I apologize for being away so long but, now I'm back blogging. And, I'm more focused than ever. You might say to yourself, what makes this guy so cheerful and poignant on this rainy and cold Tuesday morning? Well, internet readers of the world, besides the holiday cheer hangover, I have also learned to fully accept and embrace the changes in my real estate business and the economy. Like the great Sam Cooke once said, "a change is gonna come".
Over the past year and a half, the economy and the real estate market in particular, has obviously gone through a Kafka-like metamorphosis. If we as agents and brokers stay stagnate then, we will slowly erode like rocks at the beach as the constant tide of the recession slowly turns us into a smoothed out shadow of our former selves.
I used to make a great living developing and selling first-homes and condos to young professionals, graduate students, and whoever else would come along. Due to financial constraints, many parents aren't buying that condo for their kid, a large portion of young professionals are struggling to stay employed, and the boat loads of buyers have since been diverted to another port.
So what is a real estate professional to do? Simply put, make a change. I know it sounds so simple to make changes in your business practices, and head in a new direction. But, old habits and ways of conducting business are deeply ingrained in us, and often are resistant to change. To be successful, in today's real estate market you have to be able to roll with the punches and go where the money is. Now I can't give some generalized advice that will turn every struggling brokerage around, there just isn't a universal answer for such a complex situation.
For my own business, I first began by figuring out who is still conducting lots of real estate business, and how can I benefit their business and make a little something for myself in the mean time. I live in a high-end rental area, and for the big time landlords, it's almost business as usual. So, I put together a good presentation, and pitched it to a few of the fat cat landlords in my area, and got my foot in the door.
From there, I let my job performance speak for itself. Over the past 18 months, I have leased out nearly 100 rental units. The transactions are simple and quick without a long term commitment on either side of the deal. And although rentals are not as lucrative as sales, even a modest agent with a decent inventory can close 2 or 3 leases in a week without breaking a sweat.
So, as the market and the economy has shifted and transformed itself, so have I. This flexibility has allowed me to stay in business and successful but, more importantly I am very happy with the direction of my brokerage. Nobody knows what the future will hold. The only thing that is certain is change. And, you have to be able to embrace the changes around you and make the best out of any situation.