Many real estate agents are deciding not to renew their licenses and going back to a ‘real job’. The current market conditions thin the ranks of real estate agents and as with any crisis, the strong will prosper. As the song goes: “When the going gets tough, the tough get going”.
With so many amateurs and part-timers leaving, there is a lot of market share to be picked up if you are smart about it. If you survive this crisis and keep trudging on, you might find yourself as one of the biggest agents in town by the time the market gets better. But succeeding in this kind of economy and these market conditions call for a clear vision and the ability to focus on what’s profitable right now.
There are a few options for real estate agents. One is of course to quit. If you weren’t making good money when times were good, this is the best advice for you. But if you are serious about the real estate business, you will have to dig in and see what niches you can serve. When you spot the right niche for you, you will have to market to this niche and fund the ‘hook’ that will reel them in.
Marketing is always the most important skill for an entrepreneur and especially in a crisis. Now is the time to work on your marketing skills and scoop up some market share that’s available because your competition is quitting left and right.
Marketing is the most important skill for any business owner, especially in bad times. If you take the time to research a niche and go after it, you will survive the storm and come out stronger and better.
