Staying Productive During COVID-19
Some agents are following strict “shelter in place” orders and not meeting with clients at all. Others are continuing to do business while navigating the social distancing rules. The reality of not being able to conduct business as usual is setting in and many agents and brokers are getting anxious.
We are used to dealing with uncertainty in our business. We are used to having to pivot our strategies when there is a market downturn or an unforeseen event. What we are NOT used to is not having control about how we pivot…we can’t just work harder to get a bigger piece of a smaller pie right now. This is a “forced” shutdown, not a regular recession. How we adapt to this crisis is different than anything we’ve experienced before. In these trying times, the emotional and financial weight we carry can be debilitating. The best way to handle this crisis is to take action. The question you should be asking is: “What actions can I take?”
I want to give you some tactical strategies you can use in three areas to mitigate the negative effect of this crisis on you, your family and your business.
STAYING HEALTHY (physically and mentally)
This goes without saying, but safety comes first. Follow the social distancing guidelines and stay at home as much as possible. Every time you leave the house, ask yourself “is this really necessary?”
Having said that, exercise if very important. I encourage you to go for a walk around the block every morning. If you choose to stay indoors then consider joining an online exercise class. When the body moves, the mind grooves.
It is easy to fall into comfort food in stressful times. There is nothing like a plate of pasta and a bowl of ice cream to make us happy, but if we aren’t careful about our diets while we are cooped up indoors, we will all emerge from this hibernation 20 pounds heavier!
Stay informed, but not fixated. Limit your exposure the the 24/7 news cycle. 30 minutes in the morning and 30 minutes in the evening is enough to stay informed. Staying glued to CNN or FOX all day will only increase your anxiety. And on that note, avoid too much time in front of mindless television. Rather than spending hours on Netflix watching reruns, investigate streaming sites like Ted.com or Masterclass.com. Feed your mind!
STAYING PRODUCTIVE (making the most of this time)
Maintaining some semblance of a routine will give you a sense of normalcy, calm and control. Continue to get up early, stretch, meditate for 15 minutes, go for a walk, have breakfast with the family, then block 4+ uninterrupted hours in your home office to focus on work.
Block one hour every day for PROSPECTING: Focus on what you CAN do, not what you CAN’T do. A great way to start every work day is to do your morning “high five” (I borrowed this suggestion from my good friend Sean Carpenter). Every day, before you do anything else, send 5 emails, 5 texts, 5 handwritten notes, 5 social media posts/comments and 5 sly dials. This will ensure you are in contact with 25 people in your sphere/community every day, 125 per week or approx. 6000 per year. If even 1% of those touch points turned into a real estate conversation that lead to a sale, that activity alone would generate 60 sales.
Block one hour every day for CRM CLEANUP: If you are like most agents, your CRM system is a hot mess. While you have the time, go through everyone in your database and make sure you have up-to-date contact information. If you are missing information, it is a great reason to phone them. Small chat, ask how they are managing the crisis, get their missing details and update your system. Don’t ask them to buy or sell, but drop this question into the conversation “Just out of curiosity, if you could change one thing about your house, what would it be?” Plant seeds now that you can harvest later.
Block one hour every day for TECHNOLOGY CLEANUP: If your laptop or tablet are sluggish, it is time for Spring cleaning. Go through your computer files. Delete the ones you no longer need and move everything else to cloud storage (OneDrive, Google Drive, or Dropbox to name a few). It frees up space on your computer, so it runs faster, and your files are saved online so you won’t lose anything if your computer crashes. If you don’t know how to do this, Google it.
Block one hour every day for EDUCATION: Videoconferencing is more important than ever to stay connected with prospects and clients. The secret is to use a system that your clients are most comfortable with. Learn how to use several systems (Zoom, Teams, Facetime, Skype) so you can meet with clients using whatever system they like best. Brush up on your sales skills. We offer an online sales training system that is perfect for this. Spend time researching your local market stats, so you can have educated conversations with your clients using data rather than gut instinct.
MANAGING FINANCES (cash flow is king right now)
It is time to dust off the business plan you did in December and reassess all of your revenue goals and expected expenses. When the market is good, you can manage your finances by just selling another house. When you can’t generate revenue, controlling your expenses and having cash on hand is more important than being profitable.
Download the FREE Agent Success App to help you stay focused. Adjust your income goal to reflect the current slowdown. With everyone working from home, no-one is holding you accountable. Use the app as your digital coach.
Project your cash flow for the next few months. How much is in your bank accounts right now? How much income is coming in based on pending deals that haven’t closed yet? How much money are you spending every month? Do you have savings or a credit line as a buffer? If you don’t have enough cash on hand, talk to your bank about deferring your mortgage and car payments. You can always make a lump sum payment to get back on track later on if you wish.
Review your credit card statements from the past two months. What expenses are mandatory and which can you cut? Be careful not to cut too close to the bone or you will choke out your future business. Negotiate with your suppliers to postpone or cancel services during the crisis. Go through every expense and ask yourself “what am I spending and why?”
Agents who adopt these strategies for the next few months will not only weather the storm, you will be set up to take advantage of the next boom market once the economy starts back up.
The teaching point here is to use your time wisely.
No one knows how long this will last, but what I can guarantee you is that after every bad market comes a good market. Our economy was functioning on all eight cylinders before the pandemic and I know we will get back there again. Be thoughtful about your health, your family, your business and your personal finances, so you can take advantage of the next boom market.
Stay healthy,
Chris Leader
President
Leader’s Edge Training