I've been in the real estate business for 31 years. I've been through 3 down markets. It happens every 10-12 years for me whether I like it or not. I use the slow markets as opportunity time. I have three drawers in my office full of ideas. The first drawer is for buyer ideas. The second is for seller ideas. The third is for ideas I can use when I speak on panels or at conferences. During the busy times, when I come across a great idea, I just stuff it in the appropriate drawer. All three drawers are just about full. In my seller drawer are 2 ideas I'm working on now while I have the time.
A flyer for sellers called YIKES! Tips to get your home ready to show in 10 minutes.
A flyer for sellers called How to get your home ready for MLS and Internet Photos.
During busy markets, I don't have time to institute new ideas or systems. I'm usually paddling as fast as I can. I often look forward to a breather to be more creative. I know a down market can be scary especially if you are new in the business or if your bank balance is dwindling. But sitting around whining about it won't help. So buck up and get to work. Here are 10 things to do when there is nothing to do. When the market turns around (it always does), you'll be ahead of the game.
1. Organize your database. I wrote a post in December called You are your database. For the last couple of months, I've been working on my database every weekend. I'm re-catagorizing a few groups and updating others. For instance, I have a catagory called Movers and Shakers. In this catagory, I add all the elected officials and community leaders in my town. This weekend I'm going to be sure that list is accurate and everyone is listed.
2. Tweak your systems. Don't do this when the market is busy! I have a system of postcards and letters I send buyers and sellers prior to the closing. One of the letters is the utility phone numbers for disconnecting for the sellers and connecting for the buyers. Now's the time to be sure the information is accurate. Phone numbers and addresses do change. I also want to create a new postcard called "Things to leave in the kitchen drawer before you move out".
3. Clean your desk drawers. I just found something I had been looking for for 6 months! Really.
4. Order your calendars early. Every year I send out refrigerator calendars for my clients. Because I've been sending them out for the past 20 years or so, people have come to expect them. This year I ordered them very very early so I can deliver a lot of them in person. I'll save a bundle and see a few clients too!
5. Organize your photos. I'm pretty organized but eeeeek. My photos are everywhere.
6. Organize your email. (See #5 above. Substitute email for photos)
7. Review you buyer book, your pre-listing package, and your seller communications book. Ooops. You don't have those things???? Then you better get to work. You are already behind.
8. Hand write 6 months worth of birthday cards. You do have all your client's birthdays in your database, right? C'mon people. If not, create a VIP form to send to every client you are working with. Ask for contact information plus family birthdays etc. We even ask for their favorite dessert!
9. Go Paperless. This one might require more than one down market period. I'm using Paperport to try to get lots of my paper filed digitally. I'm starting by scanning my 3 drawers full of ideas to leave room for more ideas.
10. Review your marketing plan, your techology plan and your business plan. Don't have them? It's never too early or too late to write a good plan.
After competing 1-10 above, if the market still hasn't improved then Pray. Lord, give me one more good market. I promise not to &%$# it up this time.
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