Did you notice that the word ‘recess’ is the root word of the word recession? I taught school for many years, so recess had one meaning to me during that time, but now I think about my more than 20 years working as a real estate broker and appraiser when I think about recessions.
I started in real estate during one of the worst recessions since the Great Depression. Interest rates were more than 14% on home loans, people were losing their jobs, and everyone thought this was the end of life as we had known it. Inflation was also on the rise, and people were giving up their real estate licenses in droves, in order a get a ‘real job’.
Being brand new to the business and eager to get started, I watched to see what I could learn from all of this. My office had more than a hundred agents when I had started the month before, but now we were done to about twenty. One of them, a man from New York named Sal, invited me to move my things to a large desk near the front of the office. It had a nice view, and a chair that swiveled. I asked Sal what was going to happen to the real estate business.
“It’s recess, that’s all. Enjoy it while you can.”
Sal went on to explain to me that whenever there was even a slight downturn in the economy, many people would simply give up. Those who did not would reap the benefits. He was so right. My first year was very successful, and I went on to build a profitable business. People still needed to buy and sell real estate. Life went on. I had learned a lesson that is still with me today.
Instead of dwelling on the recession, enjoy the recess and set yourself up for success. It applies to every type of business, online or off.