How to Refresh Your (Real Estate) Business When Times Are Slow: Tips for Real Estate Agents

Filed under: Real Estate Law

When business is slow, such as during the current COVID-19 stand-down, it’s easy to fall into not working at all. However, in all honesty, you should be working harder, not taking it easy! It may be tempting to spend your days with a good book or binge watching your favorite show. But in realty there are productive things you could be doing. Use this slow time in the real estate market to complete things you might neglect when you are too busy. Here is a short list of things that can help your business be better prepared for the busy, up market times.

  1. Take a look at your stored files. Can they be shredded?  Are they outdated?  If you are holding on to educational materials or flyers from 2005, it might be time to throw them away. Make sure that any confidential information that you are disposing is shredded.  If you have transaction files, should you have them at all?  Transaction files today should all be held by the broker electronically; the day of home hard copies are long gone!
  2. Continuing Education. Now is the time to catch up on your continuing education.  Taking classes now will not only keep you up to date on issues in your industry, it will also avoid you having to take multiple classes at the last minute when you have to submit compliance for your license renewal.
  3. Clients. When was the last time you reached out to former clients?  Sending a thoughtful email or some useful information to former clients will help you stay top of mind. This should be done regularly, not just when you “have the time.”  And, what shape is your data base or CRM? Now is the time to cull and update.
  4. Colleagues. Reach out to colleagues to see how they are doing during these times. Who is your mentor?  With whom do you share best practices?  From whom do you learn new ways of boosting and bettering your business?
  5. Organize. Set up a system for your client information, files, notes etc.    Having everything organized helps keep you on track.
  6. Online presence. Look at your website and other social media platforms.  Do they contain current information?  Can you make them more visible or attractive to new clients?
  7. Relax. When you are busy you neglect yourself.  Now is the time to take care of yourself so that when you really are busy, you are ready and able to tackle all your work.
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