How do you know if your business is headed for a crash? Will your income fall off a cliff in 60 to 90 days or will you keep your momentum?
Before there were reliable Seismometers, earthquakes were even more destructive than they are today. Entire cities were built on fault lines and there would be no warning before destruction would ensue. Before tornado sirens, tornadoes would hit and no one would have time to hide in cellars and basements. There was no warning to take action. Before planes and pilots had the ability to detect and report turbulence to the planes around them, turbulence would seemingly come out of nowhere and surprise the passengers, wreck their lunch trays, and freak everyone out. Now they have on-board weather radar and better reporting so they can warn everyone and steer around the disturbances.
Fortunately, we now have seismometers, tornado sirens and turbulence indicators, but what about your early warning signs? How do you know when you’re heading for a crash before you’re actually experiencing turbulence, earthquakes or a tornado to your own income stream?
Five early warning signs you’re headed for a crash
Warning Sign: you’re blaming everyone and everything for your lack of momentum
The blame could be put on market conditions, your broker, lack of inventory, higher interest rates or what party is in office.
Solution
Put down your ‘blame-thrower’ and embrace these affirmations:
“If it’s meant to be, it’s up to me!” and “I’m a do-er, I do things now, I get things done!”
Warning Sign: You’re not exercising
If you’re experiencing a lack of energy or feeling depressed or unmotivated, it could be because you’ve stopped your work out routine.
Solution
There’s an African proverb that says: “When you pray, move your feet!” Get back to exercising, but make it even better for your business. Join OrangeTheory, Zumba, CrossFit or form a walking club in your neighborhood. Being around other people gives you an opportunity to talk about real estate while you’re getting back on your exercise routine!
Warning Sign: You’re not following a profit-driven schedule
Hoping, waiting or speculating for your next few transactions is not a plan. Your daily, profit-driven schedule must include proactive lead generation, furiously fast lead follow-up, pre-qualifying, presenting, negotiating and closing.
Solution
Set a specific, short-term goal of generating new, pre-qualified appointments and leads. If you need three new listings in the next 30 days, your short-term goal is to set at least one new listing appointment this week. What are you doing today to achieve that goal?
Warning Sign: The overconsumption of negative news
You could also call this one the association with negative people or incessantly doom-scrolling. How do you feel when you spend your time this way?
Solution
Follow a media-free morning or media-free day. Unless what you’re watching or listening to is in support of your powerful mindset or providing you valuable market or business knowledge, step away from that media!
Warning Sign: You’re not making enough contact with people ready to transact
Are you conflict-avoiding, contact-avoiding and hiding out from potential business?
Solution
Are you in a position to hear the word ‘no’ every day, so you can hear the word ‘yes’ more often? If not, you’re not having enough conversations about real estate. You must make a minimum number of contacts every day in order to meet or exceed your goals. If you have to do 18 transactions this year, you must make 18 contacts every workday, until your skill drives that ratio down to a lower number.
Follow these solutions to your early warning signs and soon you’ll be back on track and ready to take on the world. Don’t ignore your early warning signs, if you do then you’ll have a big crash ahead!
Tim and Julie Harris host a podcast for real estate professionals. Tim and Julie have been real estate coaches for more than two decades, coaching the top agents in the country through different types of markets.
