5 protips the best teams are using to thrive in today’s market

In her first column for Inman, Vija Williams writes that it’s never too late to thrive in an uncertain market, even if your team was unprepared for change.

In these times, redouble your efforts – on your skills, on your knowledge, on you. Join us August 8-10 at Inman Connect Las Vegas to prepare for change and learn from the best. Get your ticket now at the best price.

The new market has arrived overnight for some teams. For others, it came after warning signs and preparation. For both, market developments presented challenges and opportunities.

Stronger teams, however, get stronger as a result.

Through countless conversations with team leaders over the past year in my role as head of industry for PLACE, I’ve noticed five similarities in top teams’ responses to the new market.

1. Lose weight

In 2021, when the market was full of opportunity, bidding wars and leads, many lost their grip on business fundamentals and failed to hold their money accountable. It was almost universal. When the market cooled in early 2022, top teams were quick to adapt.

Team leaders who have succeeded in the new market have reassessed their revenue, growth and results. They identified unnecessary spending and made serious changes. Even those who were late to notice the writing on the wall managed to stop the bleeding in time to make their businesses lean enough to survive a tough market.

Trick : A key part of expense management that I learned from my business partner and CFO Ross Clawson is to maximize your operating leverage by leveraging systems and automation. This eliminates the need to hire more and creates greater capacity for current staff.

2. Convert old prospects

Many teams have paid big bucks for tracks from 2020 to early 2022. This has been reduced significantly over the past year. The best haven’t lost sight of the prospects that still live in their database. Today’s top teams are actively improving their database turnover, engaging in lead generation practices, and deepening their sphere of influence.

Trick : Make sure ISAs and Agents dive deep into the team’s lead pool and follow up on those contacts all the time. Consider measuring conversation duration as a KPI.

3. Recruit massively

When the best teams saw the storm coming, they recruited. In Q1 2023, many teams had new Agents actively in production. Others who started attracting talent earlier this year are only now seeing the fruits of their recruiting efforts – but they are seeing it.

Trick : Attract top talent by offering competitive and supportive resources and training for today’s market. It’s a skills-based market and they need good training and resources.

4. Back to the rhythms

Motivated team members unite in response to uncertainty. They’re in the office together and in a cadence of sales activities, lead generation, call sessions, power-ups, and team meetings with everyone on deck.

Trick : Prospecting together is crucial to establishing a culture of productivity and training in the field. It can be virtual or in-person, and the best teams have an element of in-person team time together.

5. Intentional training

Each client has the same global concern: economy. Serious teams study market conditions together and learn to talk to their customers about them. They embrace new formations and scripts that deal with interest rates, low inventory, and inflation while practicing harder conversations together to prepare for each potential outcome.

Trick : Hold monthly team meetings focused on local market data, macroeconomic updates and their specific impact on the market your team is in.

Above all, remember that the market does not dictate whether a team succeeds; he dictates how.

Vija Williams is Head of Industry for PLACE and owner of Vija Real Estate in the Seattle area. Connect with her on LinkedIn And instagram.