Monday, June 1, 2009

GM Bad News and Tough Times

Mark Ijlal who publishes the Michigan Foreclosure Report blog published a great post this morning about keeping a good attitude and focusing on sustaining and growing your business in an environment filled with bad news. The GM bankruptcy will be annouced this morning and with it a ton of negative news about the Detroit metro area. DON'T let it drag you down. From Mark's blog:

"The unthinkable is happening. GM is bankrupt. Under government ownership with four brands (Hummer, Saab, Pontiac, Saturn) on the chopping block.

With this you and I are about to be hit by a massive wave of negative news both from the Internet, TV, talk radio, newspapers and every conversation that you will have in the coming week.

Yeah I understand - it is pretty depressing. My brother-in-law, my neighbor, several dozen of my friends all work for GM in one capacity or another.

But sinking in a sea of bad news for the next two weeks is not going to do them, you or me any good." Read the rest of the post here.

My wife and I both from the Metro Detroit Area and have lived through serious recessions in the 80's and 90's. When we moved to Ann Arbor in 1996, we bought a house in a great community and determined that are here for the long haul. We are raising our kids here and making a living self employed as an Ann Arbor real estate agent in one of the toughest economies in generations.

How does one succeed in times like this? Here is my advise -
  1. Stay Positive: It all starts with a positive attitude and thinking. Big things are possible in yours and my business, in some ways even more possible now than before.
  2. Cut expenses. Rethink everything. Reduce, eliminate or defer expenses.
  3. Find new business niches - Shift your business focus. Traditional real estate sales are accounting for a much smaller portion of our business than in the past. Many families are looking to lease an Ann Arbor home or condo rather than buy. So we have gotten very good at leasing properties. we are placing several families and University of Michigan students a week in lease properties. We're focused on helping first time home buyers take advantage of the $8000 tax credit for first time home buyers and great deals on distressed properties - foreclosure homes and short sales - and have identified the areas that offer the best deals and values for these buyers. We have also gotten even more aggressive with our Internet marketing for sellers so that every qualified buyer sees our listings.
We will all get through all of ths and come out stronger because of it!
Photo credit: Flickr Heidigoseek

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