In today’s episode of the podcast, we are revisiting the business plan to align with where the market is now. It’s very clear that the market has shifted and that we have to change how we’ve been doing business to keep up. This is the exact business plan Jeff is using to continue and finish this year strong, including all the things we need to improve, upgrade, or eliminate. 

 

The 4th of July is behind us, and now it’s time to really buckle down so we don’t just get through the 2nd half of the year but actually maintain and even grow our production. 

 

Jeff will help you get your head wrapped around what’s going on in the market, and share a plan of action to lead generate, communicate with clients and keep closing deals in a wonky market. 

 

You’ll also learn; 

How to get really granular when it comes to tracking our lead sources 

Why expense management is more critical now and how to hold your spending accountable

The script you need to use with every single buyer and seller lead right now

Why consumers are doing a lot more research about agents before making a hiring decision  

How to prepare the sellers for what’s actually happening in the market 

Quotes 

 

You’re going to realize things in your business when you start tracking your daily contacts. -Jeff Glover 

 

“Days on market” is the enemy of a home’s value. -Jeff Glover 

Key Points 

 

In order to thrive in this softening market, we have to be armed with information that reflects what’s going on in the market right now. Typical market stats are going to be misleading, so in order to know what’s really happening we need to pay attention to;

Average showings per listing

Average new listings per day 

New expireds per day 

New price reductions per day 

30 year fixed mortgage rate

Pendings 

Knowing these things will prove you as an expert in your market and also back up your claim that things are changing.  

 

The agents who thrive through a softer market maintain and even increase their production know they have to increase their daily lead generation efforts. If you want to maintain the same level of business as the first half of the year, you need to increase your contacts by 15 - 20% a day.  

 

Have a designated day each week for price reductions. Before this market, we didn’t need a communication plan for price reductions because homes were selling very easily. Now sellers are going to wonder why after a few days, they don’t have any showings or offers. Now we have to set aside time to give them the necessary market updates.