|Recession (Economic Downturn):|
“For sure coming. It feels like 2001.”
Axel Hefer, CEO of Trivago joins the cast of those who see the inevitability of the next recession. He says that we will know better after summer. Summer will have the effect of obfuscating major issues in the economy.
For those who do not recall, 2001 is when the Dot Com Bubble burst.
My thoughts on preparing for the downturn:
1. Focus on the positive
2. Do a SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats) – Turn your weaknesses into strengths, and threats into opportunities.
3. Deliver what the Consumer Demands – Speed, Convenience, Choice, Value Added, Quality, Service, Information, and Discounts. If you can’t deliver on all, can you deliver on some?
4. Reformulate your value proposition – Why would you hire you, to sell real estate you own?
5. Double your prospecting efforts.
6. Review your budget. Cut where possible.
7. Look for alternative sources of income.
8. Begin to think about what the economy will look like after the recession.
9. Build a menu of services for your role as the Digitization of the Housing and the Housing Finance moves forward.