“No one has ever found themselves in a recession and said, ‘I wish I had less cash,’” says Jimmy Burgess, Berkshire Hathaway HomeServices Beach Properties of Florida CEO.
ORLANDO, Fla. – According to Jimmy Burgess, CEO for Berkshire Hathaway HomeServices Beach Properties of Florida, there are seven important moves real estate professionals can make to help insulate against the effects of recession.
Two revolve around finances: cutting expenses that have no return on investment and storing up cash reserves.
“No one has ever found themselves in a recession and said, ‘I wish I had less cash,’” Burgess says.
When it comes to people, he emphasizes the importance of strengthening relationships and diversifying and increasing leads. That might mean hosting more open houses, carving out a more visible presence on social media, and/or buying online leads – but it is a vital thing to do, whichever path is taken.
“Think of the stability of your business as a table, and your lead sources as the legs,” Burgess says. “The more legs the table has, the more stable the table will be.”
In addition to those pointers, he encourages realty pros to look into geographical farming as a way to position themselves as the expert for a particular area; produce more video content to stand out from the competition; and send out a video – an unsolicited comparative market analysis – to one client every single day.
Source: Inman (11/16/23) Burgess, Jimmy
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