How to Cope With a Sluggish or Slowing Market

Anyone who has been in Real Estate for any length of time knows how cyclical the market can sometimes be. Tax Time, Summer Vacations, Back to School, and Major Holidays can often put the brakes on even the hottest markets. Coupled with the “roller coaster” effect inconsistent prospecting creates, and you have the perfect set-up for a few bad business months… (Where you seem to always be scrambling for prospective buyers and sellers).

Step One: To lessen the side effects of the normal cycles of the real estate market stay consistent with your prospecting and networking with your database. 

• Only 20% of REALTORS have a system in place to manage their database … Only 5% use it consistently… 

• This 5% has an average yearly net income over $200,000. Lesson #1 learned… Get a System…Lesson #2 USE IT!

Realtor Rescue© Coaching implements a system appropriately named “THE FIVE”©. This is a simple to learn and utilize system of 5 different types of contact per day…  5 days each week. This equates to approximately 25 contacts per week of voice to voice, face to face, hand written notes, electronic communication, and breaking bread (lunch or coffee meetings).

For most agents this seems like a daunting number… I often get this response… “I have to contact 25 people each week??? Really Eddie…are you on drugs?” … (or some just stare at me as if I had 3 heads)… But I promise you…it really is much simpler than it seems.

THE FIVE Daily Prospecting Scenario: 

You call a past client and invite them to Starbucks for coffee… (That's 1 call, 1 coffee)… after the Starbucks visit you send them a hand written note via snail mail thanking them for meeting with you and again letting them know you value their relationship and referrals… (there goes your 3^rd contact)   Are you starting to catch on?

On the way home while at the grocery store picking up your dinner you see a neighbor and have a quick discussion about last Saturdays swim meet at the pool and when parting you ask them if they know anyone who is considering buying or selling ….(this was your face-to face and contact #4.)

So now all that is remaining is your electronic communique… Will any of you send any personal emails, or go onto social media after you have dinner? Yeah, I thought so….(BINGO there’s your “FIVE” for the day… Easy Peezy!)    

Step Two: Recruit an accountability partner to hold you to your promise to yourself so you can reach your goal of 5 contacts, 5 days each week. Also have a set of written goals for your transaction numbers and income for the next 3-6 months. Consistency is the key…it's your “easy button”… Your “partner” can be a spouse or significant other or another agent where you can hold each other accountable to your goals.

Step Three: “Aim Small, Miss Small”  Don’t aim at the whole target…pick a spot on the target and focus on it intensely… so even if you miss the small spot you were focused on, you will still be on target.

Example…. Don’t focus on a goal of $100,000 in income… nor the 30 closed transactions needed to generate $100,000 in income… don’t even consider this equates to 2.5 monthly closed transactions … Do calculate the number of contacts you need per day to generate your income goal and focus on completing them each day. Even if you miss a few contact goals here and there… you most likely will still be on target at year end.

When the market slows down… it gives you more time to “speed-up” your marketing efforts. When everyone else is complaining about the lack of business…you will be shifting into a higher gear and waving to them in the rear view mirror… yelling…. I STAY ALIVE WITH THE FIVE!!!!!

For more information on Realtor Rescue Coaching and “THE FIVE” contact  coach@RealtorRescue.biz

Eddie Brown © June 2016