What do these two vehicles have in common?
Yes, they both have four wheels, motors and can transport people, but what the 1971 Oldsmobile Toronado and the 1966 Imperial also have in common is that they both are vehicles produced by brands that no longer produce vehicles. They both became unprofitable, redundant in purpose and produced products that were perceived to be less relevant in the minds of many consumers, until their corporate parents "pulled the plug" on them.
There are many parallels that can be drawn between the fates of these brands and many real estate companies and careers. Heed the warning signs! We all know that profitability is a challenge these days. Fiscal control of our businesses is important and creates many difficult challenges, but what about your purpose?
Are you or is your company becoming redundant in purpose like these brands did? Are you sufficiently differentiated from your competitors? Do you and your brand make a difference in the real estate world, or do you simply exist to skim a little bit off the top of the pool of business... another "also" at the bottom of the list of companies or agents that people think of when they think of real estate.
How about your relevancy? Are you really relevant? Would the industry or your local marketplace feel an impact if you were no longer a part of it? Do consumers think of you or your brokerage as innovative, current and forward thinking? Or are you perceived as offering a product that is dated, boring or something that they can get at any number of other brokerages?
There are incredible opportunities available to real estate professionals. Even in challenging market circumstances, locally we have sen the establishment of new brokerages doing innovative things in the areas of marketing and technology. We have also seen consolidation of brokerages and rebranding efforts, sometimes creating the perception of a combination of strengths to better serve clients.
Ask yourself this, "What are you and your brokerage doing to be considered relevant and innovative in the minds of the public?" If your answer is "Nothing" or "I don't know", then ask yourself this follow up question: "Did the people who built their careers at Oldsmobile, Imperial, Pontiac, Plymouth, Saturn, Hummer, Mercury, American Motors, etc. have the same answer about their businesses and companies before they ceased to exist?"
Some of those companies were viewed as highly innovative at one point in their long histories... but remember, innovation and relevancy are measured continuously... you can be relevant one day and redundant the next!
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