5 Adjustments You Must Make to Guarantee Success in Any Market – #TomFerryShow

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Today begins our biggest event of the year, Success Summit! As soon as I take the stage this morning, I’m going to jump into some strategies, mindsets and tactics designed to help agents dominate in a changing marketplace over the next 18-24 months.

Why a changing marketplace?

Because we’ve been on an upward trend for a long time, and many prognosticators foresee a shift coming in the next two years.

I view my role as proactively helping you prepare for this shift… NOW.

So on this #TomFerryShow, I’m sharing five of those most important adjustments that will guarantee your success, regardless of market conditions.

Let’s go!

 

#1: Decide If You Are a Hobbyist or Are You Running a Business?

Let’s face it: The majority of people who have a real estate license are hobbyists. They don’t treat what they do like a business. They don’t know their numbers. They’re not concerned with innovation and marketing. They just aren’t serious about their business.

And that’s fine… if they’re fine with it.

But as we enter a changing economy, being a hobbyist simply won’t work. Those agents will not survive.

If you’re reading this, there’s a good chance you already treat your business like a business.

Now is the time to make that commitment even stronger, ditch any of your “hobbyist” tendencies and shift your strategy to run your business by design.

 

#2: Diversify Your Lead Generation Strategy

Let me tip you off about something: No one outside of your immediate family cares if you don’t do your marketing. No one cares if you put in a half-ass effort to generate leads.

People will simply find another agent to help them buy or sell a house.

They don’t need you. But if you want to survive in a changing market, you need them.

And that means doing MORE than a half-assed job at marketing yourself.

It means operating from a marketing strategy and putting as many proverbial “lines in the water” as possible to attract buyers and sellers in your marketplace.

The very best agents have four to six diversified lead sources.

Follow their lead now to succeed when the market shifts.

 

Tom Ferry - Success Summit

 

#3: Commit to Using a CRM

The best agents I know practically live inside their CRM.

Yet our research shows 64% of agents have absolutely no contact relationship management (CRM) solution.

News Flash: Outlook is not a CRM.

You need an organized way to keep in contact with people. You need those people segmented into buckets. You need a systematized approach that dictates the frequency with which you’ll contact them.

Never forget the consumer has many choices.

If you’re not staying in communication and delivering value relentlessly, your days are numbered.

 

#4: Review & Reconsider Your Price Points

A shift in the economy is likely to affect different portions of the housing market in different ways. It’s not a “one size fits all” situation.

That begs the question:

Are you positioned favorably for when the market changes? Or will it potentially put you in jeopardy because too many of your eggs are in one basket?

They don’t call it the “moveable middle” for nothing. If you’re tied too tightly to one market segment – luxury, low-end, etc. – it’s time to diversify your approach and establish your presence outside your normal circles.

 

#5: Stockpile Cash

Anytime the market takes a downward turn, there’s a tendency among some agents to panic. They get so scared of running out of cash to live on, they immediately stop all their marketing efforts.

They kill their online ads. They stop sending their normal direct mail. They cancel their events.

And just like that, they’ve put themselves out of business.

The reason I want you to start stockpiling cash NOW is to ensure you can capitalize when naïve agents inevitably do exactly what I just described.

With cash on hand, not only can you keep your business growing through a downturn, but you can dramatically increase your market share. The best agents are almost always those who rose out of a downturn.

 

What Now?

I have two more things to leave you with:

  1. Knowing what you know now, what do you need to do to put make these adjustments to your business?
  2. Make a plan to kick yourself into massive action and get as much accountability around your plan as possible.

 

BTW, it’s not too late to catch the Summit via LiveCast.

 


 

 

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