How can you winter-proof your real estate business for the next four to five months? Today, I want to discuss not just surviving but thriving in this challenging real estate market. We're all familiar with the headlines and the uncertainties surrounding the real estate market. Depending on the team, sales are down anywhere from 18% to 40%. To help get you through the slower winter months, here are three things you can do to winterize your business:
1. Scrutinize your expenses. This is not a new concept, but now is the time to truly assess the Return on Investment Capital (ROIC) in every aspect of your business. As we know, markets reveal what upmarkets can conceal. It's crucial to gain clarity on our ROI and establish acceptable benchmarks for people, time, and lead sources in our real estate business. Additionally, now is not the time for experiments. Stick to the basics and fundamentals rather than diverting your time and money into untested endeavors.
2. Understand your income and revenue streams. Review your personal budget meticulously so that you know exactly what you need to navigate through these months without facing financial strain. This involves a thorough examination of monthly numbers, leaving no room for ambiguity regarding the revenue needed to cover expenses and ensure financial stability.
3. Invest time in your key people. The current real estate market is rife with uncertainty, and if you're experiencing anxiety as a leader, it's likely your team is feeling it, too. Connect with your key people, understand their mindset, and ensure they remain committed to the goals and vision set for the team in 2024 and beyond. Now is the opportune time to reaffirm their commitment and navigate the uncertainties together.
Despite the challenges, this is an exciting time to be in real estate. Call or email me if you have questions about this topic or anything else. I look forward to hearing from you!
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