(Updated Friday, May 8 2020, 11:05AM)
This is going to be my attempt at an update for the industry. One of my coaches tells me to look at the data and not consume the news or social media - news is always going to spin the data any way they want. There’s a gap between what’s actually happening and your perception of it. The question is, what are you doing to fill the gap?
I try to fill the gaps with data and facts. I recommend, actually, if you’re watching any news, just stop. This episode will air after the next unemployment claim report comes out (and we will update the written article on Friday morning). The current statistics are 20.3 million people unemployed in April. The previous record actually had been in the neighborhood of 680,000 in the 1980s.
So, the question is this: How are we going to recover from 30 million jobless claims?
If you’re a team leader or a top producing agent, and you don’t have a clear plan for how to get through this, you’re going to suffer - that’s just the raw truth. Part of me is watching these jobless claims - there will be a report from the Bureau of Labor Statistics coming out on May 8. I’m expecting the report to talk about how these insane statistics compare to recessions in the past - previously, they only analyzed about 750,000 for their report.
If you’ve ever heard of Keeping Current Matters, we had David Childers give a presentation around 4 questions:
- Are we going to recover?
- Are we going into a recession?
- Is this going to be like 2008?
- What about the jobless claims?
The good thing about Keeping Current Matters is that they simply take the data that’s out there and give it back to you in a way you can understand. Some economists predict we will be “down” for 2 to 4 quarters, and then slowly make it back to where we are.
Some economists are also saying that it’s not going to be like 2008 - the circumstances are far different. Folks aren’t taking equity out of their homes like they did back then, and it took about 10 years for us to get back to where they were. Projections look like we might be back within a year or two.
There are a lot of different things happening that aren’t correlating the way they did in the last recession. Hopefully this gives you a perspective of the things I’m looking at. I’m in Real Estate myself, while also helping Real Estate team leaders to profit themselves. We’ve pivoted - now we are actually moving into the profit phase.
Now the focus shifts to helping agents who have freaked out and bailed. The team leaders who don’t have a plan. The agents who are determined to get through this, but just can’t see the way. Everyone is going to come out of this crisis with a different perspective!