New markets require new approaches and tactics. Experts and industry leaders take the stage at Inman Connect New York in January to help navigate the market shift — and prepare for the next one. Meet the moment and join us. Register here.
Just in case you have not noticed, we are heading into a tough market. It was OK when we saw real estate companies laying off employees — that made sense. After all, we have come through an incredibly profitable real estate season and many brokerages were staffed for a market that no longer exists.
However, when Meta, Amazon, Microsoft, Twitter, Snapchat, Intel, Lyft and more are announcing layoffs and hiring freezes, where I come from, that is called “a clue.” Important to note, most of the aforementioned companies have billions in cash reserves, yet they are choosing to downsize and slash expenditures to prepare for the impending recession.
In contrast, many Realtors I know have no cash reserves and are still spending like there is no tomorrow.
A history professor at the college I attended was famous for beginning his first lecture with the following words: “The only thing we learn from history … is that we don’t learn from history.” We are at that point now in the real estate market, and those who pay attention to the lessons learned during the last major downturn will make it, while the rest … probably won’t.
Here are 10 guidelines for preparing for the market that lies ahead:
