Easy Ways to Get Out of a Real Estate Downturn

In the business of selling commercial real estate, it’s not unusual for agents to struggle or see a drop in business from time to time. The matter is resolved when they focus on building market share and a client base.

Consistency in taking action is so important in real estate today at a personal level. Those actions can also be refined and tuned to market circumstances. That is how you proceed in brokerage.

Reasons for a Slump?

So why does a ‘slump’ or downturn in the real estate business happen? Things change frequently with sellers, buyers, and enquiry. You can add to that the changes in the real estate economy.

The economy and business sentiment are leading indicators to watch for and adjust to. You can adapt to those ‘pressure points’ and still tap into the right people of property.

Property Market Changes

While the market may change and tenants or buyers may be slower to respond to a deal opportunity, everything comes back to the broker’s volume and quality of real estate listings.

Understand this; good quality listings that are correctly marketed will sell or lease most of the time. So what is your focus?

Brokerage Restoration Strategy

So how can a broker or agent get out of a ‘slump’ in commissions and listings? Try some of these:

1. SIMPLIFY: Simplify the day, so more of the right things get done. It is a sad fact that diversions occur each day, and far too many brokers let those diversions take over. Focus on what must be done; understand the importance of those things in real estate business generation at a personal level. An agent struggling is usually well ‘off the rails’ regarding essential business tasks. Know your business priorities and do them.
2. HABITS: We are the products of our habits. Everything you have in your real estate business today results from your actions over the last year or so. How does that work? Habits will help change the market and our commissions for the long term. Please start a new practice per week and develop it to a high level. What are those habits that you need? What are the things that you are not getting to or avoiding? Make some real estate choices around your habits.
3. KEY STRATEGIES: Focus on the key things that significantly build market share. The question will then be, what are the most important habits to develop? In most cases, they are a mixture of prospecting, presenting, inspecting, and negotiating. Take one of these habits per week and implement deliberate steps to improve the process. When you have a new skill, move on to the next one. I go back to the point that ‘habits’ are essential in our industry.
4. FOCUS AND SIMPLICITY: Try not to do too many things on your business day. Keeping things simple and consistent is all about focus. What are the things that matter in brokerage? You know the answers for you and your location or property type. Doing a few essential things daily is better than doing too many things randomly. Top agents only do the necessary items during the business day. Administrative work can be left to the less critical times of the day or later in the week.
5. TRACKING NUMBERS: Track your progress in the things that mean something to where you are headed as a broker and agent. In tracking the numbers, you can improve your results in the things that matter. What would I follow? Try these, cold calls, meetings, presentations, listings, inspections, and closed deals. Simple numbers allow you to see what is improving in the property market. Small incremental steps will be fundamental to your growth of real estate leads and opportunities over the coming 12 months.
   We must control the working day. We have work choices throughout the day, and our favourites will build or destroy our market share. What choices do you make? What are the critical issues for you in your client contact and listing marketing?

Protecting Your Brokerage Time

If someone wants a slice of your time and asks for an appointment, understand that only the most essential people get time with you. Avoid distractions and diversions in real estate.

Unimportant issues or people can wait until later in the day or week when your business plan’s critical issues have been addressed.

You have the ‘keys’ right now, to progress and growth to get out of a real estate downturn. First, look at your actions, thinking, systems, and support tools. Then, make changes with each, and build the essential habits to advance your real estate business.