RISMedia's Real Estate Magazine

NOV 2018

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

Issue link: http://remag.rismedia.com/i/1042091

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Page 93 of 142

HOW TO PREPARE FOR THE COMING WINTER Verl Workman Verl Workman Co-Founder & CEO A s much as we'd prefer to keep the thought of a seismic shift in the market dormant in the back of our minds, in this instance, ignorance is not bliss. Although it's not the time for panic, the warning signs are on the horizon so it's better to be safe than sorry. I'd rather have an emergency escape plan prepared and never use it, than never map out my path to safety and be caught in the middle of a fire. more experience, you'll inevitably spend more time dialing it in. As Tony Robbins says "It's what you practice in private that you will be rewarded for in public". So let's go. Download your strategic plan now and start preparing. The best part is, even if the next downturn doesn't impact your market, by having a strategic plan you'll already know where you're going and how you're going to get there, net- ting you exponentially more positive gains in your business. Download Your Editable PDF Plan Here: http://bit.ly/ris-strategy To your success, by Verl Workman "Leverage comes in a variety of forms and is simpler than it seems." - VERL WORKMAN Chief Operating Officer, Workman Success Systems A Must Read + Free Download (and I'm not talking about the snow) THE SIGNS Right now, home sales are below last year's levels and we're seeing home values appreciating at a slower pace, along with a drop in purchasing demand. In many markets, we're seeing real turbulence with existing listings dropping up to 33% from August to September. This is true especially with the luxury market, of which sales of homes worth $1 million or more fell 44.4% between August and September. PREPARATION AND WHO'S AT RISK The market doesn't have feelings. The market doesn't remember the great times you both had a year ago. When the market makes the shift, it doesn't do any favors. The only ones the market shows favoritism to are the agents who are prepared. And by prepared, I mean the agents who are equipped with a strategy to endure; to provide better service, deploy more effective marketing and maintain a positive cash flow. Leverage comes in a varity of forms and is simpler than it seems. A simple strategic plan will give you leverage over your competitors in any market. What happens to the agents who fail to prepare? Some will push through the tough times and come out with a few bumps and bruises, some will supplement their income with other streams and some will go out of business for good. What's in store for those who prepare? As with the stock market, real estate is no different. Much wealth is to be created in a downturn for those who are prepared for the opportunity. The agents who have a strategy will thrive. THE SIMPLE FIRST STEP The most critical first step in preparation is shockingly simple. It's having a strategic plan. (Similar to the one made available to agents by Workman Success Systems at http://bit.ly/ris-strategy ) I also want to emphasize, you're never too small to have a strategic plan. Whether you're a solo agent, team leader or broker, having a strategic plan should be non-negotiable. And know that it doesn't take days to put together a strate- gic plan. To create your first iteration of a strategic plan can take as little as 2 hours. As you get more detailed and have

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