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What to do when your business stalls

When it comes to moving your real estate business forward, that growth doesn’t have to be in a straight line. 

That’s the view of Manny Solis, a strategic adviser to top real estate teams in the US. 

Manny, who works for Side, says in the volatile world of real estate, setbacks and periods where you plateau are common, but it’s critical to remember that failure is not forever but a step on the way to further growth. 

“Whether you’re facing challenges in acquiring listings, empowering clients with confidence about the market, or scaling your associates to become more efficient, failure is only a stepping stone toward your goals,” he tells Inman.

“Instead of dwelling on past failures, focus on extracting valuable lessons and insights that can inform your future decisions. 

“Analyse what went wrong, identify areas for improvement, and adjust your strategies accordingly.”

Manny says adopting a growth mindset is important as it grows resilience when you face tough times.

If you’re currently in a period where your business has stagnated, he also suggests trouble shooting these four areas.

Self analysis

Manny says when you face setbacks it’s important for you to take a step back and complete a thorough self-assessment.

Manny Solis.

“This involves examining one’s strengths, weaknesses, opportunities and threats (SWOT) to clearly understand one’s current position and potential areas for improvement,” he says.

When assessing your strengths, look for what unique skills, experiences or resources you bring to the table.

You might be a great negotiator or have exceptional market knowledge and Manny advises that you should leverage such strengths to overcome your challenges.

Next, assess your weaknesses or areas for development.

“Addressing your weaknesses can help you become a more well-rounded and effective agent by improving your digital marketing skills, expanding your network or understanding emerging market trends,” Manny notes.

“Once you’ve identified your internal factors, it’s time to evaluate external opportunities and threats in the real estate market. 

“Are there untapped niches or emerging trends that you could capitalise on? 

“Conversely, are there external factors such as increased competition, regulatory changes or economic downturns that pose potential threats to your business?” 

Tap into your community

Manny says in real estate, tapping into your community isn’t just a nice thing to do, it’s a “strategic imperative”.

He says agents who build relationships in their community build numerous benefits and become trusted advisers. 

“This foundation of trust enhances client rapport and provides agents with invaluable insights into the nuances of their markets, equipping them with insider knowledge that gives them a competitive edge,” Manny says.

“Moreover, community involvement is a networking goldmine, offering agents access to a vast web of connections that can yield lucrative referrals and bolster their professional reputation.”

Manny says if you showcase your commitment to your community you position yourself as an authentic leader.  

“In essence, for agents, the power of community isn’t just a tool — it’s the cornerstone of sustained success in an ever-evolving industry,” he says.

Stay focused

Manny says it’s critical that you remain focused when you’re searching for success.

“Begin by establishing clear goals, both short-term and long-term, to provide a roadmap for your endeavours,” he says.

“Craft a structured schedule that allocates specific time-blocks for crucial activities, such as client meetings, prospecting and administrative tasks.”

Manny also suggests continuously adapting and improving your productivity strategies and designing drip campaigns and actions plans to stay top of mind with your target audience.

“Remember that discipline, organisation and a commitment to continuous improvement will propel you to the next level in your business,” he says.

You’re in control of your success

While it might sometimes seem as though your success rests solely on market conditions, Manny says this doesn’t have to be the case.

He says diversifying your portfolio, to engage with different market segments, will help you navigate market fluctuations. 

“Building a robust network of clients and industry professionals fosters a continuous stream of referrals and opportunities, regardless of market conditions,” he says.

“Staying informed about market trends, economic indicators and regulatory changes enables proactive adaptation of strategies. 

“Moreover, emphasising exceptional customer service, offering value-added services and tailoring marketing efforts to suit prevailing market dynamics bolster client satisfaction and retention.”

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Kylie Dulhunty

Kylie Dulhunty is the Editor at Elite Agent.

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