I had the opportunity to reflect on the global financial crisis yesterday when I was speaking with some of my clients in Western Australia.
I thought it wise to open the discussion of market changes and the notion of being prepared.
We know how important it is to plan for the unexpected, we learn about the rainy day fund our entire lives. In fact I have an account in my business entitled “Business rainy day”, and believe me the day comes when you are happy you had this little hidden pocket of joy.
Right now agents across WA are dipping into the rainy day fund and drawing on every opportunity they have to batten down the hatches as the market has done a complete shift.
While some of the rationale for their actions can be apportioned to the mining industry, there is also reason to reflect on population growth (or lack thereof), immigration changes as well as the sheer financial requirements to purchase or lease a home, for the first time or the 50th.
What have you done to ensure you are ready for a market turn? Will you be able to keep the business going in times of drought? A market shift can happen at any moment, and may happen when you least expect it.
Go on, be a good scout and “be prepared”: for if you can make it through the winter, boy, is summer great!