Ask An Ambassador: Recession Proofing Your Business

By
Real Estate Agent with RE/MAX Elite 513.520.5305 www.LizTour.com SAL.2002007747

If you listen to the pundits, supposedly our economy is heading for a fall.  Whether that's just wishful thinking driven by political agendas, or a realistic evaluation of the economic tea leaves, I don't really know nor particularly care.  It's beyond my control.  Economies go up and down, that's just the nature of things and an agent that is prepared for the ups and downs is one that has the best chance of survival.

And you know what makes you recession proof?  The same things that help you succeed when times aren't lean.

Do you have a thorough understanding of your market?

Do you work on expanding your sphere?

Do you keep in touch with your sphere?

Do you understand the power of niches?

Do you know how to work the segments of the market that go UP when everything else goes DOWN?  (short sales, foreclosures, etc.)

Do you offer a service the public wants?

Do you understand how to market a home to sell?

Do you have a strong network of support personnel (loan officers, inspectors, etc.)?

Do you expand your web presence on a regular basis?

Do you track your business and understand the sources?

Do you watch your expenses and understand which ones provide a good Return On Investment?

Do you understand how to use social media to build your business?

Do you build your network with other agents across the country?

Do you maintain cash reserves for emergencies? 

 

The questions could go on and on, but bottom line, the more questions that you can provide a positive answer to, the more likely you're establishing yourself to survive the ups and downs.  And in the interim, let the talking heads yammer.  We've got blog posts to write, IDX search pages to create, and people to talk to.

Until next Tuesday, just Ask An Ambassador if you have questions,

Bill & Liz aka BLiz

 

Posted by

Serving Warren County Ohio & Adjacent Areas

 

The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747

William (Bill) Spear, CRS, Ohio License SAL.2004011109  Kentucky 77938
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  Liz@LizSpear.com

Search Homes:  Https://WarrenCountyOhioRealEstate.com

Our Website:  www.LizTour.com

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Re-Blogged 1 time:

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  1. Ginger Harper 09/12/2019 01:12 PM
Topic:
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Groups:
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Bartender, Make it a Double
Ask An Ambassador
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Rainmaker
519,732
Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

Liz and Bill: And it's not just the econmy, your list is useful for those agents going into a down SEASON.  One thing is absolutely crucial and that is keeping oneself afloat for a period of time.

Sep 10, 2019 05:45 PM #1
Rainmaker
3,331,511
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hi Bill(and LIz too) - it's back to basics time.    

Sep 10, 2019 06:06 PM #2
Rainer
67,189
Kevin Green
Berkshire Hathaway Home Services - Wallingford, CT
Residential & Equine Properties

Great points and true to this business!

Sep 10, 2019 06:32 PM #3
Rainmaker
663,063
CA COASTAL ESTATES Lauren Selinsky Perez CRS
California Coastal Estates - Aliso Viejo, CA
"Your Real Estate Broker" #oclauren

I am always working on my business plan, at the beginning of fall and ready for the next year, but always work hard through the end of the year. Therefore, I stay busy 12 months out of the year. I start in September, just in time and know what marketing I will be spending for the next year. I am doing that as we communicate here. 

Stay on top!

Lauren

Sep 10, 2019 06:48 PM #4
Rainmaker
2,994,483
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

My first question is who saying it? Then next question who are the so called experts? Both answers are the same. A media swinging so far left they will do anything to go against this administration. What i am seeing is completely different from what is on TV. High consumer confidence, low interest rates, increasing buyers and banks willing loan. 

Sep 10, 2019 07:00 PM #5
Ambassador
3,310,482
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Oh, I'm so with Lauren Selinsky Broker CRS - we HAVE to stay on top of our plans and be ahead of the game. The talking heads are NOT going to make us change our plans.

As I've said before, Bill, I am dealing in facts and my market is not looking anything like the media WANTS it to look. If this is recessionary, I need to hire more assistants!

Sep 10, 2019 07:41 PM #6
Ambassador
674,445
John DL Arendsen
CREST BACKYARD HOMES, ON THE LEVEL GENERAL & FACTORY BUILT HOME CONTRACTOR, TAG REAL ESTATE SALES & INVESTMENTS - Leucadia, CA
Crest Backyard Homes "ADU" dealer & Contractor

Rudementary protocol for real Pros. Can you beleive AR has actually been around for some peaks and valleys? Kinda reminds me of when I was in high school. I'd always look at the head of the line and if there were kids not taking much of the food I'd hit the vending machines and enjoy more outdoor recess time then wait to go back in the desert line. There's always a line and there's always a desert. It's all about timing and positioning.

Sep 10, 2019 08:53 PM #7
Rainmaker
6,424
Krystin Mitchell, CPA CFE
KLSM CPA Firm, PLLC - Houston, TX
Accounting, Tax Preparation & Resolution, Tax Lien

good information

Sep 10, 2019 09:03 PM #8
Rainmaker
175,031
John Henry
John Henry Masterworks Design International, Inc. - Orlando, FL
Residential Architect, Luxury Custom Home Design

Well done, Bill!  Great ideas to keep your business viable no matter what the national economics may be!  So much of the R word out there, unnecessarily so.

Sep 11, 2019 12:36 AM #9
Rainer
144,279
Robin Wells
RAW Chimney Sweep and Inspections - Penetanguishene, ON
Giving Peace Of Mind One Chimney At A Time

Thanks for post and tips.  And very good information.  

Sep 11, 2019 03:05 AM #10
Rainmaker
1,677,589
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

Great suggestions here - and so deserving of a feature- I am trying to understand Instagram this fall! 

Sep 11, 2019 05:48 AM #11
Rainmaker
3,812,869
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Liz and Bill Spear ,

An excellent post full of sensible suggestions. Economics go up and down, real estate prices go up and down. People have to live somewhere and will always buy and sell. Keep your head down, be positive and handle the business and let those talking heads yammer..just ignore them!

Sep 11, 2019 06:06 AM #12
Rainmaker
463,349
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

Great post ... valuable information! We just have to stay positive and continue on with our daily tasks and plans!

Sep 11, 2019 07:18 AM #13
Rainmaker
123,763
Mark and Laura Anderson
Keller Williams Premier Realty - Vadnais Heights, MN
Common Name - Uncommon Service

Love love love this post.  You hit it on the head.  We have no control over what is being said by pundits or the media in general.  Your list is perfect! Focus on what you can control and keep working.  It has served us well over the years.

Sep 11, 2019 08:07 AM #14
Rainer
218,480
Greg Mona
Faira Homes Corp - Scottsdale, AZ
Real Estate in the 21st Century!

Wonderful post, Liz and Bill Spear!  And as many others have written, we cannot control what the "news" says is happening or not. Being able to adapt to whatever the market is doing is one of the biggies, in good times and through downturns. The points you make are sound and provide a great road map of things we collectively should be thinking about as a rule and not just when the market may turn. 

Sep 11, 2019 07:58 PM #15
Rainmaker
449,221
Scott Seaton Jr. Bourbonnais Kankakee IL Home Inspector
SLS Home Inspections-Bradley Bourbonnais Kankakee Manteno - Bourbonnais, IL
The Home Inspector With a Heart!

Looking at my list of questions, I see there are some things that have slipped a bit as I've gotten really bust the past few years. Time to ramp up again with my marketing. 

Sep 12, 2019 04:53 AM #16
Rainmaker
1,833,018
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

There are Chicken Littles running around proclaiming the sky is falling , but we’re still writing contracts !!!!!!

Sep 12, 2019 06:09 AM #17
Rainmaker
2,454,339
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Those "do yous" compel us to look

Sep 12, 2019 07:21 AM #18
Rainmaker
871,274
Elyse Berman, PA
Best Connections Realty, Inc. - Boca Raton, FL
Boca Raton FL (561) 716-7824 CRS, ABR, GRI,ePR

Good reminder Liz and Bill Spear .  When we're busy, we have no time to blog, so definintely time to catch up.  Websites too.  

Sep 13, 2019 10:03 AM #19
Rainmaker
375,072
M.C. Dwyer
Century 21 Showcase REALTORs - Felton, CA
Santa Cruz Mountains Property Specialist

Personally I loved Dorie Dillard CRS GRI ABR 's answer and philosophy #12. Thanks for the post - all good advice, no matter the market.

Sep 15, 2019 10:05 AM #20
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