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What Do You Do During the Slow Times?

By
Real Estate Broker/Owner with Cornerstone Business Group Inc 0225086119

 

During the early part of the 2000s, our office was a selling machine.  Of course, most offices were like that, but when the market began to slide into recession things slowed down.  Our broker, who was a great guy, was managing two offices.  He spent the majority of his time at the other office in a large metropolitan city (approximately 29 out of 30 days).  As the recession became more and more severe, our office began to drop in sales and agents.

The worse things got with the economy, the worse sales got with the office.  Our broker was seldom around to encourage and inspire the office, and the agents found little enthusiasm and motivation to overcome the economic struggle the country was entering into.  Finally, a year ago that office closed.  It really was the right thing to do.  Most agents were doing little to nothing by that time.  In our former broker's defense, a dozen or more offices have closed in the area.  We've gone from a high of 1400 agents to about 500.  That's actually more than we need.  So, it wasn't specific to our office.

There were a few of us who were highly motivated who simply moved on.  I actually joined that company because I was very self-motivated, and I didn't need the broker looking over my shoulder all the time.  I also didn't need weekly pep rallies to keep me going.   I love the job.  That was enough for me, but I realize that not everyone is like that.  When the office closed, I started my own company, and it's doing well.  But, my questions for you are,

"What do you, or what does your office do during hard times to keep your team motivated and on track?  What keeps the agents excited when it becomes a real challenge to succeed in their profession?  How do you deal with the agents who need that extra boost to stay steady during slow time?"

Comments (16)

Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Most agents need "stroking" or "validation".  Most are NOT self motivated which is why the motivated ones do so much better.  What I found was that being "available" was the key.  Agents could and did contact me any time of the day (not too late), any day of the week for help, questions, general discussion.  

Aug 24, 2011 12:43 AM
Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS

Mike - all of us are motivated by different things, as Lenn points out above. Some need more attention than others, and my broker is fabulous at helping those that need more motivation, and he is available for any questions, which I value incredibly.

Aug 24, 2011 12:50 AM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Mike....good post....everyone needs to have some type of motivation to succeed or pick another profession....this job is not for the stagnant...

Aug 24, 2011 01:05 AM
Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Mike, my motivation comes from what excites me. Education is something I think we all need on a regular basis, education on the latest and greatest, on what we should be doing. I hate meetings though, I admit it. And I really dislike those pompom flag waving meetings...

Aug 24, 2011 01:07 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

We've seen similar situations here in Martin County (and probably all over the Country).  When times get difficult, there will always be those up for the challenge and a lot that will fall by the way side.

Aug 24, 2011 01:45 AM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Lenn, this is a tough business if you're not self-motivated.  Thanks for the re-blog.  I enjoyed your comments on that!

Carol, you're blessed! 

Barbara, it was odd watching the agents who were the big producers peel off from the old office.  I was even more amazed when they went into other professions.  I think they hoped on the train when the market was hot and everyone was selling, but they couldn't make that same thing happen in the slow times.

Andrea, I wasn't much for the meetings and pep rallies.  I know some folks needed them, but they just annoyed me. 

So true, Gabe.  We've seen a lot of folks fall by the wayside. 

Aug 24, 2011 01:53 AM
Sherri Berry
Reliant Realty, Murfreesboro - Murfreesboro, TN
Murfreesboro TN Homes & Real Estate

Mike, I am like you and don't need someone looking over my shoulder.  I function beter on my own and prefer not to be in an office envirornment and work from home or my own office.  When times are slow I use it to for education and to learn new techniques and more technology.   Learning is motivating for me!

Aug 24, 2011 02:10 AM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Good for you Sherri.  When you move to Winchester, VA, come see me.  I need agents like you.  8-)

Aug 24, 2011 02:14 AM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

In this business you certainly need to be self motivated!

Hope there was no serious damage yesterday in your area of the state!

Aug 24, 2011 02:36 AM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Thanks, Barbara-Jo.  We had some, but no loss of life that I've heard.  So, I guess overall we're pretty fortunate.  Thanks for asking.

Aug 24, 2011 02:42 AM
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Mike - I never got the whole deal about motivation, maybe because I've been fortunate enough to have always liked what I do, even when the conditions weren't perfect. The one thing I don't need reminding of, though, is those wolves howling at the door.

Aug 24, 2011 03:29 AM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Dick, I've always been a highly motivate person.  So, the pep rallies never meant much to me.  I love what I'm doing.  So, heading out everyday is a pleasure. 

Aug 24, 2011 05:22 AM
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

When things are slow in the apartment industry, that's when we do a lot more community outreach, sift through past prospects and work on resident retention projects.

Aug 24, 2011 05:37 AM
Jill Sackler
Charles Rutenberg Realty Inc. 516-575-7500 - Long Beach, NY
LI South Shore Real Estate - Broker Associate

I'm busy laying the foundation for my real estate niche which will, hopefully, someday take off.

Aug 24, 2011 05:38 AM
Michael Collins
*ROCK REALTY|Broker|Realtor|Real Estate|WI Short Sale Agent* - Janesville, WI
CDPE, SFR , Wisconsin Short Sale Specialist Realto

Mike,

I personally have started using BPO's as a counter-balance. When leads don't stream in as fast, I do more BPO valuations in my area. When buyer and seller leads do come in, I cut back on the BPO's. This will hopefully also lead to additional REO listings as well.

I have to admit, it's been nice getting consistent income to pay the bills without having to worry about a closing.

Aug 24, 2011 06:15 AM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Excellent, Roger.   All good ideas to log in my mind!  Have a great day!

Great, Jill.  I committed to take as much time as needed this year to do that very thing.  Mine was mostly web related, but it's moving right along. 

Michael, we've done the same thing on this end.  We've had a large number of BPO and REO companies call us in the past two weeks.  They all want to make sure all of our docs are up to date and ready for more work.  I have a feeling we're getting ready to get a flood of work.

 

Aug 24, 2011 08:59 AM