It’s bound to happen, the market goes up and it goes down. Despite the unpredictability, you
can be predictable in your business to keep it afloat in a down market. It requires a special kind
of focus. A business tends to get lost in the midst of the drama and the fear you face during a
challenging time, which results in a failure to execute a plan, loss of focus, and a feeling of
mistrust. The businesses that plan and execute that plan while the market is doing well, find
they survive and even thrive in a slow market. It allows their mindset to change, and in result,
change their business for the better overall.
A key to your success is not to downplay or exaggerate your challenges. It’s as certain as
death and taxes, the market will turn. While the market is doing well and business is easy with
multiple offer situations coming in to ever deal, take care of your business by building up your
reserves. Nothing is more liquid than cash, and it is the pump that keeps your business alive.
Ask any business, the thing that kept their business afloat in bad times was their access to
cash. When business is doing well, that is when its the best to go to your bank and ask for a
loan, not when the market slow and business is harder to come by. Be prepared ahead of time
to have a line of credit to tap into while the days a a bit drier.
Your focus in a slow market is to execute a plan that ties into a great
marketing strategy and
shows some love to your current sphere. You wont be the only one who is experiencing the
effects of the slow market, show empathy to your customers. Engaging with your current clients
and attracting new customers is through effective marketing. Be inventive with your marketing.
In real estate there are a lot of fun puns and twists we can make to make ourselves stand out.
Keep in mind tho you have to follow the rules, aka fair housing. But make light of it and give
people a laugh, and something to remember you by. Effective marketing requires smart
planning in advance. When times are good, have your plan in place and ready to execute so
when you see the market turn you can transition to what you already have planned out. No one
knows the duration of a slow market, but it is for certain it will be for at lease a month or two, so
plan accordingly. Ramp up your online and offline marketing tactics, get in front of the people.
Offer a service they need right now but maybe they don't know yet. Your sellers need buyers,
show them the statistics of the market and what is selling. Can they make any changes?
Home sales for fall and winter tend to go down, prices are staying constant currently, so thats an
upside to sellers and an overall feel of the economy. With a healthy economy, there are still
buyers out there looking for a home so research your market, turn it inside out. Real Estate is a
people business. Keep your business alive by getting in front of more people than you usually
would in a busy market. Make an impression and warm up those cold leads with a warm and
welcoming follow up campaign. Cold traffic via an open house or meeting in person, takes
about 8 to 12 touch points before the person starts to build trust with you. Keep these things in
mind. Between your cash reserves on hand, a thriving marketing plan being executed, and an
inviting communication strategy in place, your business wont just thrive in a down market, when
the market turns hot again, these new strategies will propel your business like a rocket!