The more I hear news about the recession, the more I feel inclined to start preparing myself. These tips I will be sharing with you are some of the fail-proof things that have worked for me. Hopefully, this will help you, and other real estate agents across the country, become recession ready.
Take the time to inspect what you are spending on and investing in for your business monthly. As you check your statement, figure out which tools, resources, and other stuff you are paying for, but are not currently using. They might be amazing tools and resources, but if they are just sitting there unused, they are just burning precious dollars that you can put somewhere else and be more useful.
Re-evaluate which of those things should stay and which ones need to go. And if you do decide to keep it, make a plan around it. When are you going to use it? When are you going to learn it? When will you start implementing it in your business?
If you are one of those agents that don’t use social media often, then WHY? Social media is a great and powerful tool at your disposal. And it’s free!
If the wealthiest man in the world is going all-in on Twitter, the fourth most viewed website in the world, all the more reason you should be on it. Of the top five most viewed websites worldwide, ranks two to four are populated by social media sites:
Even Reddit, TikTok, and LinkedIn made it around the 20s on the list, with TikTok steadily catching up to the big four.
With people everywhere currently on social media, it is a good opportunity for you and your business to stay visible, relevant and connected.
Pick one that you gravitate towards the most and just go all in! Maximize that free exposure.
Social media provides us with an opportunity to be visible in multiple places at once, for zero cost on your part. And the best thing to do during a recession? Take advantage of and maximize something that is absolutely free and can give you the most presence.
I mentioned the most viewed website in the world list earlier. Google is the site that took first place in that list.
I’ve talked about it last year in my Google 5 article, but Google is a major player not just in online marketing, but in people’s everyday lives. When people want to know something, they look for it on Google.
This daily online traffic will serve your business well, and although they are not always free, there are five things worthy of a few bucks you should focus on.
Pay per click is old school, but still cool, and is one of the surest ways to market your business on Google. It wouldn’t last 20 years if that wasn’t the case.
Some would tell you SEO is dead. That’s not true. Yes, it might be a little overpopulated, and the algorithms might be too complicated to make sense, but it is still a valuable tool to maximize your visibility on Google. It wouldn’t hurt to learn a few tips and play around with them till you get the trick.
Youtube is second in rank as the most viewed website, and it is owned by Google. Making video content is a more entertaining way than plain text to deliver valuable content to your audience. Plus, when people want to know or learn something, or just watch something entertaining, they usually go to YouTube for that.
Google prioritizes content that is native to it. So, instead of putting your reviews on a different platform, try using Google Reviews instead. The more reviews you get, the more Google gives you dues.
If you haven’t done it yet, set up a Google My Business account. The more visibility you have on Google, the higher your exposure will be.
You’ll hear some people tell you to let go of marketing during a recession. I beg to differ. In fact, during trying times, you should invest in marketing more.
You just have to shift your focus from general marketing to keep in touch with the people who already know you. The main point is not to introduce yourself to a new market, but to reinforce your brand and keep in touch with your current customers and connections.
Some ways you can market during a recession are:
Remember, you don’t have to keep it about real estate. You can send them inspiring and motivating insights. Be relational about it.
That is how you foster goodwill and stay top-of-mind.
Create a master list of off-market properties that your team can access. Some property owners are undecided to sell, but if you can connect them to someone who can meet their asking price, you bring value to both sides.
During a recession, it is time to explore the free tools you have. Check your MLS. They usually come with free tools that are great and reliable, and available for use.
Try renegotiating your commission split with your broker. They will want to keep a valuable agent that brings in buyers, so a lot of brokers are more than willing to negotiate temporary (or even permanent) terms that work better for you.
Stay updated with real estate news across the nation. Be that resource that helps your client understand what is happening right now [in the real estate market] and they will feel confident they’ve chosen the right person. The only way to do that is to continually consume information.
Examine your past and current contacts and your past buyers, and try to re-categorize them.
What I usually do to categorize my sphere is:
I categorize my buyers and potential clients similarly.
This is just how I categorize and simplify it. You can establish your own set of categories, or you can use this as well.
This is just Part One of how you can prepare for a recession. Stay tuned for Part Two. And if you have any questions or tips of your own, you can always reach out to me on my social media platforms. I want to hear from you, and continue learning from you about how to navigate a real estate business.