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Do you have another career waiting for you?  If not, then make sure you are doing the right things to keep money coming into your real estate business.

Other brokers have been benefiting from these practices.  Perhaps it is time for you to do the same to make sure your business stays in business.

1.  Honestly assess your services to that of your competitors.

Your Action:  Write down the services you provide; then select your top competitor and write down the services they provide.  Analyze the differences, then use that information to make your services better.  Now you can speak boldly why you should be selected.
 

2.  Measure every marketing dollar and cut what is not working. Focus your dollars on the stuff that is working.

Your Action:  Run a report, or create a spreadsheet showing three things: (1) type of marketing; e.g., newspaper, click ads, magazine, ...;  (2) the amount you are spending for each of the types; and (3) the number of leads received.  Once you get this fundamental down, you can then drill down on each type to see return by vendor.
 

3.  In this crisis people want information.  You should be the one providing that information and guiding them as they make buying and selling decisions.

Your Action:  Use your website to provide valuable information on foreclosures, short sales, selling in a down market, buying in a down market, investors purchases, hot buys etc.  Invite people to contact you for assistance.
 

4.  Get to profitability as soon as possible; it will be a big help to weather this storm.

Your Action:  Check your accounting and cash flow.  Make purchases that is going to help your business over the long haul.
 

5.  Take advantage of technology such as software as a service (web based software).  It lowers your costs and keeps you in business for the long term.

Your Action:  Get your business into using the current technology.  Web based software lets you conserve your cash, while providing the tools to run and grow your business.  Eliminate the hassle and costs of purchasing servers, operating system, upgrades, and support contracts.
 

There are a number real estate brokers still doing deals and making money in this market, and you can be one of them.  While no one knows how long the current market conditions will last, it is always best to be prepared for the long haul.

 

next:  Recruiting Agents Today

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