Real estate agents often take the path of least resistance when it comes to generating new business. While many agents flourish in a good market, those same agents often flounder when the market turns rough. Why? Simple. Those agents allow business to come to them, albeit often with some reasonable marketing efforts. That works fine in a strong market; but could spell doom in a down market.

Here are some key tips to ride out the storm and stay busy in all markets.

1. Have several sources of business at all times. Building a base of business on one source might work well for a while, but if that source becomes exhausted, or stops producing, you are out of business. Focus your marketing efforts on at least 3 sources of business, with sales and listings coming from all 3. Then, if one or even two sources slow down, you still have another producing income. An example of 3 sources might be 1. Prospecting your past clients, friends and relatives, 2. Work a large geographic farm and 3. Prospecting first time homebuyers, For Sale By Owners or expired listings. Doing all 3 well might help you ride out a bumpy market.
2. Stay on top of trends. Look for opportunities that might be around the corner, and be prepared to move quickly. In a market with falling interest rates, more and more first time homebuyers would be ready to buy. Seeing that coming and preparing for it puts you ahead of the competition. A slowing market and declining values often brings a higher level of foreclosures. Develop relationships with several lenders so that when they are ready to list those properties, you might be near the top of the list.
3. Never stop prospecting. No matter how the market shifts, it will come back around. Yes, you might need to continue spending money to do that, but any business requires on-going investment. While some buyers and sellers will make instant on-the-spot decisions on which real estate agent to use, most will make a decision to use a Realtor and will consider who they have seen or heard from the most. Consistency and repetition builds your business.

It is not impossible to stay busy in a down market; it simply requires focus and perseverance. With several sources of business, it would be odd that all sources would slow down at the same time.

Your mental attitude will have a lot to do with your success. If you believe the market is bad and there is no business, you are correct! If you believe that there is business to be had, again, you are correct.