Thriving in Uncertain Times - Part 4


We all know the adage 'when the going gets tough, the tough get going' - and that's never been more true than today. In this series, we showcase the Five Best Practices among Top Producers for staying motivated, helping clients navigate the marketplace, and thriving in these uncertain times."


PART 4 - Diversify your business with multiple business lines

Welcome to part for of our Thriving in Uncertain Times series. Thus far we have covered;

Part 1 - Have Confidence in Your Expertise

Part 2 - Communicate with Your Clients

Part 3 - Leverage your Company's agent benefits to create value for your clients


Throughout part 4 we will focus on how you can diversify your business with multiple business lines.


Business Diversification is not just for big companies. Business Diversification is the key to long-term success in your real estate career no matter what is going on in the larger market. During the Great Depression that began in 2008, while companies were going out of business and real estate markets were collapsing, there were real estate agents who were still taking listings and making sales. Real estate, as an industry, never goes to zero—even when individual agents go months without business.


Business Diversification insulates professional real estate agents from cyclical downturns in their business through the diversification of business lines.


While traditional business lines tend to be:

- Floor calls

- Sphere activities

- Calls, notes, social media posts, etc.

- Marketing & Prospecting

- Just Listed & Sold cards, Open Houses, farming neighborhoods or towns, etc.

Seasoned agents add to those with new lines of business:

- Varied price points

- Add Luxury properties to the portfolio

- Add condos to the portfolio

- Add a 2nd home market to the portfolio

- Lead referral sources

- Community groups

- OpCity leads

- Corporate relocation

- Affinity programs

- Broker-to-broker referrals


Professional agents know that the real estate business is streaky and uneven. While your friends and family can refer some business to you, there will be months when they do not. A broker-to-broker referral network may fill the gap until your sphere sends new leads your way. When the economic conditions put the brakes on luxury or second home sales, a robust presence in a condo or mid-level market can pick up the slack.


A great real estate sales manager can coach you to develop new lines of business and help to smooth out the peaks and valleys that naturally occur in the world of real estate sales. Start with a clear vision for how to add consistency to your real estate sales.

 

Contact:

Sarah Kelley Ford

Director of Career Advancement

Cell: 781-724-8583

sarahkelleyford@masiello.com


Karen Kulberg

Director of Career Advancement

Office: 603-926-4466

Cell: 603-502-0241

karenkulberg@masiello.com


 

Last in our 5-part series - PART 5 - Plug in! Attend virtual meetings, take classes, educate yourself, stay informed, reach out for help.

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