Brian Buffini Turning Point 2010 . . . Are You Ready to Outperform the Recovery?

Brian Buffini Turning Point 2010 . . . Are You Ready to Outperform the Recovery? ---

Approximately 1200 people are attending the two day Brian Buffini Turning Point 2010 event in Bellevue, Washington. Almost half of the attendees are from out of state and a fair number from Canada. Some from the Washinton DC area waited two days to fly out of the airport and on to Washington State. The theme of the event is: Outperforming the Recovery.

Brian Buffini emphasized that we have seen the bottom, but the recovery will be long and bumpy, due to the huge national debt, and the large number of unemployed. At the same time the keynote of the opening day is that we are looking at an unprecedented opportunity over the next three years that we'll never see it again.

Many factors are combining to create this huge opportunity for those of us fortunate enough to still be in the business of real estate today. While 56 million Baby Boomers have already created an impressive economic impact, that pales in comparison to what is now being unleashed by the 80 million Echo Boomers (18 to 31 years of age).  

New construction starts ground to a halt in 2008 and will not begin to trickle a supply into the housing inventory until next year. These and other supply and demand factors, including longer life expectancy, will combine to create a housing shortage over the next three year period as the recovery gets underway.

At the same time, we have seen a reduction of around 400,000 in the number of real estate agents still in this profession.

While 10% of the country is unemployed, and slow job growth will drag out the recovery, 90% of the country is employed. People are still having babies, moving, downsizing and all the other normal activities that drive home sales. Fortunately, a shift has occurred from going into debt, to creating a new national saving rate of around 7%. So, people again have down payments to go with historically low interest rates, and the current tax credits.

The existing housing inventory is relatively cheap and will remain so for years to come. This is why it is important to think in terms of outperforming the recovery. By increasing our market share of the business that is happening now, and using this increased cash flow to buy long term investments for ourselves, we have the opportunity for real wealth creation. We can help our clients and help ourselves at the same time.

In other words, the time to have extra money is when things are cheap, like they are now. And there is business to be had now, if we are aggressive and apply sound traditional referral practices, to increase our cash flow. Budgeting and wise money management principles are also essential.

The trap to avoid is watching the news, focusing on the bad stuff, and thinking we have to wait for a recovery. Again, we have to outperform the recovery to not only stay in business, but to flourish and prosper during this window of opportunity.

The number one tool to use is you. Your drive, attitude and behavior are the keys to your success in managing your business and yourself. Tough times also provide the opportunity to build strong relationships. It never feels good when you are in the middle of an opportunity, but it is the time to aggressively attack that opportunity and strengthen your business.

Now is the time to decide we must outperform the recovery and build our future financial security. We owe it to ourselves, our family, and our associates.

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