real estate coaching - agent crossroads and crisis
August 31, 2023

Reaching the Real Estate Crossroads: Patching the Problem vs. Starting Fresh

Throughout the years, most of us, at least once, reach the point where we realize that what we’re doing isn’t working. It makes sense that with constantly evolving markets, sometimes things need to change prompting the question: Is it better to patch the problem or start fresh? 

A Personal Story  

We recently closed on the sale of a new investment property, and I had my electrician, Frank, tour the house with me. I love Frank. He’s a great electrician because he is so knowledgeable and honest. He was walking through this house with me because I knew this house needed some electrical TLC. Unfortunately, it required a lot more loving care than I expected! Frank told me that he would only take on this job if we opened up all the walls and tore out all the old electrical wiring to run all new wiring throughout.  

This was not good news, as I had been expecting that we could simply replace the breaker panel and upgrade a few things. But I trusted Frank’s judgment, so I said, “Let’s do it.” We tore out all the walls and pulled out all the lines, and Frank is now working on installing a whole brand-new electrical system.  

“What does that have to do with my real estate business?” you might be asking. Well, if I had said no to gutting the house and just replaced the panel and a few of the electrical outlets and focused on just patching what was broken, we might have created even bigger problems down the road. I am renting this house to a nice family, and as a landlord, I don’t want to worry about this family’s well-being. My job is to ensure they will be safe and happy living in this house. 

It’s the same with your life and your business. Sometimes, we can fix the problems in our business with a simple patch job, but sometimes, it’s better to start fresh, particularly if the issue is bigger or more complicated.  

Being Honest With Yourself is the First Step 

Take a minute right now to look at your life and your business. Being honest with yourself isn’t always easy, but when you look at whatever issues you face, is it better to patch up what you perceive is broken or start fresh?  

Patching up what you perceive as broken can inadvertently put you into a limited option scenario because it’s just about fixing what’s broken and limiting your choices on how to reach your next level in life. However, letting go and starting fresh puts whatever has happened into the past – actions you’ve taken, decisions you made, strategies that flopped – and opens up many possibilities. You become the creator of your own destiny! You are free of whatever held you back and can now create new opportunities.  

Related reading: Not a Buyer’s Market. Not a Seller’s Market. It’s a W.O.R.K. Market! 

Related reading: The Close – 12 Ways to Recession-proof Your Real Estate Business 

Best Avenues to Start Fresh 

I know what you might be thinking: “Easy for you to say, but I don’t know where to start creating!”. Thankfully, we have a few ideas. Some of these may only need some patching, but like even the big brands we have come to know and love, tearing down the old to usher in the new is common.  

  1.  Revamp Your Brand: We’ve all seen our favorite things undergo rebranding when they need a fresh look to re-engage consumers. The same goes for you. To start fresh in the real estate business, it’s crucial to rework your personal brand. Define your unique value proposition (which may have changed over the years) and identify your target market (you may prefer working with a different niche). Determine what sets you apart from other agents and highlight those strengths in your marketing materials, online presence, and networking efforts. Creating a professional website that reflects who you are and being active on social media platforms can help you showcase your personality, expertise, and credibility. 
  2. Rebuild Your Network: Building and nurturing a network of contacts is vital for real estate agents starting fresh. Reach out to friends, family, former colleagues, and acquaintances to re-engage with them and ask for referrals. Attend industry events, refresh your connections at local business organizations, and engage in community activities to expand your network to other professionals, such as mortgage brokers, contractors, and home inspectors, which can also lead to valuable referrals. Related reading: How to Tap Into The Referral Gold in Your Power Agent® Directory Today
  3.  Embrace Technology and Innovation: In today’s digital age, embracing technology and innovation is essential for real estate agents looking to start fresh. Utilize real estate-specific software and apps to streamline your business processes, manage listings, and communicate with clients more efficiently. Explore digital marketing strategies like social media advertising, email campaigns, and search engine optimization to reach a wider audience. Consider incorporating virtual tours, 3D imaging, and video marketing to enhance your property presentations. By leveraging technology, you can stay competitive, provide an exceptional customer experience, and position yourself as a modern and knowledgeable real estate professional.Related reading: Unleashing the Power of Farming and Self-Promotion: A Path to Success
    Related reading: Hubspot – 20 Real Estate Marketing Ideas to Bring in Qualified Buyers 

Taking a step back to conduct an honest assessment of your business can serve as a transformative catalyst, allowing you to embark on a fresh journey with renewed perspectives, revamped branding, and an enhanced, streamlined approach to operations. By embracing this approach, you can unlock the potential for significant positive changes and set the stage for greater efficiency and success in your business endeavors. 

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