When the market turns, it’s time to roll up your sleeves, and for everyone around you to do the same. Cutting expenses and finding your margin, as we discussed in our last video, doesn’t necessarily mean slashing quality or delivering less. It means getting the job done with less money available to do it and working more hours to deliver exceptional service.
In other words, it means doing more with less. How do you do more with less? Do what all great businesspeople do: Focus tightly on the basics and remember the core competencies of the real estate business:
- Lead generation and follow-up
- Presenting to sellers and buyers
- Writing and negotiating contracts
- Coordinating sales to closing
- Managing money
These priorities show up in your business in this precise order, and when it comes to people leverage, you must ask yourself: Are the people in your group talented? Are they motivating you? Are they improving your business? Real talent will see a market shift as an opportunity; cul-de-sac talent will likely only end up costing you in a shifting market.
Sit down with your people and share your vision for the future of your business. Tell the truth about the situation, where the business is today, and where you see it heading. Visit with each person to see if they’re also willing to do whatever it takes. Realign job descriptions around the core competencies that must get done. Seek flexibility so your tasks can be cross-trained without changing titles. Be positive, communicate clearly, and be prepared for either results or resignations.
Also, establish a simple training schedule so everyone knows what to do, how to do it, and what’s expected of them. Training builds confidence and competence. This is a skills-based business, so meet weekly with each individual to evaluate their success and reach agreements on any corrective action. You must inspect what you expect and touch base regularly to see how they’re doing. Additionally, don’t forget to celebrate the small victories along the way. Pennies make dollars, so celebrate individual wins along with the greater team success.
If you’d like to talk more about how to do more with less in a shifting market, don’t hesitate to give us a call. If you’d like to sign up for our agent newsletter or register for our business planning clinic, visit our website https://realestatecareersinutah.com/
In the meantime, stay tuned to future episodes for a deeper look into how to survive and thrive in a shifting market. If you have any questions or would like more information, feel free to reach out to us. We look forward to hearing from you soon.