Turn that slow period into a WIN with these 5 tips to foster business growth!
Downtime in the real estate industry typically leads to frustration, unless it’s scheduled, because you want to be doing more business, not less. The truth is if you learn how to make the best of unexpected downtime you will actually be able to create business growth instead of a deficit. Let’s take a look at 5 ways you can use downtime to create growth.
1. Revamp your marketing plan.
I know an agent that had some unexpected downtime in her business due to the ice storm that hit Houston a few weeks ago. Instead of sitting at home whining, she took advantage of that time to rebrand her entire online presence. It was perfect timing really because she had just opened a new brokerage. That is how you turn a loss into a win. You can do the same thing by updating profiles with new information about your business or team. Updating your image is a great way to get people interested in what you are doing.
2. Check in with your SOI.
I can’t even begin to tell you how important it is that you keep in touch with your sphere. Nurturing these relationships will help you to generate more business. And if you are in the midst of a snowstorm, a hurricane, or some other happening that keeps everyone at home it’s just human kindness to call these people and make sure they are all doing OK and have everything they need. Then you’re not just another annoying call, but a great human being.
3. Evaluate yourself and your team.
Is everyone performing well or do they need more help? Do you have positions that need filled? This is a great time to set up interviews, post help wanted ads to online networks and websites, and to do some virtual training if your team is in need of extra guidance. Growing and nurturing your team is a great way to generate business growth!
4. Update your business plan.
Are you on track for hitting your goals? If not, you need to update your plan so that you can see what it is you need to do to hit those goals. It may mean taking a look at your marketing budget or even your team and determining what is missing.
5. Take some time for self-care.
This is huge. If you don’t take time to recharge you will burn out. You can’t create business growth if you are exhausted and burned out. It doesn’t matter if it’s a staycation or you are leaving the country for a week, the point is to take time to do things that are not real estate related.
I recently had a staycation and I avoided my computer and all screens as much as possible. I painted my family room, rearranged the whole room and picked up some new decor. The point is that I did stuff that made me happy and that needed doing, but had nothing to do with setting up processes and procedures, marketing listings, or client care. I took some time to take care of myself and what I needed. By doing this I came back to work with fresh thoughts for our clients and for our business as well.
What else can you think of that you can do in the downtime in your business that could help you to list and sell more homes? We’d love to hear your ideas in the comments! If you need some assistance in creating a plan for any of the scenarios above or any others please feel free to explore our services or book an appointment to discuss your needs more in depth.
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