What To Do When Business Is Slow

We’ve all had times when business was slow.  Sometimes it’s due to the market, sometimes it’s the season, and sometimes it’s just a plain-old lack of customers.
Slow periods can be frustrating, but they can also provide opportunities to work on projects and tasks that normally get overlooked.  The next time business slows down for you, here are a few things you can do to take advantage of the down time.
#1 – Prospect
If you’re slow because of a lack of leads, prospecting is the best use of your time.  Make calls to people in your database, attend networking or social events, hold open houses, door knock, or do anything else that generates new business.
Regardless of which prospecting method you choose, commit to making it a habit.  Consistent prospecting results in consistent closings.  Inconsistent prospecting results in the boom-or-bust cycle that traps many agents.
#2 – Create Systems
Effective systems allow you to do more deals in less time.  In a perfect world, you would create and refine systems as you go.  But, we don’t live in a perfect world and it can be difficult to set aside the time to work on systems when you’re screaming busy.  That’s why business slow-downs can be blessings-in-disguise.
Start by creating prospecting and marketing systems.  Then, move to transaction management and listing management systems.  Finally, work on systems that will allow you to offer better customer service and support to your buyers and sellers.
#3 – Work on the Business
Few agents invest meaningful time working on their businesses.  Yet, stepping away from the day-to-day to work on the long-term is one of the best things you can do while you’re slow.
Set goals and work backward to figure out how you will achieve them.  Take a look at your expenses to see if adjustments need to be made.  Explore new prospecting and marketing channels to discover if any can generate more leads for you.
#4 – Take Time Off
If you find yourself relieved to be slow, you might be approaching burnout.  Rather than giving in to the feeling you should be doing more, take some time off.
You can certainly take a vacation, but even giving yourself permission to take a full day off from real estate can allow you to re-energize and refocus.
 

P.S. – Don’t forget about training and education.  If there are areas in your business or your life you’d like to improve, use slow periods to attain new knowledge and hone your skills.