Hang In There, Baby!

Nice post Marlene I have devoted much of this extra time to update my web-sites, learn as much as I can to work smarter not harder.  I am fortunate, I do not depend on my commission checks I invested in real estate when I was young so I have rentals With the market changing this may be an option for some Realtors to have supplemental income, buy some income producing rental property prices are low & interest rates are still at historical lows.  

There is a lot of pain out there in the Real Estate community.  Many people who seem to spend their income as fast as they make it in the good times and now they are near broke.

Hi Marlene.  Good advice.  May I also add that agents have opportunities to work with other companies - like Compass Properties - to offer their clients some interesting and unique real estate opportunities, like real estate in Costa Rica.  That's what we do at Compass Properties - we LOVE working with other real estate agents!  Of course, we don't want to burden real estate agents, so we have several ways in which we can effortlessly enhance your business.  And that's not a hook - it's a commitment!

Marlene - Good points!  I spending some time reworking my approach to newsletters, my SOP's, changed companies from an old style 50/50 Broker to a newer-style, RE/MAX one -- and while I'm working on these direct business related activities, I've also founded a BNI Chapter in January (now grown to 15 members) and last October, a Real Estate Investors Association (now grown to 14 members).  These latter two activities are long-term, business building activities, yet with BNI, I'm currently helping one of the members to find a new home for he and his lovely bride.   

As for spending all we make, in this roller coaster ride we call Real Estate, if you don't have a steady stream of income from one partner, you'd better have a good nest egg set aside, especially as a newbie.  I just returned to RE sales 2.5 years ago, having been AWOL for 22 years, and the demands for marketing can suck up a lot of cash.  And there are the ongoing dues, cell phone bills, website hosting fees, etc., etc. so this is not a business where you can stash alot of cash early on, IMO.   Any "excess" profits get turned around right back into the business to build that pipeline of qualified prospects seeking your services. 

Finally, we might even have to blow the dust off of some of those old sales skills from a million years ago -- people are more hesitant and may need help zeroing in on what are their goals, needs, and wants. 

Good luck to all of us!  

You know what I love about this market?  It separates the wheat from the chaff.  Far too many people entered the business because looking for easy money.  Let them go find a real job because they haven't made a real job of being a Realtor.

Marlene, very appropriate post for the times.  It is slow here, I can't imagine trying to maintain a blog, websites, and print marketing if was busy.  Now to outlast, outwit and outplay the market...sounds like Survivor!!!

 BTW that picture is making me sick...lil leary of heights.

Marlene, The picture on your post is freaking me out. The guy looks so much like my husband.

I consider spending time here on Active Rain as working on my business. Good post and good points.

Marlene--  very appropriate post.  I hear LOTS of people whining and crying, and talking about switching companies or adding another component to their business to get them through.  My broker constantly reminds me that the market is cyclical, and that a hard working, conscientious agent will always get through the slow times.  He has always encouraged me to enjoy the calm before the storm :)

AMEN!

I agree completely, Marlene. Right now is a great opportunity to capture market share and to brand oneself because a lot of people in our business are running for the hills to get a "real job".  

What an opportunity this market is!

Take advantage of it, and prepare yourself and your business for when it begins to take off again...

Galel Fajardo

What's wrong with me???? I'm blogging. Like Mana...and Lenn....it's work. I have updated brochures...still working steadily but not as busy as the last 3-4 years. That's okay though. It's given me some time to relax, enjoy my life, blog and catch up on needed things....speaking of which...See ya!

Yep.. I've been spending so much time blogging that I've neglected my websites and am working on more updates on them so they tie in better with my blogs.. which is where I think marketing is headed

Hi Marlene,

Great post and imho, you're right on with this one. If I have a few slow months, that's just fine with me. Yet when too many string together, that's another situation.

Marlene,

Great post and one that everyone should take to heart.  While I have not been in real estate long enough to have gone through this before.  I have been in business for myself for most of my life and always make it a point to set aside enough money to carry me through the lean times.  The slow times is when you can really sharpen your marketing skills and review your programs as to what is and is not cost and otherwise effective.

For those of us who stick with this shift in the market it is our chance to shine and to some out of it all ahead later on down the road. 

When the next cycle comes around the usual suspects will get in for the quick buck but we will have had time to dig in and establish ourselves in our respective markets.

Hi Marlene, (haven't spoken to you since the A/R birthday bash!) 

Marlene,

Great post!  When the going gets tough, the tough should get going...but some of them quit!  I've made a commitment to reach out daily with THE PHONE CALLS.  Doesn't always happen for me lately because of daily maintenance on ongoing transactions, but it's the best way to keep your business going!

Above all, keep a positive attitude and your eye on what you want for your future!  That's instrumental to success.