Description
Navigating Change
Over the past
few years, the real estate industry has fluctuated significantly.
First, there was an unprecedented increase in the real estate values
and volume of transactions. This increase drew many people to work
in the real estate industry for the first time. In many markets this
was followed by an extraordinary fall in home values and market volumes.
It is well known that real estate is cyclical, but even the veteran
brokers and investors are surprised at the seriousness of this downturn.
If you’re
one of the individuals who started a real estate career in the last
five years, this set of market conditions and developments can be
puzzling. Is this downturn something you should wait out? Are we returning
to a “new normal” where the real estate market will not
be so volatile? Are there fundamental changes developing in how real
estate will be bought and sold in the future?
These are all important questions for which you’ll need answers
in order to make informed career decisions in the months ahead. Change
is upon everyone in the real estate industry. Do you have someone
who is helping you navigate this change and take advantage of the
opportunities that will emerge as the industry gets shaken up?
Finding a Safe
Harbor When the seas get rough, smart sailors look for a safe harbor
to weather the storm.
For most real
estate agents this means cutting expenses and lowering the downside
risk of maintaining a real estate career during adverse market conditions.
Hanging your license with a “desk-fee” broker that offers
a low level of support in exchange for high commission splits is not
a sustainable business relationship for most new agents. While this
arrangement works when the new sales are plenteous and easy to come
by, the overhead (i.e., desk fees and other fixed expenses) can sink
a real estate career that is not mature and well funded.
In addition to
cutting expenses, most new agents need additional support and guidance
during these turbulent times. Many see themselves at a crossroad:
Should you throw in the towel and go get another job, or is it necessary
to persevere through the difficult times in order to realize a long-term
success? A safe harbor may help you find the answer to this question.
Surrounding yourself with supportive people who have the experience,
knowledge, and interest in helping you make insightful career decisions
is one of the best things you can do during a time of change.
What Kind
of Change is Right For You?
There is no doubt
that some people should abandon their real estate careers in response
to the downturn in the market. These individuals were not well suited
for a real estate career from the beginning, and the market conditions
have exposed their weaknesses. However, there are others who are struggling
right now, but are doing so in part because they are not with an organization
that is equipped to utilize their unique set of strengths. If you
think that you may be part of this second group, then you would benefit
from finding a safe harbor, aligning your strengths with a business
process that supports those strengths, and persevering through the
turbulence ahead.
Peter Drucker,
the legendary management guru once said,
"Success comes to those who know themselves, their strengths,
their values, and how they best
perform."
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