New year, new you? As popular as that mantra is, a calendar can’t completely reset market fundamentals. What can be reset is your attitude and your business approach. If you navigate the first few weeks of 2024 right, your team will feel like they’re in a good place and that attitude can carry them through the year.
Here are the steps you should immediately be taking to make 2024 your new best year.
Hold off on the layoffs
The holiday season is over, but that doesn’t mean now is the time to be a Scrooge. January is often layoff season, and with good reason, as companies take stock of their accounting and budget for the new year.
However, if you’re a broker or a team leader, remember that cutting your way to growth is a fallacy. Layoffs should never be done lightly, for your workers are your most valuable asset. If your company gets a reputation for untimely layoffs, that can impede future recruitment too.
Take stock of your sphere of influence
The best place to start a business plan is to take inventory. Since sales is nothing without people to sell to, you should reach out to your former and current clients. That lead who told you they didn’t want to sell six months ago? Call them up and see if they’ve changed their mind.
Teams have an advantage here since you also have the opportunity to pool resources and share some contacts; mentioning you’re on the same team as a lede’s old REALTOR® is a built-in referral/endorsement. Even if you prefer to keep contacts close to your chest, checking in with your teammates can help you gauge the health of the team as a whole too.
Assess the tools in your team’s arsenal
If you know that you have people to sell to, next take stock of the tools you have to help complete that sale. So, make a list of the major tools that your team uses.
In 2023, where did you get the most listings? How do your results compare with your teammates? Did you all get most of your listings from your MLS? Then you know its a valuable tool you should keep using. Did someone on the team have particular success with cold-calling? Then have them give everyone else on the team tips.
If it’s a tool that your team is paying for, then you should be especially conscious of if its giving you results.
Check unsold listings from 2023
Do you have any listings that have been on the market for long – too long? If so, the next part of taking inventory is to put your analyst’s cap and figure out why this property is struggling. Again, leaning on your teammates so you can compare notes will be a help here, and an advantage you and your colleagues have over non-team REALTORS®.
There have been forecasts that 2024 will be more of a buyer’s market, meaning less leverage for sellers. Make sure your team knows this, so they can each prepare their contingencies and the warning speeches they may have to give their clients.
