Commit to Survive...
Commit resources to survive this market?
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I was talking to a friend the other day, a top agent, who shared something with me. It was partially what he shared, but his sense of disbelief is what prompted me to write this post.?
He said “I hear so many agents cutting back their marketing budget / lead buying / technology spend in a misguided effort to save money. If you spent $1,000 a month for the last 36 months to do X amount of business, how is spending less in a tough market going to equate to enough business to pay your bills? You need to increase your spending, effort and commitment to maintain your business in this market.”?
His facial expression was funny to see... disbelief and amazement at what he sees happening around him. I had to think about it for a few before I realized he was exactly right.?
If you were spending $1,000 a month to generate 12 closings, you may need to spend $1500 a month to achieve the same results in this market. If a 40-hour week generated 12 closings last year, you may need to work 50-hour weeks for the same results. The market is tougher right now, and that means more effort, marketing, longer days, more appointments, more buyers and more of everything are going to be needed just to get the same income. Lenders need more applications, more people in the pipeline and more of everything.?
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Saying I cannot afford to pay for marketing in this market when you have been investing in your business for years is almost certain to lead to a lower income if not total failure. Spending money you cannot spare is not a good thing, but not spending the resources needed to stay in this market is not going to work either.?
You can focus your efforts differently to help this issue...?
Resources are not just money. Resources are...?
But you cannot stop spending and expect your business to survive and grow. You cannot thrive in a down market without increasing the resources you are committing. You must do more to maintain your business. ?