You’ve just come off one of your best sales seasons yet; a record number of transactions with buyer clients and more listings than you’ve ever had! The feeling of being unstoppable and truly relishing the moment of having a thriving business seemed so real … until it wasn’t.
Before you know it, the number of new clients coming to work with you has slowed to a pathetic trickle. The market has corrected itself. Listings aren’t moving. Buyers can now afford to be more picky, and you’re in a rut.
A slow season is something most agents experience in their career, no matter their tenure. We can put any number of measures in place to keep our pipelines running — but sometimes, what we want to happen simply doesn’t.
Try these five things you can do to get out of a sales slump and put your best foot forward.
1. Understand the root cause
Whether we go to the doctor because we’re sick, seek legal advice from an attorney, or hire a professional to solve any other issue, one of the first things they do is figure out the root cause.
Evaluate the situation, listen to our concerns, and diagnose the problem. This should be the same for our business:
- What is causing your listings to sit longer than expected?
- How can you be of more value to your clients?
- What changes need to be made for new customers to start flowing again?
Taking time to assess your business as a patient will help you to see where the slump started and what should be done to correct it for a healthy pipeline.
2. Get back to basics
Think about when you first started in real estate and where your first leads of business came from. What worked versus not? As we grow and evolve, it’s tempting to step out of our normal routines and go for the shiny object that claims to make our lives more efficient. But as the old saying goes, “If it isn’t broke, don’t fix it.”
You’ve got to get back to the basics of what helped your business grow in the first place. That’s where you hit your stride and new levels of breakthroughs. Whether reaching out to your sphere of influence, contacting expireds and for-sale-by-owners, or holding open houses, there’s a number of things you’ve probably done well early on that led to your growth and success. Don’t stop them now, especially if they’re still working.
3. Filter for warm contacts
If you had the chance to work with someone you knew versus didn’t know, which would you choose and why? It’s highly probable that your answer included something along the lines of “because I feel comfortable with them” or “it would be a lot easier,” etc.
Well, that’s exactly why you should comb through your warm contacts first, also known as your SOI. This includes family, friends, neighbors, and really anyone that you’ve had more than a 10-minute conversation with at least twice. Why, you ask? Because the relationship has already been established and they know who you are.
Take them out to coffee, lunch, or dinner; it allows you to stay top of mind as a real estate professional which could lead to future business down the road.
4. Take time for yourself
As real estate professionals, we can get bogged down in our day-to-day activities, allowing everyone else’s needs become a higher priority while our own suffer.
If longevity and growth is something you want to see take place in your business, understanding when it’s time to take time for yourself is an important attribute. We’re all human, and at times need to hit reset.
Whether it’s a couple days off to lounge around, a family vacation for a week, or simply a 30-minute massage, take time for yourself to refresh your body and mental state.
You’ll come back stronger and with a renewed sense of energy and passion.
5. Accept the things you cannot change
Bringing parties together for the common goal of buying and selling is what we do. We manage, market, problem-solve and a whole host of other duties that vary from one transaction to the next. But sometimes, what we want to happen, simply doesn’t.
We can spin our wheels working day and night trying to find the fix that will solve our problems, only to realize that some things are simply out of our control. In those moments, we must accept the things we cannot change. It’s not a bad thing necessarily, it just is what it is. As long as you can look yourself in the mirror each night knowing that you’ve given your best for the day, that’s all that truly matters.
Through adversity, there’s lessons to be learned, and growth to be had. Experiencing a sales slump in business is nothing to be ashamed of. In fact, it’s one of the best things to go through in order to gain a better understanding of what’s kept your business running in the first place.
As you journey into the new year and warmer months ahead, take time to evaluate your systems in place and assess just how efficient they are. That way, the next time you hit a rut, you’ll have a better understanding of how to deal with it and progress on.
Are you ready for what the industry holds in 2020? Inman Connect New York is your key to unlocking opportunity in a changing market. At Connect you will gain insight into the future, discover new strategies and network with real estate’s best and brightest to accelerate your business. Create your 2020 success story at Inman Connect New York, January 28-31, 2020.
Thinking of bringing your team? There are special onsite perks and discounts when you buy tickets together. Contact us to find out more.