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Real Estate Podcast
Saturday, August 06, 2022

We Are Officially In a Recession, Now What?

Are the days of super hot real estate markets almost over? With interest rates no longer at record lows and unemployment up, no one knows! But it doesn’t matter if you are coming out of a recession or if this is your first recession. There are some ways for agents to take advantage of this economic crisis to market themselves as the “go-to” agent in a particular area.

In this fifteenth episode of The Process Podcast, Preston Guyton and Travis McClure talk about what successful real estate agents focus on.

Find out how to diversify your business and expand your reach during an economic downturn!

Knowing What To Do

Other real estate agents are feeling the crunch these days. They’re worried about whether they can keep up with all of their listings and closed deals, especially when mortgage rates creep up. That’s why there is no better time to advertise yourself and your services in a recession. Because despite the competition, it also means that agents with good quality relationships and consistent referrals will always have an advantage over their competition. There will also be new opportunities coming up in the real estate industry that could benefit you as an agent or even your clients.

Most people would consider it tough to reconfigure their businesses, careers, and lives. Still, for successful people, the only thing tougher than the challenge of transformation is not having the courage to attempt it. If you don’t think you can handle change, now is the time to prove yourself wrong. Rather than finding a way to perpetuate your present reality, get busy taking steps to rewire your life and career fundamentally. Do whatever you must, even if that means making sacrifices in the short term so that you can reap greater benefits in the long term.

The market recovers, always. We’re going through this now, but it’s not the end of the world. You can’t control the economy, but you can learn to control your response to these changes. Being able to deal with times like this is essential for both business and personal growth. This time, we are digging deep into the process of marketing yourself as a real estate agent and how you can diversify your business during a recession by creating new streams of revenue and increasing your exposure.

It can be scary when you look at interest rates, inflation, and home prices. But you need to trust in the idea that the market will recover and that you’ll adapt in order to stay ahead of this challenge. As with most things—including training for a marathon—you need to focus on the process instead of the results. Once you’ve got your processes in place, your ability to tackle this challenge will increase dramatically. So don’t let your fears keep you from making progress; get started with your plan as soon as possible to come out stronger on the other end.

Keep Winning During this Time

Whether you are new to the business of selling real estate or have been doing it for a while, the recession we’re going through right now provides you with an opportunity to distinguish yourself in a very crowded field. Find a way to position yourself as being both accessible and information-rich. This info should be quick, easy to digest, and actionable. And it should also highlight your expertise and experience in the real estate field. By doing this, you’ll be able to make a bigger impact with your real estate clients every day, making you more successful in your career.

You must learn to adapt to changing market conditions and be flexible enough to turn trends into opportunities because when the economy heads south, all those who didn’t find creative ways to weather the storm are going to be sitting on their hands, wondering what happened. Remember, the more prepared you are, the better off you will be.

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Preston Guyton

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