Strategies That Work When the Market Dips
In sales and when sales are going through a more difficult economic time period do not stay in the office working. Instead, go out and call on your customers and clients and prospects. You know where to find them. Get back involved with the clubs, associations and networking groups that you “used to be actively involved in”. It is time for face to face contact.
Now is the time to add to your specialty. It is time to take some designation courses such as Home Staging, Luxury Home Marketing, Generational Selling Techniques, Buyer Agency, Short Sales, and Green Courses. It is time to make yourself more intelligent and add potential revenue to your gross income. NAR member survey shows an additional $37, 000 is possible by adding at least one designation. Designation courses are hotter than ever in the nation with agents having more available time and using it to increase their power with knowledge. You now have time to redirect your energy to selling opportunities that you didn’t have time for when the market was boomtown. Take courses on commercial, investment strategy, property management, finance to increase your business acumen.
This is a good time to truly evaluate your team of professionals. The ones that are consistently upbeat, positive and productive during these different times are the keepers and the ones you remember when the market spikes back up. They will be the ones to get the additional bonuses, perks and kudos. Make a written note during these times as to who you have truly enjoyed being around and doing business with. When times are easy and business plentiful, it is easy to lose track of whom the true dynamic players are on your team.
Be honest but compassionate with your sales team and family. Try to send a positive message about your company, the market, and your personal goals for the next months ahead. No one wants to hear doom and gloom. Always give yourself and your sales team or family a view of good things ahead in the short future.
This is the time to reorganize your company, your budget, and your incentives. Perhaps your company has been accustomed to incentive plans. That does not and should not change. Sales people do well with incentives. Perhaps the incentive is a gift card or a trophy or a celebration luncheon in lieu of hard cash which may have been the practice in the past. It is known that many people perform and compete for the satisfaction of simple recognition.
Training time is always welcomed. People want to do their best and if you increase time spent on training your agents, yourself on new skills, you have maximized productivity through business focused sales training. This definitely prepares everyone for busier times ahead. And, without doubt, we know there are going to be busier times ahead.
Get organized, get trained, and get more designation courses. You will make more money.
Champions School of Real Estate® is owned by Rita Santamaria and has been providing the highest quality education for Texas real estate agents since 1983 with online courses and campuses in Austin/Round Rock, Dallas, Forth Worth, Houston, San Antonio and satellite campuses across the state. Champions also provides Loan Originator, Home Inspector and Appraiser Licensing and Continuing Education courses.