I am hearing rumbles on how the first quarter of 2016 is not as hot as Q1 2015, let alone 2014, from folks located in primary and secondary markets. Funny I have not heard this from commercial real estate professionals in tertiary markets as of yet. Certainly, there are those brokers who share with us they are having their best year yet, which is what we all aim for.
The problem was those discussing market factors simply assumed everything would get better and grow (kind of like those in 2007 who project rental growth every year in your building’s 10 year cash flow forecast). You recognize, or at least you should, that markets will always move – like the stock market – up, down, fast, slow. Unlike the stock market, most brokers measure the velocity in the real estate market based on one thing and one thing only – how many deals they close. Not very scientific, but gut wrenching nevertheless.
So, when the market starts to slow (or when you expect it to do so), here are a few proven strategies to spark some life in your pipeline.
1) Revisit your pitch, your value proposition.
What worked last year, last month, or last week, may not be working today, and worse, may not work tomorrow. Revisit how you are articulating your services and your value. Take particular attention to what is working and leverage those aspects as best as you can.
2) Give more stuff away.
Yes, give you knowledge away. More free content. More blogs, white papers, webinars, videos and submitted articles – whatever it takes to show your audience you are the market leader, and/or a thought leader whose advice is valuable.
3) Find a partner.
Not necessarily a business partner, but someone who is pursuing the same audience as you, but not a direct competitor. Identify who in your sphere of influence can provide you both with a win/win opportunity.
4) Increase your marketing.
Yes, you heard me right. When the market slows down, all the average brokers start collecting their nuts and getting ready to hibernate. Not you – you are a market leader, or at least you wish to be. Let everyone know how valuable you are and invest in spreading the word for you.
5) Invest in yourself.
CRE professionals who are at the top of their game are always investing in themselves, through designations, training, or coaching. It isn’t that they can afford to do so because they are making more money; they invest in self-improvement because they know their growth cannot afford to do otherwise.
As you see, if and when the market slows down, the best approach is not to look at your competitors, or your clients; the best approach is to look to yourself.
Don’t be that broker who runs and hides during market cycles! Schedule a free consultation with us and discuss how you can position yourself for greater results and higher income.