Five Things You Have to Do Right Now

business strategy market selling roi selling skills Jul 14, 2022

We are in a dizzyingly fast-evolving market. Conditions are changing daily, and where things are headed is anybody's guess.  Fortunately, "Wickman-trained" agents are the best-equipped agents to handle whatever comes down the pike.

As Floyd has proven again and again and again, the economy doesn't have to determine your economy. 

There are five critical things every agent needs to do as soon as possible to ensure a great second half in 2022.

 

  1. Analyze your business and personal expenses and cut the fat. Careful examination will reveal expenses and subscriptions that are renewed automatically but are no longer needed.  More importantly, check your ROI on real estate marketing/lead generating services and cut those that are not paying off.  
  2. Re-CITO all your buyers. With the rise in interest rates, some need to be re-qualified. With the change in the multiple offer environment, some can be re-motivated to re-enter the market as serious buyers. And revisit all the people you have done CMAs for that still haven't listed.
  3. Stay current on market data. Things like days on market, list-to-sale price ratios, fall-throughs, expireds, price reductions, absorption rate, pendings – the more facts you have about the current state of the market, the better you can advise your clients and maintain your own perspective. Chicken Little was misinformed. Ignorance is not bliss. And what you don't know absolutely will hurt you.
  4. Prepare for the worst (not just the best). If you don't already have a cash reserve, start building one today, with a minimum of 6 months' living expenses. And while you're at it, systemize everything you can so that your business will continue to operate even if you are not able to be there.
  5. Develop a positive and believable narrative. As you check in with your clients and prospects, they will inevitably ask you about the market. What is your response when asked if now is the right time to sell? Or should we wait for things to calm down? Is now a good time to buy? Or should we sit tight and see if prices come back down?

 

How are you describing this market? Is it crazy, or is it complex? It all begins with what you believe, and how you are seeing things. Words matter and the words you choose to have a powerful effect.

 

Finally, let's take a look at a worst-case scenario. Let's pretend you take all five of these suggestions to heart, put them all in place, and the market stays great and you make more money than ever before. What could happen as a result? 

  1. You spend less and keep more of what you have earned.
  2. You are able to help a couple of extra buyers find a home, and you get an extra listing or two.
  3. You are better informed than ever about your market.
  4. You have a cash reserve that gives you a feeling of security.
  5. You have become a trusted advisor to your clients and a source of calm positivity for your prospects.

 

What's not to like about that?  Now, go back through this article and determine which of the critical tasks will be first on your “to-do list.” Ideally, make all five your “top five”- and keep them there until they are completed.

 

If you found this material useful, we encourage you to watch the latest training video from Mike Pallin for free on YouTube. How To Approach a FSBO With Confidence: https://youtu.be/LeC4tbExz7M


The Floyd Wickman Team blog by Mike Pallin

 

 

 

 

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