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Entrepreneurship is a journey, which is usually unpredictable. Regardless of the sector, you are likely to experience some form of crisis, whether within the company or externally, and the Covid-19 pandemic has generated seismic changes in the real estate sector. Metropolitan areas have seen a drop in sales in 2020 not seen since the real estate and financial crises of 2007-2008 and so sellers have been reluctant to put properties on the market, even as demand for homes outside cities has increased.
I took this shift in demand and positioned my brand as the go-to place for luxury homes away from city life, and came away with a few ways to rebuild a real estate brand after unexpected market shifts.
1. SWOT Analysis
One thing I’ve learned to do after a crisis is to assess my business’s Strengths, Weaknesses, Opportunities, and Threats (SWOT) – determined its weaknesses that would hinder its ability to recover. Then I identify ways to minimize those weaknesses. For example, might I need a new team? Should I outsource to an expert with specific skills? This type of analysis helps you become aware of your situation as a business and is an integral part of your reconstruction.
2. Cultivate networks
A wide range of connections plays a vital role in real estate success. For example, there have been times after a crisis when an opportunity has thrown itself into my lap through my vast network. Have a before the evolution of the market greatly facilitates the reconstruction. If you don’t have one at the moment, you should include building it as a vital strategy.
Related: 7 ideas to boost your real estate brand and increase your sales in 2022
3. Refine your team
Reviving a business only works when it has an effective team. In some cases, yours may lack the skills needed to help you scale, and you may need to get rid of a third of their members to take advantage of the opportunities. Hiring replacement staff can pay off in the form of new knowledge gained – people who will come with new ideas and a zeal to help you succeed.
4. Connect with Central DNA
A business can face so many challenges that one can forget why it was created in the first place. So when you want to revive yours, it’s essential to look inside the company’s DNA, its reasons for being and the qualities that set it apart. Once you have identified these unique attributes, you need to develop them by communicating them to your target audience. By putting purpose at the center of strategy, you realize three specific benefits: more engaged stakeholders, more unified internal messaging, and a wider positive impact on society.
5. Stay in touch with customers
Following up with customers helps determine if they are ready to continue buying. If not, tracking can help you understand why they are no longer interested. My real estate mantra is, “Always seek to connect with people,” and the feedback I get from them helps me identify areas I need to rebuild.
Related: 5 tips for gracefully accepting constructive criticism
6. Failure is not final: arrive at a new vision
The effects of a crisis can feel like a failure, but with an effective strategy, you can live again. To do this, you need to harness your innovation. Part of my strategy is researching a target audience: I find out how their needs have changed as well as ever-changing market trends. Then I use the insights gained to recreate my service in a way that addresses their pain points. Innovation forces you to do something new, which means researching market conditions and competitors and developing new ways to sell your service.
A new vision helps motivate the team and sets the tone for change, and you need to create one that reflects your goals and communicate it accurately to team members. When crafting a new vision, it’s tremendously helpful to include your team in the process: encourage them to share ideas to make it as impactful as possible.
Ultimately, this renewed perspective will help you make decisions, stay focused, motivate talent, define company culture, and prioritize resources.