{"id":163,"date":"2020-06-25T18:49:19","date_gmt":"2020-06-25T18:49:19","guid":{"rendered":"https:\/\/artesiantitle.com\/blog\/?p=163"},"modified":"2020-06-25T18:49:19","modified_gmt":"2020-06-25T18:49:19","slug":"how-to-recession-proof-your-real-estate-business","status":"publish","type":"post","link":"https:\/\/artesiantitle.com\/blog\/how-to-recession-proof-your-real-estate-business\/","title":{"rendered":"How to Recession-Proof Your Real Estate Business"},"content":{"rendered":"

A recession is something no one and no business ever wants to face.\u00a0<\/span>It is a period in the business cycle when economic activities come to a halt, and the decline is usually caused by increased unemployment, falling income, and consumer spending, rising business failures, and falling stock markets. <\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>A recession can occur every few years or so, but today in 2020 it is, unfortunately, the reality we are living. Today, as COVID-19 continues to spread, there is a lot of uncertainty and economic productivity has certainly decreased all over the world. While many industries are struggling and many businesses won\u2019t make it through these unprecedented times, many are trying to remain positive, hopeful, and utilize how they prepared for times like this. Such as the real estate industry. We aren\u2019t saying it is guaranteed that everyone in the real estate industry will be able to weather this storm, but we do believe many will. <\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Luckily for real estate agents, there are ways to prepare for a recession, but you should always be prepared for the worst regardless, especially in an industry like real estate. So today, we\u2019ll be giving a few tips on how to recession-proof your real estate business. If you think it\u2019s too late to start, you thought wrong. We recommend getting started as soon as you can.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Tip 1: Save Your Money<\/span><\/b>\u00a0<\/span><\/h4>\n

Suzie Ocie at\u00a0<\/span>Influencive<\/span><\/i><\/a>\u00a0<\/span><\/i>says,\u00a0<\/span>\u201cAny time you complete a sale<\/span>, you should be putting away a chunk of cash from that sale into a savings account. Yes, your business should have its\u00a0<\/span>own<\/span><\/i>\u00a0savings account for times such as these, and\u00a0<\/span>yes<\/span><\/i>, you should invest in that account every time you make a sale.\u201d While it\u2019s very exciting to get that commission check, it\u2019s important that you do not run off and spend it all. As a real estate agent, you always want to have a financial cushion in the event an economic downturn occurs. Set yourself up to be ok.<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>We recommend starting a savings account right away. Even if you only have a little bit of cash in there, it\u2019s better than nothing and can really do a lot for you if you are struggling. Think about it: Would you want to lose your entire business for that unnecessary purchase you had to make with your money? While we are all for treating yourself, be sure you are taking care of yourself before you do so.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Whatever the case may be, we are recommending for you to have a savings account, we\u2019re telling you that it should be a necessity for your real estate business.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Tip 2: Invest More Time in Your Marketing<\/span><\/b>\u00a0<\/span><\/h4>\n

You should always have an awesome marketing plan in place whether you\u2019re preparing for a\u00a0 recession or not. However, a slow market (like now) allows for more time to work on marketing. Which is something you really only look at a few times a year in a normal time.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Suzie Ocie at\u00a0<\/span>Influencize\u00a0<\/span><\/i><\/a>makes a good point,\u00a0<\/span>\u201c<\/span>This is when you can sharpen your market efforts for maximum results because if you can get someone to buy during a recession, you can pretty much get them to buy any time.\u201d A few ways you can be working on your marketing are:\u00a0<\/span>\u00a0<\/span><\/p>\n