Running a real estate business in tough times

Although there are very positive signs that the real estate market is pretty much rebounding nicely, there are many that are still feeling the effects of the real estate market crash from late last year. In a tough economic time, giving up can feel like the easiest thing to do. Actually, it probably is the easiest thing to do, but it doesn’t make it the wisest choice. But it’s those real estate professionals who persevere that will reap the rewards. Realtors who are their own worst enemy are those who give in to their thoughts that based on fear – usually about what is going to happen to their business.

  

To be a successful real estate agent in tough times, you need to be proactive, practical, people-centric and positive. These attributes are imperative for success even when things are good in real estate, but they become even more important when you’re faced with less than rosy prospects. In order to keep your business going when the economy is less than perfect, there are three major actions you should be taking every day.

  

Firstly you shouldn’t be indulging in any activity that isn’t about securing new business. Don’t pick up the phone unless it’s to generate business. Don’t use social media like facebook unless it’s for legitimate business purposes. Good real estate agents have discipline in this regard and anything that needs to be done that doesn’t assist with improving your revenue should be left for out of hours time, or delegated to someone else in your office.

  

Remember that your pipeline is your lifeline. Even when you’re feeling beaten up and times might be difficult, never stop prospecting. On the flipside, don’t allow yourself to become arrogant if you’re run off your feet with business. Sales is a numbers game and if you wait to need the new business you’re going to have to wait for results, too. Always keep your pipeline full.

Remember that as a real estate agent, your own attitude and outlook has a massive impact on your business. Don’t let the wrong frame of mind limit your real estate success!





 

Posted by Charles Tarbey on 07/12/2009 at 12:15 PM | Categories:

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