As many of you are aware, we have been proactively coaching our clients on the shifting market (aka Coronavirus 2020) for the past 2-3 weeks. Since we coach nationally, we have an aerial view of real estate. Some markets are seeing strong signs of a shift, others are on the cusp, and a few have seen no effects. As you know from watching the stock market and news this past week, things are changing quickly from day to day.
I thought it might be helpful to share the notes I shared with our coaches with all of you. Following the tips we share is good business practice regardless of the market. If the market doesn’t call for it in your area, and you become more profitable as a result – we will call that a win! Worst case, you will be prepared to succeed.
One of the hallmarks of our Ops Boss™ community is that we have each other’s backs. That will be one of the things that takes us successfully to the other side of this. Our coaches are well seasoned and have led their teams not only to weather many shifting markets (911, post-hurricane, banking/mortgage crisis, and the most recent housing market fallout), but to THRIVE in them. We are here to support you with our collective experience.
I encourage you to be beacons of hope, voices of reason, and find the opportunities that will arise in the midst of this chaos. Cuz that’s what Ops Bosses™ & leaders do!
SHIFTING MARKET COACHING NOTES – CORONAVIRUS 2020
- Serve clients, come from contribution. Ask what you can do for them. Real estate is a relationship business. We may not be able to solve every problem personally. And chances are we can connect our clients with people who can. Our business is not houses, it’s people.
- Pull out SHIFT – read with team.
- Continue investing in coaching. Now more than ever is when you need collective wisdom and input from seasoned veterans who have thrived in shifting markets, and who are constantly sourcing new information to help YOU from their calls around the country. *See below
- Stockpile cash.
- Double down on lead gen.
- Slash expenses, renegotiate out of contracts, if you can’t get out then ask for reduced payments. **See below
- Creative problem solving to keep deals together. This includes TCs & EAs.
- Extra reassurance and handholding for clients, bulletproof transactions.
- Extreme markets mean extreme behavior. Be the voice of reason. Be patient. Communicate clearly & often with clients.
- Communicate calm. Share blog post: https://www.commonwealthpublicaffairs.com/post/communicating-calm-control
- All hands on deck. We are in this together.
- Use this time for team building/community.
- Keep your sense of humor. And keep it privately within the team. As things get more serious, it’s not the time for memes.
- Watch your leading indicators for trends. Take action faster than normal.
- Agents/ISAs – Dig into motivation for buyers and sellers. Now it becomes even more important. 1. Ability, 2. Readiness, 3 Willingness. Help people find confidence and clarity.
- Build investor lists. Prep them to be ready to buy if market dips.
- Do more with less. Leverage/efficiency.
- Prep for virtual working, lead gen, team meetings, etc. Discuss what your cadence of communication will be. Create a new normal for your team.
- Teach your team how to do listing appts, buyer consults, seminars on Zoom.
- Consider offering personal video tours of properties for buyers and showing fewer properties.
- Consider doing virtual open houses.
- Consider doing videos on all listings so sellers know their homes are still able to be seen.
- Provide scripts to your people. And be clear on your social media message.
- Get your personal finances in order, refinance, make sure you have access to cash, curb spending.
- Be a leader. Be prepared to act quickly. Be visible. Communicate clearly and often with your team. Care about their health & safety.
- What you focus on expands. If you focus on fear, you accelerate failure. Focus instead on opportunities and you will find them.
Please reach out if there is ANYTHING we can do. We are here to support you. Ops Bosses™ are leaders. NOW is the time to get really BOSSY!
Christy Belt Grossman, CEO, Ops Boss Coaching™
Footnotes: From Gary Keller’s 3/16/20 LIVE address to Keller Williams Realty Worldwide:
* Gary Keller: “You don’t cut on education, don’t be foolish. It’s just the opposite. You lean in, double down on education right now. And coaching? The LAST thing in the world you want to cut is your accountability lifeline. The research says that those people who are the MOST accountable, and hire a coach, are the most PRODUCTIVE and the most FINANCIALLY SUCCESSFUL on the planet, by a LONG shot, not a little shot.”
* Jay Papasan: “They are 77% more likely to do what they need to do.”
** Gary Keller: “Get brutal on expenses. Learn to live on less. NOW. Protect your staff & your people, but cut anything ELSE you can.”