The question of a market correction or shift isn’t an “if”, but rather “when”. What is the sequence of events that follows a market shift? How can leaders prepare their followers mentally, financially and behaviorally for the change? How do you make sure you don’t just survive a correction, but actually thrive through it? On this episode, we do a crossover with Jeff Cohn from the Team Building podcast to discuss getting your business ready for a market correction.

 

 

You must have a road map. If you’re tracking your numbers and have good analytics, you’ll have that road map. -Jeff Cohn

Takeaways + Tactics

You need to be prepared for the next shift three years prior to it happening.

When the number of transactions go down in your market, the number of contacts you make must go up.

When you see a professional in an industry start to offload their listing inventory, it’s a good indicator that there’s something coming around the corner.

Spend 80% of your time on lead sources that brought in the most business, and put 20% of your time into 2 or 3 other areas.

 

At the start of the show, we talked about how to prepare yourself and your team for a correction. Next, we talked about how you can go about making the proper adjustments right now, and why it’s so necessary to increase your contacts. We also discussed who a true leader should care about serving, and leveraging your team around the most important activities.

We also discussed:

The necessity of training

Patterns of a successful business

How to level up and find the best use of your time

 

When the market shifts, there’s going to be a period of denial and depression, followed by confusion and desperation. If you make the proper adjustments now, you can be prepared well in advance. When the ratios start to slip, you need to immediately start increasing your contacts and maintain a vehicle to generate buyer business. You want your agents focused on doing the highest-producing activity. This will likely be outbound prospecting via phone, meeting with clients to show presentations, and signing exclusive agreements. Leverage your team so that this is the priority.