In challenging times, it’s a smart idea to revisit the fundamentals of good business. This April, go Back to Basics with Inman.
During an uncertain time like this, it is easy to focus on the negatives and unconsciously kill your productivity. However, now more than ever, it’s important to remain focused on the positives. Remember — the current situation will not last forever.
Here are eight things you can do today to remain productive. By taking these steps, you’ll be able to hit the ground running post-quarantine.
1. Follow up
Take this time to contact old leads — those who were not interested in prior offers and those who were not ready to get started. With everything that’s going on in the market, people are reassessing their options and might be looking for opportunities to diversify their investments. Either way, be sure to connect with everyone in your database to stay top-of-mind when the timing is right for them.
2. Meet sellers where they’re at
This is the best time to reach sellers because they are likely to be at home. When you get them on the phone, give them something to think about. The market might be cooling off in their area, so give them a fresh perspective on what you can offer them. Provide a service. Talk about your technological expertise and how you’re selling despite social distancing measures.
3. Build your buyers list
Real estate investors have been waiting for a decline in the market and a possible recession. It’s been a seller’s market for quite some time, and now, the tables are turning. Opportunities to get under-market deals are rising.
Use this time to vet your buyers, and find out who is ready. Take the time to also make contact with new buyers. Send social media posts or emails with prior deal details — especially the numbers — and invite people to receive more opportunities by sending their contact information.
4. Connect with other real estate agents
Real estate is about marketing and relationships. This is a great time to connect with other agents in your area to offer support. Less tech-savvy agents will be more likely to co-list with you if you’re able to handle all of the technological aspects of the deal.
5. Position yourself well financially
No one knows what the future will bring, but as a business owner it’s always best to manage your expenses. Those who are positioned well with good credit, access to capital, and manageable expenses will make it through these turbulent times.
6. Evaluate yourself
Review your KPIs (Key Performance Indicators), and figure out what is working in your business. Which marketing strategies are performing strongly? Which team members are most productive? What farm area is yielding the most activity? What are your average close amounts? Make adjustments accordingly.
7. Make a plan
Nothing lasts forever, including this pandemic. Utilize this time to catch up or plan ahead. Write down your post-pandemic objectives and goals, and create a strategy for achieving them.
8. Get feedback
Engage with everyone you know regarding their experiences with COVID-19. Discuss possible market outcomes, which areas they believe will suffer the most, and how they predict related industries will be impacted. Hash out post-pandemic plans together. Using people you trust to gain perspective will ensure that you create a solid, rational plan for the future.
This is a frustrating and uncertain time for so many. You are not alone in your concerns. However, the coronavirus crisis does not need to interrupt your productivity and creativity.
These are a few things you can focus on while quarantined to be prepared once this is all over. Take this time to get yourself ready to hit the ground running in the coming months.
Sharron St. John is a real estate agent and managing broker at St. John Estates in Century City. Sharron covers real estate, investments, and wealth building for Millennials. Connect with her on LinkedIn or Twitter.
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