Real Estate

Watch: What Is Your Plan For Surviving A Downturn?

Brad Inman interviews Thad Wong of @properties Christie’s International Real Estate and Nina Dosanjh of Vanguard Properties about what brokerages can do to best position themselves and their team to outlast the downturn. If your first instinct is to cut staff, this panel says think again

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The change in the market is tangible. How your team manages the change could determine if they make it through the downturn. In the video above, Brad Inman interviews Nina Dosanjh of Vanguard Properties and Thad Wong of @properties and Christie’s International Real Estate.

With respective markets in San Francisco and the Chicago area, both agents discussed how the pandemic shaped and changed their business. Although neither agent foresees a crash, they do think things will return to pre-pandemic conditions of longer days on market and slower appreciation.  

Layoffs and staff

“If you’re letting go of a ton of people, it means you’re poorly managed, in my opinion,” Thad Wong of @properties Christie’s International Real Estate said.

Wong emphasized that if agents are already concerned, one of the worst things you can do is to lay off support staff. He recommended moving around personnel into different positions to aid struggling real estate agents can be a game-changing move. Wong said shifting your focus with staff back into your top-performing agents will ensure that the team feels amplified.

Moderator Brad Inman said that teams will need to “follow the winners and not the whiners” to keep their mindset moving forward.

Tech and training

Nina Dosanjh said that her team was focusing on more training for managers and staff so that they were well prepared to help agents with the change. It’s important to keep the staff sharp and lean for uptrends and downturns so that you can provide consistency for your agents.

Dosanjh said that there are opportunities to save money by auditing your current technology expenses and making sure that each and every tech service you pay for brings value to your agents.

The biggest takeaway for preparing for a downturn is to make sure that you are not promoting a doom and gloom mentality. It’s important to focus on your agents and help them push out content that will help promote your brand and bring business back into the brokerage. If you are able to redirect staff members into data organization roles and other roles that help support lifting up agents during the slow down and not taking away from them.

Watch the panel’s entire session via the video at the top of this post.

Rachael Hite sold real estate in Virginia and West Virginia for seven years with a specialization in short sales and foreclosures. She has been an office manager, an agent, mortgage marketing consultant and continuing education trainer for agents since 2012. She currently specializes in private business development and digital marketing services for top producing agents and businesses in the housing industry.

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