This guest post was written by Larry Easto who is a
best-selling business writer, and publisher of Real Estate Marketing Link

What is The Dry Well Syndrome?

Slow markets, like the current one, often produce something that I call “The Dry Well Syndrome”.  Anyone who has run their own business for a period of time has suffered from this syndrome at one time or another.   

This condition is characterized by a pressing urgency to chase after the latest new business opportunity – regardless of what or where it is. The unstated rationale for this behavior seems to be ‘If I don’t land this business, I will never have a chance at new business again’. Hence the dry well syndrome: once this business is gone, the well of new business will be dry.

Real estate agents demonstrate this condition by chasing new business opportunities regardless of what and where they are.  If for example, an agent normally serves an area composed mostly of single family homes, The Dry Well Syndrome will drive the agent to chase a potential luxury condo listing at the other end of town.

The mindset seems to be: ‘market knowledge and personal expertise be damned – a deal is a deal and besides who knows when there will be a new deal in my market?’

It is usually easier and more effective to prevent The Dry Well Syndrome than to treat it. However, the same approach works in both prevention and treatment. The key to that approach is increased focus.

Increase Your Focus to Avoid the Syndrome

An increased focus on the market or markets you serve and also on what you do well will help prevent The Dry Well Syndrome.  Instead of trying to enter new markets, learn more about your own market. By the same token, instead of trying to connect with people in a new market, connect with more people in the market you already know.

Enhance what you already know and do well – don’t waste precious time and energy chasing off in new directions.  Remember that to survive the economic downtown, and continue to thrive when it’s over, you will need a sound marketing plan.

If within the past six months you have not reviewed or revised your marketing plan—do it now.  And if you need help in revising your plan, check out the personal marketing plan for real estate which will guide you through this process.

By updating your personal marketing plan, you will be identifying the strategies by which you will enhance your connection with your existing market.  By implementing these strategies, you will also be protecting yourself from The Dry Well Syndrome.