How to Survive the Real Estate Recession

By admin ~ September 21st, 2009. Filed under: Realtor License.

Out of all the industries, the real estate industry has almost certainly been hit the hardest. Lately, though, there have been signs of light at the end of the tunnel, with home sales improving and price declines slowing. By following these simple strategies, you’ll be able to weather the storm and position yourself for the coming rebound.

Cut Costs (But Be Smart About It)

Cutting costs in a recession is not a new idea. In fact, it’s the most intuitive thing to do when faced with less business. The difference between surviving a recession and not, however is whether you are smart about cutting costs.

Don’t just cut your advertising across the board: review each area (direct mail, newspaper/ print, online, etc) and review the results you’ve had so far. If you don’t already, make sure you ask each client how they found you.

In general, print advertising is the most expensive and seems to have the lowest returns of the various categories. The highest return is focusing on referrals. This takes more time than money, but will provide you with the highest quality customers at the least cost.

Be Systematic About Prospecting

Find a system that works for you, whether it involves hiring a real estate coach, ordering a sales system, or just keeping it simple and devoting yourself to 50 calls a week. This is what is recommended by top training systems such as Ninja Sales, which recommend 50 brief calls a week to your social sphere.

Whatever system you choose, the critical part is to stay disciplined and consistent. It can be hard to muster the energy to make phone calls every day in a slow market, but the slow times are when it’s absolutely essential to continue prospecting.

Focus on The Positive

Age old advice, but especially true during tough times: focus on the positives in both your personal life and your professional life. Focusing on the positives in your personal life will keep you upbeat and motivated. Focusing on the positives in your professional life will be noticed by your clients and social contacts, and it will make a material difference. People naturally enjoy associating with positive people, and the same goes with business.

Michael is an active real estate broker, and has both a California state salesperson’s license and a California state broker’s license. Michael is also the founder of My Single Property Websites, a simple, inexpensive marketing tool for real estate agents and writes on his real estate marketing blog.

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Author: Michael Lapeter