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Real Estate is a cycle, you have to keep pedaling even during the slow times

I talk to Realtors each and every day. I have the unique opportunity to have an insider's view into their operations and their business decisions. Unfortunately, I'm am witnessing disturbing trend: Realtors that are choosing to "live in the moment" - Good or bad they are choosing the option to try and survive one day at a time. Nothing can be accomplished by wallowing in the misery of a slow market. Times are tough for many of us. In times like this, it is more important than ever to think ahead.

Have you heard the story of Joseph and his coat of many colors? He had a dream about 7 years of plenty followed by 7 years of famine. By paying attention to this dream and storing up supplies during the good times, the people were protected during the time of famine. So, the famine known as today's real estate market is here. Maybe you haven't saved up for today, but all is not lost. Real estate goes in cycles. Another day of plenty will come around. So, now is the time to plan ahead to make the most of that day when it comes.

Keep working your database: Cultivate those buyers for the day that they are ready.

Cut unnecessary expenses: If your number of transactions is down and things are a little slower, use your time to look over how your money is being spent. Take a long hard look at services or tools that are costing you money and see if they are paying for themselves in the return they are bringing you.

Investigate technology: that can help your business: Things will pick up eventually, learn that complicated technology now while it is slow so you can establish it into your business before things pick up.

Streamline your business: By working toward efficiency now, you will be raring to go when the time of plenty arrives.

Things will pick up eventually...they always do. Don't let this market get the best of you. Keep on pedaling and think of it as beefing up your real estate muscle to prepare you for the big game when it gets here!

Posted by Beth Young on 12/12/2007 09:40 PM

Comments (19)

real estate, transaction, efficiency, online transaction

Post is included in group: War Stories

19 Comments on Real Estate is a cycle, you have to keep pedaling even during the slow times

Oh how nice it feels after you have been going uphill so long to see the other side of the hill

12/12/2007 09:42 PM

by Fort Myers Florida Homes, Deanna Casalino, Remax Realty Group (Remax Realty Group)

Good post, There is a saying

When your outflow exceeds your inflow, your up keep will be your down fall

12/12/2007 09:57 PM

by Brett Noel, California's Success Coach Author / Motivational Speaker / Broker (Keller Williams "Productivity Coach")

You have to spend money more so now than ever. I am increasing my budget hoping others will be decreasing theirs.

12/12/2007 10:14 PM

by Adam Brett - Fullerton, California Realtor (RE/MAX NOC)

I am in the middle of the road....cutting a little, and spending a little, trying to keep my name out there...until the sun comes out

12/12/2007 10:18 PM

by Konnie McKee Northern Virginia Real Estate (Konnie McKee )

I had a friend of mine in the title business tell me, "You have to survive, until it is time to thrive". I suppose we Realtors don't have it that bad when we here some stories from people in the title industry.

Sal Poliandro - Bergen County Realtor

12/12/2007 11:36 PM

by Bergen County Realtor, Sal Poliandro, SRES, ePRO, Short Sale Specialist (RE/MAX Properties)

Deanna, you are right about that! Keep looking ahead

Brett, there is a real truth to that saying

Adam, I think it is most important right now to not be afraid to spend money if it is going toward a sound investment for your business.

12/12/2007 11:49 PM

by Beth Young (PropertyInfo Corp. - SureClose)

I could not agree more. When it rains, it seems to pour. everything happens at one time. Settlements are stacked up. Then, because you were so busy, prospecting fell by the wayside at times, and you settle in for a quiet period. I need to make the busy times last longer.

12/13/2007 10:47 AM

by Donald Bradbury, REALTOR Bucks County PA (The Bradbury Team at Coldwell Banker Heritage)

Beth, very good bullet points. The strong, smart, and organized will survive the downturn.

12/13/2007 12:57 PM

by Gary Woltal - REALTOR® Dallas Ft. Worth (Keller Williams Realty)

Konnie, it is also wise to be a bit conservative. Make sure the money that you do spend will be wise investments for your future business.

12/13/2007 07:20 PM

by Beth Young (PropertyInfo Corp. - SureClose)

Sal, you are right there. One of the title companies that we work with locally, Alliance Title, announced today that they are closing their doors.

12/13/2007 07:21 PM

by Beth Young (PropertyInfo Corp. - SureClose)

Donald, do you have an assistant to help you with your settlements? If you have good help on the backend of your pipeline, you can stay focused on the front end to stabalize things. I know a great transaction management team that could help you with that ;-)...

12/13/2007 07:23 PM

by Beth Young (PropertyInfo Corp. - SureClose)

Beth, I appreciate this blog! As Gary said, "the strong, smart, and organized will survive the downturn". We just need to work at our business and get the job done! Thanks again!

12/17/2007 02:22 AM

by REAL ESTATE AMERICA - Ernie Cabrera, CEO

Gary, you are right. At least we can be thankful that this should clean out all the people that got real estate licenses thinking it would be a quick easy buck.

Ernie, thank you for the support! We just have to keep on workin' it!

12/17/2007 01:36 PM

by Beth Young (PropertyInfo Corp. - SureClose)

all these are great points Beth - times are tough but "this too shall pass" right?

12/17/2007 04:49 PM

by Chris & Maria Jeantet ~ Redding Realtors (Real Estate Professionals, GMAC)

Let's hope so!

12/17/2007 05:50 PM

by Beth Young (PropertyInfo Corp. - SureClose)

Beth, I bet Morgan Hill has just grown and developed now. I remember my childhood going there for a lot of summer picnics and reunions. It used to be full of orchards and farm lands. I hear it is beautiful and a real high end area now.

12/17/2007 08:58 PM

by REAL ESTATE AMERICA - Ernie Cabrera, CEO

Ernie, yes Morgan Hill has grown quite a bit. It still has that nice small town feel to it, though.

12/27/2007 07:08 AM

by Beth Young (PropertyInfo Corp. - SureClose)

First your title was intriguing and piqued my interest. Thanks for the words of wisdom. I am not going to quit. I believe in this business! I know a change will come. I realize I must exercise caution.

01/13/2008 10:47 PM

by Dionne Morgan REALTOR®,GRI, e-PRO (Realty World Solano Realty)

Dionne, you've caught me at the end of a very rough week. Life can change in the blink of an eye. Even if you don't know what you are preparing for, it is always wise to be ready for change. It is guaranteed that it will come in one form or another.

01/14/2008 09:27 AM

by Beth Young (PropertyInfo Corp. - SureClose)

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