Realtors: 8 Tips to Market Proof Your Business in 2019

The market is unpredictable, and as a realtor, there’s no telling what we might be up against in the months to come. With talk of technology, mortgage rates rising and changing trends in the industry, it’s time to evaluate your business and be sure that you’re prepared for any turns the market takes 

1. Ask Does it Make the Boat Go Faster?

When you’re running your own business, every decision you make will have a direct impact on the future of the company. Be sure you’re moving in a positive direction by taking time to think before you act. Before making a decision, ask “does it make the boat go faster?” Is the action you’re about to take propel your business forward or prevent you from reaching your next goal? If the action isn’t going to make your boat go faster, stop and redirect.

2. Double Down and Narrow Your Lead Gen Efforts

There are a lot of places to find leads and a lot of ways to reach customers as a realtor.  A lot of agents fall into the trap of trying to use them all for fear of missing out on a potential client. Instead, narrow in on one or two sources of business and invest your time into making them work for you. Simultaneously, doubling down on the time you spend on led generation each day. Already working on leads for 1 hour a day? Make it 2 and so on. 

3. Hone Your Skills

When the market is booming, you might be able to skate by with the same skills, knowledge, and techniques you’ve used since the beginning of your career as a realtor. When things take a turn, it won’t be so easy. You can prepare yourself by constantly working to learn more. Get better at your scripts, learn the art of negotiation. Learn more about marketing, communication, and customer service. The more you know, the easier it’ll be to adapt to changes in the market.

4. Be Visible and Active

Hiding out in your office all day isn’t going to do you any favors. Get out and get some face time with your team and your clients. Dedicate time in your schedule to collaborating with your team. Teach them the skills you’ve been working on and brainstorm ideas together for making your boat go faster. Be sure that your clients are seeing you enough to recognize your name and feel the connection with you as well. When the market shifts, yours is the first name that should come to mind if they have any questions.

5. Seek More Accountability

No matter how good you are, you can’t do it alone. While you’re setting goals and making plans to market proof your business, you’ll need accountability to put the plans into action and take steps to reach those goals. Find a coach that will push you to do more. Then, ask that coach to push you harder or find a new one to help you navigate these times. 

6. Find a Mentor

How do we know what to do to make our businesses market proof? Because we’ve seen it all, we’ve worked through it, and we’ve learned lessons along the way. When you’re market proofing your own business, find a mentor who has experience, advice, and wisdom to share. There’s a good chance that you’ll gain more from a session with your mentor than you could learn in weeks of reading, researching, and trying to figure it out on your own.

7. Lower Your Expenses

Look at this as a competition with yourself. Make it your challenge to lower your expenses each month of 2019. Making dramatic cuts when you’re under pressure from a struggling market will be difficult and stressful. Making small changes each month takes the pressure off and makes the challenge more manageable. By lowering your expenses each month, you’ll be preparing for months when you’ll need the lower budget, along with putting the money you’ve saved aside to cover expenses in those months.

8. Remember that “Good” is a Codeword for Going Broke

When the industry is struggling, good isn’t good enough. If you aren’t actively working to grow your business and build your skillset, you won’t have the foundation needed to keep the company going when things get rocky.

There’s no way to guarantee what the market will look like as the year goes on. Using these tips, you can prepare for all of the twists and turns 2019 might bring and set your business up for success.