Pivoting Your Real Estate Business Strategy In A Crisis

Is it possible to grow your real estate business in the midst of an economic crisis? So as I'm filming this, you know, we have a global pandemic and that's actually not the point. Economic shifts happen consistently. They're predictable. And that's what I want to cover today. You know, how do you view a shift? Is it a like, oh shift, like oh, crap, or is it an opportunity to grow your real estate business? You know, the journey to business ownership isn't an easy one. And a shift in a lot of ways, if you don't have the right mindset around it, it can really mess up your business. You know, going back to those early days, I had to do certain things in the right order to make sure that I stayed in real estate. When our roster went from 15,000 agents in our market to 5,000 agents, you know, what did I do differently? And what can you do to during maybe we're in a shift right now and there definitely will be shifts in the future. Now if you're at the point in your journey where you wish there was like a little bit of training to give you a connect the dots on how do I predictably build this thing the right way? Stick around to the end of the training. I'm going to give you a free 15 minute training that will help you do exactly that. If you like the video, make sure you hit the like button. Subscribe to the channel, make sure you turn notifications on so you're the first to know about videos and, and leave comments. I love to hear what you think about my videos and how I can serve you in future videos. So let's dig into this concept of predictability when it comes to economic shifts. You know, this goes back to like forever. Forever. There's been every seven to 10 years, the economy goes in a cycle. The latest shift happened from something nobody could have imagined, a global pandemic. And, and it doesn't matter what triggered the shift. They're predictable and how do you react to them, you know, and the first thing I'm gonna go through three or four things that you could do to not only adapt in a shift to thrive in a shift, you know, where most of real estate agents and team leaders don't know what to do, you're going to be equipped to do the next right thing. And the first thing I want you to look at is where are you spending your money? You know, that's the first thing you need to do is make sure you shore up anything that's going out versus what's coming in. Typically there's a tightening up of income, you know, so your income may be interrupted or disrupted and you need to make sure that you have every dollar going out is held accountable. And oftentimes it involves tracking to make sure that you're cutting out the right things. Marketing and lead generation and paying someone else to generate leads for you? That's typically one of the lower return things we see in top producing agents, businesses and team leaders businesses is that they're spending money on things that aren't giving them a great return and they don't know what else to do. And so instead of attracting business, you know, high quality, low cost buyer and seller leads, they are being extorted by these companies, you know, Zillow and realtor.com and even Google pay per click. The grind of forcing someone to register in your website and you know, contacting that person 25 times in six months so that they'll do business with you. That model, in my opinion, is dead. So what are you doing to kind of look at where you're spending your money and making a shift in your approach in your marketing and making sure your message is appropriate to the market that you're in? You know, is there an opportunity to generate excitement around, you know, a hot deals list or short sales, distressed sales, foreclosures? Right, that's coming. If depending on when you're watching this video, it's always going to come back around. There's always going to be people overspending, buying things they can't afford, or just straight up things they didn't expect to have happen with them losing their job. You know, we were up to 20% unemployment in our country, 15 to 20%. Somewhere in there, week after week, millions of people were losing their jobs. We're going to deal with that for years and that's going to happen again in the future. And so are you prepared for it? The next thing I want to talk about is you have to put a moat, like build a moat around your database. And what I mean by that is that if your database marketing efforts, if that's not the number one source of business in your real estate business and you don't have like a predictable source of referrals from like building the database the right way, segmenting your database the right way, communicating with your data the right way, low cost, super high return, and also the process by which you serve your buyers and sellers so that they become part of this database, that becomes part of the future, you know, new business development efforts in terms of Referrals, past clients, and repeat business. And so are you building a moat around your database? Do you have within two clicks, can you get to all the people that know, like and trust you and send out? You know, this deal just became available. This is an awesome opportunity. The market's shifting. You know, you can take advantage of this or maybe they can become an investor. You know, do you have a way to communicate with your database and love on them and serve them in such a way where when it's time for them to buy or sell, they're going to think of you first? I would say the last thing that I would want you to consider is what is your, you know, your cadence, your daily cadence and your personal routines? And if you have people in your world, team members, what does their day look like? Not only from, like, how do I structure my day? What am I letting into my day that shouldn't be there? Not only in distractions with time, but distractions with media? Is your team or are you spending too much time in that 24 hour news cycle? Be honest with yourself here. Are you being influenced by what you hear on the news? The news is not there to always tell you the truth. Right. I recently read an article about my local real estate market. The headline of the article was Pandemic decimates Charlotte Area Real Estate Market. Biggest decline in home sales in history. Something like that. Bloody right. In media they say if it bleeds, it leads. So that was the headline. This was comparing April 2020 to April 2019, where, yeah, there were less homes that sold in 2020 because people were trying to figure out how to do things virtually. And buried down in the article, it didn't mention the fact that home prices were up 8%. And, you know, which is really great news, but it was like 90% down in the article and it was a single line buried in a paragraph that if you led with that headline, you wouldn't get clicks. Right. It's all about clickbait. So are you protecting yourself from that negative media? If you read that headline, you're more likely to just screw yourself mentally and not want to get out of bed and do real estate that day. And your team members are doing the same thing. So how are you protecting your mind? And then also how are you protecting your calendar? You know, are you, you know, being loyal to your morning routine? You know, for a while in this recent crisis, this, this shift here with the pandemic, I got off the rails with my morning routine. I was going to bed late, I was getting up you know, late in the morning, my kids weren't going to school. They were watching movies till 12 o' clock at night. And I got off the rails in my routine and it really hurt my business and it hurt my ability to lead and manage and, and step up in the business when the team needed me the most. And it only lasted for four or five weeks, I sort of snapped out of it. And I realized that if I'm going to make sure that this business grows and takes advantage, not in an evil way, takes advantage of the fact that some agents are trying to figure out what to do. Big opportunity for real estate B school. I had to snap out of it and make sure that I stuck with my routine of being in bed by 10pm I got up at 6am I got my full seven and a half hours of sleep. I was hydrating every day. I was starting every morning with a meditation. I was reading my Bible. I was doing the things that led me to success. The things that matter more honestly than doing business anyway. When you look at a shift, I want you to think of it as just a major opportunity to do something differently, to take advantage of where everyone else is freaking out, everyone else is concerned, consumed by what's going on in the media. This 24 hour news cycle. Or they're just like blindly going through Facebook or Instagram, you know, check yourself on those things. Every time I go into Instagram, I'm not lying within. If I get caught up in it, I have a headache and I figured out why it is Instagram is there to show the best of the best. It's going to show like the best, best looking people. Like, why don't I look that good? You know, what's wrong with me? Why am I not on vacation? Why are they like doing morning devotionals with their children? And my children are sleeping till noon. Right. We tend to just psych ourselves out and get off of our game. And you know, it's this analogy of putting your blinders on. The reason a horse wears blinders is so that the horse can run its race. And that's what I want for you. You're at the point in your journey where you just wish there was a little bit of training where we can sort of help you connect some of the dots and predictably build a real estate business that gives you time and money Freedom. Go to predictablerealestatesuccess.com that's predictablerealestatesuccess.Com or click on the link below. I basically give you a free 15 minute training where I'm going to tell you exactly how to deal with this shift and get through it like a champ. If you liked the video, make sure you hit the like button, subscribe to the channel, turn notifications on, and make sure you leave comments so we can go back and forth and challenge each other. I'm hoping that today's video challenged you and pushed you just a little bit to think of a shift as an opportunity we will see agent rosters decline. The question is, are you going to be one of the folks that opt out of real estate when there's this massive opportunity to achieve at a high level in business and have your business fuel your life? We'll see you in the next video.