Have you been wondering how to recession-proof your business in this crazy market? One of the things that we’ve been focused on lately is how to keep our business not only afloat, but also thriving and growing. We have learned a lot about this, and we’re here to share it with you, so here are four strategies to bulletproof your business in this changing market:
1. Know the products. For example, do you know all about adjustable-rate mortgages? They may be the product that not only gets a buyer into a house that they couldn’t otherwise have afforded, but it may also give them time to settle in and then refinance when rates come back down in the future. Therefore, you need to be able to offer this to your clients! Another great product is a rate buydown, which also gives buyers more of a chance. Plus, seller financing and seller-paid points are coming back. Do you know the ins and outs of these strategies? You’ll need to be knowledgeable to get through this crazy market.
2. Double down on your lead generation efforts. My team just recently added a second lead generation session each day of the week, which shows how important we believe this is.
“You’ll need to be knowledgeable to get through this crazy market.”
3. Review your expenses. In good times, it’s easy to ignore or not even notice things that aren’t as productive as they used to be. In these times, that cannot be tolerated. Look at your expenses, and cut out those unnecessary things. It’s time to be lean through the coming months.
4. Increase your connection with your sphere of influence. This is arguably the strongest asset in your business. Be their resource and their source for market data, trends, and opportunities. They need to rely on someone, so make it you, for your sake and theirs. You could also have a client appreciation event! Anything to show them that you’re still there.
These four strategies will strongly enhance your position and protect you through this tough market transition. Just remember, everything passes, and hard times won’t last forever. If you need help or have any questions, don’t hesitate to call or email me anytime.
