There is no such thing as over-preparation. I wrote about nine actionable things you can do to arm yourself during a recession last week. I also promised in that post that there would be a part two, and here it is.
Last week, we concentrated on tools and strategies that you can employ. This time, I want you to concentrate on maintaining relationships. People desire to establish meaningful ties during difficult times because they are social beings.
That is true even in a business setting.
So, how can you keep meaningful and productive relationships with your real estate circle of influence during a recession?
And I don’t mean just anyone. Look at your peers in the real estate industry and find someone who is at your level, but who also has different strengths from you.
For example, if you are good at contacting leads and managing your database but not so good at social media, identify someone who has a strong social media presence but struggles in your field of competence.
It is sometimes a good idea to look at your competition and propose to collaborate. By offering what the other lacks, both parties can emerge from an economic crisis stronger. It's a win-win situation, and I've seen a lot of teams, brokerages, and individuals do it.
You not only help one other's weaknesses at little to no cost, but you also benefit from learning new things. This broadens your horizons and forces you to think outside the box.
This way, whether you maintain the collaboration or not after the recession, you both receive new possibilities, experiences, and insights that you can apply to your business moving ahead.
If you own a home or an investment property, during tight times, take the opportunity to look at an equity line or a line of credit.
You might think, what does this have to do with maintaining meaningful relationships?
Well, sometimes, maintaining meaningful relationships takes cash, especially during times of recession.
If things become too tight, considering an equity line or obtaining a line of credit can provide you with some [emergency] revenue. You can use it for marketing or invest in a business to help it develop.
This is a great time to set up automation. And I’m talking about automation in terms of reaching out to your past clients or your sphere. Tap into the big database you have, whether it is your contacts on your phone or in your CRM with Follow Up Boss or Chime.
It might seem counterintuitive, as most automation costs a few bucks, and I am telling you to spend more during an economic decline. But, investing in tools like Agent Legend or Call Action, or utilizing your CRM’s built-in automation or smart plans to keep in touch with your database helps you save time.
As I mentioned in part one, during the recession, it is important to keep in touch with the people who already know you to establish your brand and keep you top of mind. It reinforces trust, and during a recession, it is more important to not lose old clients than to gain new ones.
Just make sure that the content of your automated messages is authentic and valuable to your audience.
This is probably the most important thing that you can do.
When I say get your mind right, I’m talking about the wholeness of the mind. It is important to read and learn more, but you should also check in with your emotions.
Are you practicing mindfulness during a stressful time? Taking some time alone, going for walks, connecting with yourself, and having leisure time help you to stay sane and at the top of your game.
Don’t forget self-maintenance, both emotionally and mentally. It is easy to feel defeated and unmotivated during a recession, but ruminating on negative thoughts won’t help you or your business.
Spend time focusing on your thoughts and ensuring that your mindset is in good shape. Get inspired and challenged, observe how others do things differently, and take what is useful to set the framework for new possibilities for you.
As our market shifts into more of a normal market, we’re going to start seeing more opportunities for expired homes that didn’t end up selling at the crazy price they wanted.
Because real estate is cyclical, For Sale By Owners (FSBO) who are having difficulty selling their properties because it is not as easy as it used to be may go through it again. And your knowledge can assist them this time around.
So don’t stop calling. Instead, use a company like REDX to start dialing, especially if you suck at calling. Because some of us do. It can be scary to pick up the phone and dial. REDX does such a great job in training you for that.
Decide whether to start calling your Expireds and FSBOs.I think it's a great idea to do so.
This tip is applicable for all, no matter what type of business, but especially for real estate. At the end of the day, this is a relationship business.
The deeper you go with the people that are already like you, the chances are higher that those people will come to you if they have any questions regarding real estate. You just need to take the time to make them feel like you actually care, because you do.
People always remember how you make them feel.
And this is why everything I’m telling you is based on authentic communication. Whether it’s on social media, calling your Expired leads and FSBOs, automation, or whatever it is. Just remember that it is your job to create relationships.
One of the keys to this is your phone. Use it more frequently with the intention of connecting with people authentically.
And you'll be absolutely fine in any market.
Simply do more of it because you will need to scale up whatever you are doing to succeed at a greater level.