Things have slowed down.
You were generating leads and closing deals not long ago, but something changed…
Now, you can’t seem to generate as many leads, the leads you do get aren’t motivated, and your sales process is churning out fewer deals than ever before.
You’re losing momentum.
But why? What happened? Is this a permanent thing or is it just a phase?
Well, here are 5 reasons that real estate businesses stagnate (and how you can rebuild momentum.
1. You’ve Lost Track Of Your “Why?”
The truth is, you are the biggest factor impacting your business’ success. If you don’t feel motivated, if you have a lot of negative self-talk, if you believe that your business is going nowhere, then you’re going to usher in an undesirable reality.
And that’s not just self-help mumbo-jumbo.
Think about it — if you’re not motivated and excited about growing your business — if you don’t believe in your business — are you going to get up early to work on it? Are you going to inspire your employees to do their best work? Are you going to take necessary risks?
Your business is going to stagnate.
So take the time to find why your building your business. Write down, in vivid detail, the dream life you imagine being able to live once your business is where you want it to be. Review it every day. And be relentless — let it seep into your soul. Otherwise you’re just not going to be motivated to grow your business.
2. Your Marketing is Inconsistent
If you go through big highs of lead-gen, deal closing glory and equally small lows, it might be because your marketing is inconsistent.
Marketing inconsistently can create times of plenty and times of want.
But why fluctuate when you could build a consistent marketing process which would make your business income far more predictable?
I recommend sending the same number of mailers each month and running the same amount of PPC campaigns every month. Of course, adjust your marketing budget and strategy as necessary, but also keep in mind that inconsistent marketing will generate inconsistent results.
3. You’ve Made a Bad Hire
Nothing slows down your business quite like hiring the wrong person for the job.
I’ve experienced this first hand. You hire someone who seems amazing — they check all the boxes and they talk a good game. So you hire them, excited about how they’ll be able to contribute to your business.
But then you give them work to do and they take longer than you expected they would.
Well, they’re learning. Gotta give em’ some time.
Then they come in late to work a few times and don’t say anything about it. And somehow, they’re clocking in and out every day, but you’re not really sure what they’re actually accomplishing.
You keep them on because… well, firing them sounds awful… and you don’t want to be impatient with them.
But take it from me — the sooner you accept that they’re not the A-player you need and let them go, the sooner you can start building momentum for your business again.
4. You’ve Stopped Coming Up With Creative Solutions
If you’re like most entrepreneurs, then one of the reasons that you got into business in the first place is because you love the thrill of problem solving. You love building and crafting something that takes hard work, you love seeing the fruits of your labor, and you love tackling challenges head on that force you to learn and grow.
And yet, some challenges we face aren’t all we crack them up to be.
When someone quits without giving any notice, or a promising deal falls through, or your website stops generating lead for some unknown reason, it’s easy to fall back into the “Why me?” “Screw this!” kind of mindset.
But that’ll only slow you down.
If you want to keep momentum (which you do), then don’t let the problem faze you, stop your negative self-talk, and use curiosity to drive you forward. Start asking “How can we solve this?” rather than “What does this mean for our business?”
5. You’re Operating in a Slow Market
If the work you’re putting into your business doesn’t seem to equal the results you’re getting, it’s possible that you’re operating in a market that’s crippling your potential.
Maybe your market is too competitive, maybe it doesn’t have enough demand, or maybe it’s too small.
Perhaps the best way to find out is by asking other expert investors their opinion. Tell them what you’re doing and where you’re doing it and see what they think — also look at your market’s housing metrics; does anything stand out?
Fortunately, since it’s the 21st century, you don’t have to operate in a lousy market just because it’s close to home. We have an article over here that talks about the ins and outs of running a long distance real estate investing business.
6. You’re Doing Everything Right
I’m not going to lie to you.
One of the most common reasons that you lose momentum in your business is because… well, you’re just going through a season. Everything in life — from business to our family relationships to our exercise routine — goes through seasons.
Sometimes, you’re doing everything right, but your business is growing very slowly. That’s okay — more than likely, you just need to keep doing what you’re doing and think will pick up in their own time.
Trust the process, don’t overthink the little things, and keep moving forward.