The real estate business is a survival business, but I don’t need to tell any of you real estate agents that fact. This is an industry that changes like the weather. If someone in Washington has a “gas pain,” we all suffer; if there is turmoil in another country, it will eventually influence our income; and with all of this and more, we are expected to move forward and continue to be productive.
Alan May wrote a post this morning titled “…and then there were none” and he reflected the true picture of the profession that we chose. It’s difficult to continually maintain a full pipeline of business. We each have our weak moments and our void months, no matter how productive and successful we may be.
The key to surviving in our business is budgeting and creating a reserve account from those plentiful months that will carry us through the tough times. We need to be conscious of the fact that our business changes before we can prepare for it, so we need to constantly assume that a change will be coming.
We need to have a reserve that will allow us to continue to work our way through the tough times. If we can do that we will always survive; and if we cannot budget properly, we will have panic and possibly not survive the storm. Reassess your financial picture, and if there’s room for improvement, make the adjustments now. Prepare for that future gas pain!!
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