As we move into what is increasingly looking like a major downturn in the market, here are three critical steps to take to keep your income strong, even as there are fewer transactions.

To succeed in a slowing market, focus on the prospecting activities that are creating the best results. Failure to track where your leads originate or to follow up on every lead generated is a costly mistake. To identify what is working best in your business, go through every transaction you have closed this year and write down what prospecting activity generated that lead. Next, spend at least 80 percent of your time engaging in the top two or three prospecting behaviors that resulted in closed transactions.

In a market downturn like the one we’re currently facing, it’s critical to double down on prospecting your sphere and past client database. Top agents typically generate 50-60 percent of their business through referrals from their past clients and sphere. Using social media, text, or some other type of communication, contact five of your contacts every day of the month (that’s your top 150 contacts). Also, make sure you see them face-to-face at least quarterly.

Our “new normal” is a back-to-basics market. Focus on lead generation activities such as open house, door knocking, or holding client appreciation events that put you in face-to-face contact with potential new clients.