We’ve weathered the worst of our industry’s perfect storm, Better Homes and Gardens Real Estate President Ginger Wilcox writes. Now it’s time to get geared up for what’s next.
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A few years ago, I fulfilled a lifelong dream and took my kids on a trip to Belize so we could learn to sail. We spent a week on a 55-foot catamaran, learning how to chart our course, adjust the sails, tie all the knots and prepare for any emergency.
One of the drills we practiced repeatedly was preparing for a person overboard. In case you were wondering, we used a dummy buoy, not a real person. We’d throw it into the water, yell “person overboard,” and then everyone had to look and find the buoy.
Once we found it, we would have to maneuver the boat through the waves. Sometimes, it would take multiple passes to get the boat in the right position. We had to factor in the height and speed of the waves. Once in the correct position, we would drag the buoy back into the boat using a rescue stick. As you can imagine, time is not on your side when someone is overboard.
As we practiced performing these drills with grace under such pressure, we didn’t know that we would have an opportunity to use what we learned. On our second to last day of the trip, we discovered that a tropical storm was headed our way. We decided to adjust our course and head to port early, but we were still hours away from our destination, with no real stopping point in between. So, we kept sailing.
A few hours later, the storm hit hard and fast. The clouds turned almost black, rain started to fall, and large waves formed, rocking the boat. Then the winds kicked up, eventually exceeding 30 knots. We had nowhere to go but right through the storm.
As terrifying as it was, we drew on what we had learned earlier in the week: When you’re sailing, you must be prepared for anything. And when a storm hits, you must stay calm, prevent problems from escalating and work with the conditions you are given. In short, control what you can control, trust your preparation, your crew and boat, and focus on sailing through the storm, whether you like it or not.
We’ve weathered the worst of the storm
Just a few years ago, we had smooth sailing in our industry: historically low interest rates, rising sale prices and transactions virtually falling out of the sky. Times were good. Unfortunately, the sky darkened, and we’ve been sailing through some uncharted waters.
It has undoubtedly been one of the most trying times our industry has faced — certainly in my career. The combination of the macro-economic climate, interest rate hikes, low inventory and a massive class action lawsuit against our industry has created the perfect storm.
But guess what? We made it through. Right now, I believe we’ve weathered the worst of the storm and are now ready for whatever comes next, even if it’s another storm.
So how do we prepare for the next storm? Here’s my advice:
1. Chart a course for where you want to go
Update (or create) your business plan to include your production and professional development goals. Be mindful of the intersection between your work and personal life, and take care that one doesn’t sabotage the other.
2. Expand your capabilities; enhance your skills
Explore new skill sets you can learn, designations you can earn or courses you can take to further your goals. Embrace a special focus in your marketing, and bring that to a new level.
3. Redefine your working methods to be nimbler and maximize potential
Once a quarter, revisit the effectiveness of your key tactics. What worked best for you? What needs some improvement? What is no longer worthwhile in terms of return on your investment — either of time or money.
4. Foster a culture of listening and learning by soliciting stakeholder feedback to improve services
Your “stakeholders” are your various audiences or segments who are important to your business. These include current clients, prospective clients, referral partners, community organizations as well as your family and friends. What is important to them? How can you help them? Having an active and regular dialogue is important to refining your business.
5. Make your own waves by increasing your awareness and reach
Engage with your local community through volunteer efforts or leadership roles; develop your online presence by creating and sharing valuable content and then engaging in thoughtful dialogue with your followers; and leverage media opportunities to showcase your local market insights or your expert tips for buyers and sellers.
As the saying goes, “Calm sailing doesn’t come from calm waters; it comes from a good navigator, a good crew and a good ship.”
So, chart your course, and full sail ahead!
Ginger Wilcox is the President of Better Homes and Gardens Real Estate.
