The Tax Credit Is History, What’s Your Future?
Stop a minute and think about this question: What is your future now that the tax credit is gone?
I’m no Nostradamus, but I can tell you this about your future: it will be exactly what you make of it. The beauty of every day is that you have control to do those things that can yield positive and profitable results in your real estate business. And to me, that’s the basics. It’s time to get back to the basics to rebuild your business so it supports you and your family.
There’s no question, the tax credit helped. The latest estimates I read were that about two million people tapped the tax credit in a real estate transaction. That’s a good chunk of business and it would be easy to start preaching doom and gloom. Not here. Not me. You won’t hear any of that.
Yes, the tax credit is gone. Will it return? I don’t know, but at this point you have to operate without it, and I think the next healthy step is to take the standpoint that it will not return.
So, for the rest of this year, I’d like to share three tips I believe can help you gain some traction as you drive forward in your business:
1. Get clear on your vision and goals. If you don’t have a target, you’ll never hit it. I think you can actually look at this time as a blessing. Why? Because it gives you an opportunity to restart your business with a clean slate. It’s spring time now. Time for some spring cleaning. Take a look at your business and clean out what’s not working for you. Then start fresh with some new ideas and a new plan of attack. I would, however, strongly suggest getting some outside assistance. Find someone with a fresh perspective who can add some new insights and who’s not too close to your business and lost in the day-to-day grind.
2. Listen to the market. Put your proverbial ear to the ground and listen to what the market is doing today. What many of my clients are finding is that short sales and foreclosures are still dotting the landscape. I recently read that roughly 11 million distressed properties are waiting to land in the market. And in California, the state Realtor association is reporting 50 percent of all transactions in the state last year were real estate owned properties or foreclosures. When you’re thirsty, go where the water is. To make that journey, I suggest getting educated on the short sales and foreclosure market.
3. Communicate regularly. Now is a perfect time to re-approach past clients and anyone you’ve had contact with to rekindle some business. I have my clients set up a system to stay in touch with people 30 times a year: e-mail them once a month; send a hard-copy mailer once a month; send a birthday card; send a holiday card; and mail a quarterly newsletter (for a total of 30 touches).
Let me hear from you. What are your thoughts – good and bad – about the tax credit? How are you increasing your business without it? Have you developed new tools and ideas to keep your business flourishing? Please share any comments or questions you have about this article. Send me an e-mail at . Bob@CorcoranCoaching.com
Bob Corcoran is a nationally recognized speaker and author who is founder and president of Corcoran Consulting Inc. (CorcoranCoaching.com, 800-957-8353), an international consulting and coaching company that specializes in performance coaching and the implementation of sound business systems into the residential or commercial broker or agent’s existing practice.
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