When starting a real estate media business, it's important to consider the seasonality of the industry. When I started my business, I hit the ground running in January of one year, hired my first employee in August, and then experienced a dramatic decrease in business in the months of October, November, and December. I was not prepared for the seasonality of this business, and it taught me a valuable lesson. Knowing the seasonality of the business will help you plan accordingly. You may want to plan for bigger business expenses when there's a lot more revenue coming in. It's also important to plan ahead and know what activities you can have your team focus on during the slower portion of the year. We focus a lot on training our team during the slower times of the year. Your business won't drop to zero, but there will definitely be a significant drop during the end of the year for most US markets. Be sure that you're taking care of your team and that they are getting the hours they need. We come up with different projects that we have our team focus on to stay productive. For example, the creation of a new course. You may find that some team members like the reduced hours for the holidays, and some may want or need more hours for the holidays. So it's important to accommodate the needs of your team members. Now the seasonality I am referring to is for the main markets in which we operate. No matter where you live, there will likely be some sort of seasonality, whether it's the holidays or weather-related. Be sure to check new listing trends in your area because that will show you when peak and low volume listing seasons are.
#realestate #mediabusiness #seasonality #businessplanning #teammanagement #training #productivity #newlistingtrends #businessstrategy #entrepreneurship
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