The first rule of business…..is to stay in business.
As real estate agents, offices and companies struggle to figure out this market it is important to stay focused on what is working and what is not. “Working” means money spent that earns a return in the form of phone calls, appointments, revenue units, or direct business support items. Examples of “not working” would be money spent on; things that feed your ego, post cards bought and put under your desk, educational CDs purchased and never listened to, print advertising that never makes the phone ring.
Spend one day a month working on your business, not in your business. What this means is setting aside one day per month in which you work on the big picture; finances, marketing plans, business plan review and the like. During this time do not engage in working with buyers, sellers or ongoing contracts, don’t answer the phone and if you need to, hold this meeting with yourself outside of the office.
One of the things to look at each month are your expenses. As revenues slow with fewer closings you may be wondering where to cut expenses. This is a good discussion to have with yourself…..in good times as well as in bad. Determine a base line of what you need to support your business and what that base line costs. Consistency is important here. You don’t want to have the lights on when things are good and go dark when things slow down.
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