The real estate market has its ups and downs and to be realistic, it cannot keep on climbing forever. There may come a time when the bubble bursts and property sales become slower as less and less people have the disposable income to buy new property. Agents have to be prepared to face unpredictable economic situations whereby their incomes may be affected.

The thing about survival is to stay mentally strong and believe that the negative situation will not last forever and the things will begin to improve soon. Also, agents should remember that they are not alone in their hard times.

Here are some ways that real estate agents can increase their chances of survival through an economic downturn or similar situation that will affect the sale of property. However, do be reminded that these are not fool proof methods and are not in any way guaranteed to get you out of trouble. These are more like gentle reminders to encourage and keep you spirits up:

1) Keep more savings
Don’t spend unnecessarily and try to economize around the home. Luxuries can be bought when things get better, so a temporary sacrifice is needed. Make sure that you have at least 6 months savings.

2) Try to sell lower priced property first
Lower priced property means that there are more people that can afford it, rather than trying to sell off luxury units targeted at expatriates and upper classes. What you lose in value, you can make up for in numbers.

3) Target Home Owners
Rather than those who are buying as an asset or to rent out, target home owners who need a place to stay as these are the primary consumers and these clients will always exists despite the economic situation.

4) Avoid risky deals
Be careful and don’t enter into large deals that involve a lot of money so quickly. Consider the possibility that your clients may default on their loans and forfeit the deal.

5) Employ Aggressive Sales Tactics
Rather than sitting around waiting for the phone to ring, employ all the basic sales methods, even things like ringing people up and giving out flyers

6) Learn and Prepare for the next Slump
Slow markets can be a time of reflection on what your selling strategies are and how well they have worked in the current ‘down’ time. It’s also a time to learn from mistakes and improve your sales pitch for better days and more importantly, for the next slump.

We hope that as agents, no one has to face hard times. However, the real estate business is always dynamic and preparing for any eventuality is a skill learnt in hardship. In fact, many businessmen and millionaires make good money in economic slow-downs due to creative and innovative ideas.


(中文版请看这里:http://www.durianproperty.com.my/blog/article/1103)