To say the housing industry is in transition might be an understatement. First, the market is in a dip from the record highs of just a few months ago; secondly, regulatory demands and limitations are more complicated and confusing, confounding the normal flow of business; thirdly, market pressures and risks are transforming the nature of traditional business structures and business methods; and finally, the financially competitive forces of the market place simply threaten our ability to do business.

What to do when the market takes a dip and pressure tells you to back off or retreat?

Lighten Your Load
Any sailor worth his or her salt will tell you that if you want to gain speed and distance you need to keep your sails trimmed. Another bit of advice may be to pitch the least important cargo overboard.

Often in business “lighten the load” includes pulling out of the market to one degree or another. This strategy is totally self-defeating.

Lightening the load may include trimming your staff or cutting non-essential expenses. This alone does not necessarily mean you are in retreat. To the contrary, in sailing you want to run lean, light and tight toward you marker. To stay on course requires at times you must run into the wind. When you set your sails correctly you gain speed, distance and time. Do it the wrong way and you will luff your sails and stall in the water.

So you want to lighten up and tie down the right things, for the right reasons. With a solid strategy you can go faster and further with less and accomplish more with fewer. The point is to make your moves with the best of your staff, the most effective tools, and the smartest of strategies.

Watch Your Competition
You and your competition share a common market. You compete for the same business from the same prospects and clients. When the market hits a dip, which it has, you can see the competition scatter and run for cover (retreat). Why, because they were not prepared thus financially stretched, they have orders to cut back, or perhaps they have lost a major slice of their client base. This is not the behavior of those who strive for excellence or who intend to reach and stay on top.

Truth is when you see your competition running for cover a world of opportunities opens to you. Consider your market an open field. Your competition is in various stages of retreat, scattering off that field. What is left behind? When they retreat they leave solid clients behind without adequate client support. You now have an unattended field of ready and willing prospects waiting for your services. Those running for cover are hoisting gigantic white flags inviting you to step into their vacuum and take the business.

Meet Your Challenges
Cut your staff - with a smaller team you must work harder. Cut your costs - with fewer resources you must be more resourceful.

If you recognize the current market dip you must also see the window of opportunity. Every path in business has a dip, expect it and be ready for it. The dip separates the field. The dip is precisely where success happens.

You now have three choices:

1. Retreat and sit the market out, but there can be no victory in giving up.
2. Go it alone, but that will take you longer, you will work harder and it will cost you more.
3. Or engage a professional team to provide the tools and support to help you take the market.

No Need to Go it Alone
If you choose to outsource your core marketing needs be sure to pick a group that has a proven record (in years), understands the industries (that is plural - Title, Mortgage and Real Estate) and consumers that make up your market; and one that delivers superior products, cost effective services, successful stratigies and results.

Making your move now will assure that you survive the dip (picking up additional market share) and be positioned soundly ahead of your competition as the market rebounds.

Retreat is Not an Option! Make Your Move and Take the Market Now!

Recommended reading: The Dip , a little book that teaches you when to quit (and when to stick)| by Seth Godin | Penguin Group | ISBN 978-1-59184-166-1

Comments

Add New

Write comment
Name:
Email:
Website:
Title:

Powered by !JoomlaComment 3.26

3.26 Copyright (C) 2008 Compojoom.com / Copyright (C) 2007 Alain Georgette / Copyright (C) 2006 Frantisek Hliva. All rights reserved."