While thinking about/ talking about/ listening to and reading about prognostications of a coming recession in 2020, CREATE A STRONGER BUSINESS while you are doing your day-to-day profit-making actions.
The new and revised edition of Harris Rules: A Real Estate Agent’s Practical, No B-S, Step-By-Step Guide to Becoming Rich and Free includes a strategy for CREATING A STONGER BUSINESS so that you won’t be as vulnerable to the vicissitudes of an economic and/or housing downturn. Here are strategic steps for you to implement “along the way,” not instead of, while doing your job…generating profit.
- Be honest with yourself about your own beliefs concerning a potential recession and/or changing market. Will your personal economy be better or worse? Will a recession or changing market affect you? (Yes, it will.)
- Embrace (don’t fight) the reality that your “magic number” will be higher.
- Singularly focus all your energy on being the go-to listing agent in your market.
- Embrace AND master the scripts about price and market conditions. (Your competition will likely steer clear of these discussions.)
- Speak with your seller weekly…even if you don’t want to.
- Stop buying leads.
- Be in constant touch with your “inner prospector.” FSBOs and Expireds are gold mines in changing markets.
- Make sure you have the funds to invest when you come across an opportunity.
- If you have a team, make sure everyone is a profit center.
- Maintain your physical/exercise routines and conditioning.
- Know your short sale and REO skills cold.
- Create a broker price opinion cash-flow machine.
- Create a transaction fee spoke.
If you are unfamiliar with terms such as “magic number” or “broker price opinion cash-flow machine” and/or “transaction fee spoke,” get your copy of Harris Rules. If you are curious about, want and/or need additional strategies for additional components of your business and/or your journey toward success, get your copy of Harris Rules.
And remember, do what you don’t want to do when you don’t want to do it to your highest level…every day.