What Will I Do When The Market Changes & The Well Is Dry?

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Services for Real Estate Pros with RE/MAX Executive Realty 104763
https://activerain.com/droplet/5grl

The market is changing. What do you plan on doing to survive when future corrections leave us in a state of instability and panic when the well is running dry? This is the time period to prepare, as well as you’re able, for the future. It’s not too late, and “IT’S NEVER TOO SOON!”

I like the phrase “it’s never too soon” and that’s the reason we dig every day. We dig for that new lead; that new contact that will guide us to other contacts that allow us to survive.

Previous blog posts have discussed the topic of digging deeply for leads. The time is approaching. The market is changing!

The next question from most will be where do I dig deeply to find leads?  The type of leads I’m referring to will produce business over a long period of time, and enough time to carry you through to another recovery period.

You won’t know who knows who and/or what they know, unless you ask for the business.  These are people you know from one point or another in your lifetime.  For most, that’s a lot of people, and they’re just sitting there waiting to be helpful!!!

I expect the changing market to be equivalent to a cycle with bullets flying. Stay out of the line of fire by securing business to keep you moving “onward and upward.” Some leads will keep your head above water, and that’s the minimal fix to carry you through tough times with reliable income.

Now go find your shovel or whatever you use to dig….

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Barbara Todaro

Marketing Agent for The Todaro Team

308 W. Central St...suite E

Franklin, MA 02038

508-918-9148

Exclusive Marketing Agent for The Todaro Team

 

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Rainmaker
976,437
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

There have been a bunch of changing markets we've survived. I never think about where my leads are coming from however I do look at all alternatives. Leasing, commercial, construction and investment to name a few. Whether the market is moving up, down or all around my customers have always made money. The speed with which you adapt to it is paramount to success.

Dec 09, 2018 04:01 PM #64
Rainmaker
4,829,757
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

I agree somewhat with that mindset.... at times we need to jump lanes and begin along another path in real estate....I like having at least one subdivision in the works..... that's a magnet for new consistent business and it takes time to finish a subdivision, even a small one.... that's guaranteed income.... 

Dec 09, 2018 04:18 PM #65
Rainmaker
324,566
Dana Basiliere
Rossi & Riina Real Estate - Williston, VT
Making deals "Happen"

Barbara,

Agents need to remember and stay in touch with their CURRENT SOI and past client base. If you have a decade or more under your belt a strong SOI and past client base should sustain you. 

Dec 09, 2018 04:38 PM #66
Rainmaker
4,829,757
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Dana Basiliere yes, your SOI surely should provide some business for you.... and depending on the size of that SOI, you could weather any and all storms...

Dec 09, 2018 04:44 PM #67
Ambassador
1,648,338
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Hi Barbara, It is truly never too soon to prepare and networking is the way to make sure leads will come in even in a down market.

Dec 09, 2018 10:05 PM #68
Rainmaker
493,212
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

This time of year it's easy to kick back and relax due to the natural slowdown of business due to holidays. However it is the perfect time to reach out to past clients, reminding them you are ready for the upcoming busy spring season! I agree, a market slowdown is coming.

Dec 10, 2018 08:06 AM #69
Rainmaker
1,214,159
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Already planning my beginning of the New Year postcard, Barbara Todaro ... (amongst other things) ... I'm trying to prepare and position myself for what sounds like a challenging year ahead.  Can't EVER let up on the marketing ...

Hope you have a wonderful Holiday Season ...

Gene

Dec 10, 2018 10:59 AM #70
Ambassador
3,147,343
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Funny but, I was JUST discussing this with my assistants last week as we prepared my home for a client/charity (pet) event. I was sharing how the number of postcards received from other agents was up significantly last year. I've begun to see a reduction in those in recent months. Their mistake - that and face-to-face prospecting is something I'll NEVER stop doing! 

Save, save, save is another bit of advice that I give during the busy times but, without any data, my sense is that people tend to spend what they make and I'm thankful that I've always been a big saver!

Hey, we survived The Great Recession! We will survive any cycle the market throws our way, Barbara!

Dec 10, 2018 09:25 PM #71
Rainmaker
608,738
Debra Leisek
Bay Realty,Inc Homer Alaska - Homer, AK

 What goes up must come down then back up again... the cycle of life in Real Estate!    We go to work each morning unemployed and find someone to hire us! 

There are buyers and sellers in both good and bad markets we just have to go with the flow and make it work!

Dec 10, 2018 10:44 PM #72
Rainmaker
1,931,221
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

There is always a market... no matter where on the map, despite weather, life does not stop. Go after more of the local market share than others in it wished you did by focusing on what you have to do for more than survival but dominance in the market that is. Like a team behind in a game, play like you could still win it and do what you need to do before the buzzer sounds. Great points Barbara Todaro ! I bet most AR members are glad you are not competing ith them in their market place.

Dec 11, 2018 04:05 AM #73
Ambassador
1,596,313
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I have never run out of business in 28 years and of course some shifts have been better than others. Agents need to study and use their powers of observation.

Dec 11, 2018 04:23 AM #74
Ambassador
2,166,565
Wanda Kubat-Nerdin - Wanda Can!
Prado Real Estate South - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Fantastic thinking post Barbara. We will adapt and adjust as we pay attention to what is happening around us. Those who survived the last one may have a few tools in the shed, though I prefer a backhoe to dig real deep!

Dec 11, 2018 06:21 AM #75
Ambassador
2,932,754
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Barbara Todaro 

Love your marketing wisdom. Contacts and efforts made in December will determine our winter and spring market.  Your post reminds me of the book title...Dig  Your Well Before You Are Thirsty. 

Dec 11, 2018 12:02 PM #76
Rainmaker
3,751,098
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good afternoon Barbara Todaro,

I'm so glad this post is featured..such great advice. Contacts being made now will ensure a good first and second quarter. Keeping our head in the game is so important if we expect to survive in this business. Many changes headed our way including a shift in the market. There is always going to be a market because people will need to move and we need to be ready to help them. Life does go on.

Dec 11, 2018 01:41 PM #77
Rainmaker
133,899
J Perrin Cornell
Century 21 Exclusively, Wenatchee, WA - Wenatchee, WA
Broker, ABR, VAMRES

There is really only one thing to know about changing markets, up or down. Regardless of direction there will be people wanting to buy and or sell. ALWAYS.  Sit and moan about the market and you miss the fun. developing relationships rather than being a used car salesman (person) is very important. If your into a transactional business model that is fine for you... but relationships are, in my opinion, where it is at. I just got off of the phone with a guy in Colorado that is sending my his third referral this year and Im in Washington State. Last month in 7 days I closed a deal for a client and it is his fourth transaction with me this year... fully 87 % of my business is based up on a relationship I work to preserve. When the market is down these sources plus my own work keeps me in the black. When the market is up I might miss the top 10% but I keep my relationships close and work the others as best I can... all in all... its a good life. Bring on the market changes...they are exciting!

Dec 11, 2018 03:02 PM #78
Rainer
125,373
Anne Corbin
Long and Foster - Lake Anna - Spotsylvania, VA
Serving Lake Anna & Central Virginia

New year, new brokerage, new marketing! I'm going to busy. Keep sending those tips out. They will come in handy.

Dec 12, 2018 07:37 AM #79
Rainmaker
363,755
M.C. Dwyer
Century 21 Showcase REALTORs - Felton, CA
Santa Cruz Mountains Property Specialist

Posing another analogy, there will always be waves, it's just the size and frequency of the waves that changes.     The real enthusiast is out there on their surfboard practising all the time, so they're ready for what the ocean tosses at them next....

Dec 13, 2018 10:26 AM #80
Rainmaker
391,125
John Wiley
Right Move Real Estate Group- EXP Realty - Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Great advice Barbara.

Change will come. When agents have only one mode of doing business it is like an ostrich who sticks his head in the sand. The problem is they can easily get kicked in the rear.

Be prepared for shifts.

Dec 14, 2018 09:51 AM #81
Rainmaker
1,641,187
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

After being in business for nearly 30 years and still counting the one thing I truly understand is that the market changes - nothing to worry about - just need to get new scripts and change in response to the changed market

Jan 05, 2019 05:03 AM #82
Rainmaker
220,916
Fern S. Hamberger
Citi Habitats - Manhattan, NY
The Fern Hamberger Team

as much as the market changes, life goes on. People live, people die, people have children, people get divorced, people relocate... Life happens. In the midst of life, people do want to downsize, upgrade, retire, relocate etc, etc, etc... We are here to help people... so stay in touch and try to help and everything will fall into place whether the market goes up or down... it's the business. Happy New Year and may it be a blessed and lucrative one!!

Jan 05, 2019 08:02 AM #83
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