You’ve probably all heard Charles Darwin’s theory of evolution – essentially those that can adapt to suit changes in the environment are the ones that will survive.
At the moment many of you might be very concerned about how you are going to survive. We are facing situation that is unprecedented in our lifetimes, the market is inevitably going to be affected, our incomes will be affected and business as we know it will change.
It is a testing time in human history.
What can you do?
You have a couple of choices – you can panic, give it all up, lose yourself in the doom and gloom or you can get ready to tackle the potential crisis head on.
Speaking at one of my recent Supercharge seminars, the great Brian Tracy told us all that mental preparation is the key to success. If you anticipate the crisis, when it comes you will be ready to deal with it.
Here are some tips to help you prepare for the potential real estate crisis created by Covid-19.
What are the crises that may take place and what will you do if they take place? For example home opens are cancelled (and they have been), sellers get cold feet, you get ill, the business closes temporarily or permanently.
What is the worst thing that can happen and what is likely to happen? Your business might need to close, you lose your job, you might go broke. What would you do if that was the case? Make plans.
Have multiple solutions. Look at all the options. How can you operate if you can’t do home opens, how can you market listings, can you run the business digitally/electronically, can people work from home, how can you prepare yourself and your business financially, can you put your team on reduced wages. Make sure you get professional advice from places like the ATO and make use of the government stimulus if possible.
Think on paper, write things down. Track your business, both as an agent and owner. Plan, have steps, goals actions. Track key market activity such as appraisals per week vs listings per week. Keep your paperwork up to date. Putting things on paper helps attain clarity and helps you plans.
I’ll give you a current example. We’ve all probably gone out and bought a little bit extra from the shops over the last few weeks – just in case of a shutdown or quarantine. But did you do it with a plan or just grab things willy nilly? Did you check the pantry for items you would actually need? Did you plan recipes and buy ingredients accordingly? Did you think of breakfast, lunch and dinner options or did you just buy stacks of tuna and tinned tomatoes? Can you actually make anything good with the things you bought? Did you consider bathroom and laundry items, the pets’ needs?
There are many ways to adapt in the current situation and survive and be ready to thrive when the inevitable upswing occurs. I have a list of considerations for your business. Please email me if you are interested in a copy.
My upcoming Real Estate Brilliance seminar will show your more ways to plan and prepare your business for just about any situation.