Real Estate

Gary Keller’s Best Advice For A Downturn: The Real Word

Byron Lazine and Nicole White are two agents in Connecticut who give us their thoughts on the week’s news every Friday in “The Real Word,” a weekly video column on Inman.

Expect more mergers, acquisitions and liquidations

According to Mike DelPrete, cashflow determines a company’s destiny. Massive stock losses, widespread layoffs and a need to demonstrate sustainable business models when seeking financing means that some of these companies will have to look to cash-heavy companies like CoStar or strategic alignments like the one between Zillow and Opendoor.

Gary Keller on working through a downturn

“Focus on a career, not a year” is the advice from Gary Keller when working through a downturn. He says this is key for working through the current market and positioning yourself when the market turns the other way. Keller is saying that it’s necessary for us to see some loss in value and that 2023 will be similar to this year, with low transaction numbers.

According to White, it’s about doubling down on those actions that have been working for you over the past year. Stop playing “squirrel” and skipping around looking for a fast fix. Lazine and White agreed that even if you’re talking to people who aren’t ready to buy now, you’re setting up your database for the next five years.

Left, middle, right

Adidas terminates Ye partnership, Gap removes Yeezy items over rapper’s antisemitic remarks

After public pressure, Adidas finally cut ties over West’s antisemitic remarks. The lesson for agents here is that your content and the way you present yourself to the public matters, Lazine said. “Authenticity” is well and good, but you need to present your best face and create a positive perception on social media.

People don’t just act off of a referral anymore. They’ll look you up, so make sure that you’re not killing your deals before they begin through the way that you present yourself online.

Mid-term elections impact real estate. Vote

Everybody’s cop-out is “I don’t want to talk about politics” but, according to Teresa Boardman, it’s important to get out there and vote for the state and local representatives who have a direct impact on our daily lives and the real estate industry. It may not be about the political party and just voting down the ticket, Lazine said. Often, it’s about voting for the candidates your real estate board is supporting because they’re supporting your career.

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