What would you do differently if you knew a pandemic was coming that would change the housing market?
It might sound silly - especially as we are in the middle of the COVID pandemic right now, but the reason I pose the question that way is this: I don't think this is going anywhere.
Now, I don't watch a lot of news, I'm not reading a lot of stuff, I'm not caught up in the 24 hour news cycle, or on social media.
Having said that, I don't think this virus cares that it's an election year. I still wake up every morning and do the best I can to be the best husband, father, and leader I can be.
So back to the original question - what if you knew something was going to impact the flow of our economy? What moves would you make in your business to prepare for something like that? I think we're in a period of calm before the storm. Don't get me wrong, it was pretty stormy earlier this year. There's a lot on the horizon that we need to realize may not allow us to go back to the 'normal' that we once knew.
No matter who you are or what you think about everything that's going on right now, as business owners, we have to take into account what's going on. There's going to be a bigger economic impact from this. What would you do if you knew a slowdown was coming?
There are 3 different things I'm doing in my business and in my life to prepare for this to stay around for longer than I expect:
Continue to be conservative with your cash and your expenses. If there was ever an opportunity to refinance your home, or leverage it as a source of future cash, this is the time. I'm not telling you to take out a line of equity and buy a boat - but this might be a time to help someone less fortunate who needs to dispose of an asset that you can capitalize on if you're in that position.
Lean into your cadence. This is a big one - and I went off the rails when things got real in mid-March. When I think about cadence during that time, my morning routine suffered, my daily cadence suffered as well. The business has a cadence that it follows, and it was still super intentional. I personally found myself waking up late, going to bed late, and we're still recovering from that shift in calendar. Have you gotten away from the things that are leading you through weird times in the market?
Be Patient. Watch your natural tendencies. As business builders, we tend to be futuristic, optimistic - we see past the current challenges. On one hand, it allows us to keep our heads down and GO when things get hard, but on the other hand it can be challenging because things can be tough. Some of us might not listen to our teams when they say things are getting tough for them - because we have a hard time relating to them.
As entrepreneurial minded real estate agents, when we aren't making progress in an area of our lives, we tend to look for things to change or disrupt. The dopamine hit from switching CRMs, or trying a new lead source, or even switching coaching programs is NOT sustainable. We have people who might think the grass is greener in another coaching program leave Real Estate B-School, only to realize the issue wasn't coaching - it was their own natural tendencies.
Are you constantly chasing squirrels and getting distracted by shiny objects?