure that not only is your business in top shape for today’s up-market, but also ensure that you’re prepared for the coming market downturn.
- Be introspective. What are your actual beliefs about a recession? About a changing market? Do you believe your own personal economy will be better or worse?
- Embrace the fact that your Magic Number will be higher.
- Focus 110% of your energy on being the dominant listing agent in your marketplace.
- Embrace the tough conversations about price and market conditions. Master the scripts. No one else will.
- You must speak with all of your sellers weekly, even when you don’t want to. Do what you don’t’ want to do when you don’t want to do it but do it at the highest level possible.
- Stop buying leads.
- Get back in touch with your ‘inner prospector’. Expireds and Unrepresented owners are a goldmine in a changing market.
- Keep your ‘powder dry’ so you can invest when you see opportunities.
- Every team member must be a profit center. No riders, only rowers!
- Brush up on your Short Sale and REO knowledge and skills.
- Keep your own body in shape. You don’t want to do battle with a health issue at the same time you’re dealing with a changing market.
- Create a Broker Price Opinion cash flow machine. 50 / week = $5000/month, $60k / year. That pays for at least one assistant, maybe two.
- Create a Transaction Fee spoke. $397 x 50 = $19,850. $397 x 100 = $39,700 and $397 x 200 = $79,400. What could you do with that much more ‘passive’ profit?
- Don’t assume a changing market won’t effect you.. Know what’s happening locally in all price segments in all areas you work. Don’t hide out from what’s happening. Instead, be the leader. Embrace change.