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Tougher times = opportunity?
I've been reading a lot about the housing crash lately, as it continues to worsen, and am particularly interested because I'm leaving one bubble market, Phoenix, Arizona, to move to another one, Newport Beach, CA.
What I've found, though, is that a lot of real estate agents have emailed me in a panic, wondering what to do now that the market has slowed, and Phoenix and Orange County are no longer the lands of listing a home for sale, and receiving a dozen offers within a couple of days.
Well, my answer is quite simple: Now is the time for you to excel. During the "boom" days, the business was overrun by amateurs looking to make a quick buck. Now they're getting flushed out - resulting in less competition for you - and only the true professionals will continue to prosper going forward. In fact, I had a conversation with the president of a large real estate brokerage recently, who agreed that this is their time to shine, whereas before they were lost in all the buzz.
So, remember, a downturn is an opportunity. I was working in the telecom & IT field during the dot-com bust, and what happened was that most of my competitors were wiped out, leaving tons more market share for me to go out and capture. Remember, smart investors get rich during economic downturns, NOT during the boom times, and likewise, top sales pros prosper and stand out during the downturns too.
Posted by Frank Rumbauskas on February 8, 2007 | Permalink
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Comments
I agree wholeheartedly. Market downturns within industries (like real estate or any other) provide excellent opportunities, just as downturns do in the stock market for those using a dollar-cost-averaging approach.
The market shrinks and much of the noise is reduced, as all the marginal players move to something else. Only the truly committed (or truly stubborn) remain. Markets like real estate come back at any time, and a tenacious real estate agent/broker/etc. who sticks around in the tough times, honing their process and connections is positioned to be riding the crest of the next wave instead of paddling after it with the other opportunity seekers.
Posted by: John Asher | Feb 26, 2007 8:01:40 AM
Frank
Whilst on the face of it out "philosophies" may appear to clash I am really enjoying...
A) the mental stimulation provided by your thoughts and ideas and...
B) many of your recent comments on mindset.
Your recent comment about working hard in a down-turning market is spot on. A couple of the industries I work with have recently been going through a hard time. In my role as a speaker and author many of my delegates are saying things like, "Well, you're not in the market anymore, it's really hard now! You should try selling - it's changed!"
Two points:
1) If I'm not "in" the market - where does my business come from? Does it grow on trees? Like yours, mine is developed through a variety of methods from prospecting to public speaking and from writing (online + offline) to networking.
2) When I ask them what activity they take on a daily basis it is significantly LESS than the activity that the most successful salespeople were undertaking when the markets were booming. Now I am no rocket-scientist but it doesn't require NASA to see the problem here... doh!
On a final note, although I believe "selected" cold calling can work I also believe that a one-trick pony is just that - a one-trick pony! Whenever I win business through non-cold calling methods some smart-ass clients (because I train "thoughtful" cold calling techniques) question my integrity as I did not approach them via a cold call...
Too many companies rely solely on cold calling to win new business. What I like about your message is that one-trick ponies are just that, one-trick ponies. The more routes to market you have, the more capable you are of protecting your business when one or more business streams run dry...
Keep up the good work.
Gavin
Posted by: Gavin Ingham | Mar 20, 2007 3:50:08 AM
Some of our finest moments were born in the difficult months. Its true that if this are booming you have no major urgency to improve your offerings. My feeling is if you are not improving your company on a daily or weekly basis you are slipping behind. Its all the little things that add up and take you closer to the tipping point of success.
Posted by: Ms Training | Mar 26, 2007 7:35:23 AM
Too many companies do cold calling to get new business. I have been lucky to work with company, that use alreay leads , that the person has given permison to call.bases on paid per aquirred leads. I learned how to find compaines to work for that have these system. When I worked for Prosper inc. Now I would never share how they did their sysems, however it helps me find sales floors to work on and know it will be a good place to stay.
Now I was never a super star for Prosper Inc on the Provo Floor or the Draper floor before I left, however I am now. I also can do it ethical and honestly, even if others ca not around me.
I have to thank. Devin Willis for the one o one talks and getting me to believe in myself and Prosper inc! Devin deserves the nick name Yoda! And Prosper for the example. Ethan Willis Who was one of the Nicest Owners in the world! Randy Garn Owner would give the shirt off his back! , I learned a lot and am thankful to the Willis’s Brother’s Friday lunches and Lawson……”
Posted by: the christian | May 19, 2007 11:41:18 AM
