I was recently asked to chime in on a question among my peers. The question was “Your company is facing economic challenges, how can you protect it’s financial stability?”
I have used the following strategies in my real estate business for years to support my company’s longevity.
1. Evaluate Income Streams: In the past I expanded from residential sales into property management. This additional revenue stream created residual income for my business by offering a fee based menu of services to landlords and tenants.
2. Cost Management: I regularly review and manage expenses to eliminate unnecessary costs.
3. Continue to Nurture Client Relationships: Maintaining strong relationships with past clients which leads to 80% of my pipeline through repeat and referral business. Providing excellent customer service and keeping in touch with clients through social media, pop byes, calls and snail mail help keep my business top-of-mind.
4. Innovative Marketing: Every year I assess my current marketing tools to determine the return on investment (ROI). If I’m not satisfied with the ROI, I invest that budget into a new and innovative marketing tool. This has allowed my business to step out from my competition and grow my presence even in down markets.
5. Educate and Adapt Quickly: I spend an hour of power daily learning about market trends which allows me to address client questions, especially in the face of the recent NAR changes and pivot quickly in response to changing market conditions.
These strategies, have helped my company to thrive over 25 years even during economic downturns.
