Surviving The Economic Turmoil & Thriving When Better Times Return

With the economy continuing to worsen, how do you plan next year?

Temporarily putting aside financial and economic worries, 3 fundamental truths will guide your your planning.

Truth #1: Homes will still be bought and sold

Yes there will not be as many buyers.

And there will be fewer clients, with more listing and anxious sellers than in the recent past.

With fewer clients in the market, the competition will be more intense than ever before.

Certainly listing prices will also be lower than in previous years.

As a result, you will have to work harder and and smarter to generate leads and produce new business. It's also likely that average commission per transaction will be less next year that last year.

To maintain your 2008 income level you will probably be required to look after more clients next year. But that is not all bad...more clients increase the cumulative lifetime value of clients and generate more repeat and referral business.

Realistically, the end of a busy market does not result in the disappearance of either the market itself or its clients. The shift to a slower market simply requires you to work even smarter at finding the those people who need your help.

Truth #2: All good...and bad...things will end sooner or later

Inevitably, when we are enjoying good times, they end sooner than we would like.

On the other hand, we usually feel that bad times last too long.

For most of the past two decades, we have enjoyed unequaled economic growth.

Many economists believed the good times would have ended sooner...for most of us they ended too soon.

No one knows how long the current ongoing economic turmoil will last.
Most people do however believe that it will in fact end...sooner or later.

From my experience, there are two important things that I have learned.

One is that regardless of how great they are, good times don't last forever. Certainly it's good to celebrate prosperity-generated success...but not too much...it's not permanent.

Conversely don't let the frustrations of a weakening economy drag you down too low-things will improve almost before you know it.

And secondly, when you run your own business, believe the best is yet to come, but anticipate the worst.

Certainly the current economic turmoil will end-but until then, we have to accept the reality that they are here.

Truth #3: You cannot control the economy-you can only control how you respond

Even the brightest and presumably most capable, economists and politicians cannot control the global economy.

Don't let yourself to get dragged down and depressed by the ongoing flood of upsetting economic news.

Instead, focus on what you can control-your actions.

Continue Doing What You Are Good At

Keep doing what you do well: finding and serving clients.

Improve your marketing...don't ignore it.

Modify your marketing plan to reflect the economic uncertainties. Determine how you and the
resources available to you will help you outlast the bad times and continue to succeed when better times return.

Economic uncertainty also impacts clients.

They need you to advise them about market conditions in their neighborhood. And equally important, they need the reassurance that you are still ready, willing and able to help them.

By Looking After Your Clients, They Will Continue To Look After You

Changing economic conditions increase the importance of keeping in touch with clients.

And when you look after your clients, they will also look after you. As you keep in touch with them, providing them with necessary information, they continue to generate repeat and referral business for you.

It is through this ongoing source of new business that you will surviving the economic downturn and thrive when better times return.

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