Our business models need to be nimble and flexible, but without diversifying prematurely. Over-diversification dilutes our resources and our management time.
We are in a market that defies traditional knowledge past real estate markets.
Now more than ever we need to recognize that what worked yesterday may not work tomorrow. Everytime the government and the lenders roll out new guidelines the housing market can change, literally overnight.
- The $8,000 tax credit changed the market, then its expiration changed the market again.
- Announcement of loan modification programs changed the market then it's failure changed the market again.
- Credit score requirements go up, the market goes down instantly because many thousands of buyers suddenly don't qualify.
- These are just a few examples of many.
As Realtors, we need to hope for the best but plan for the worst.
Our highest responsibility is to our clients. We need to have the knowledge to help them in a changing market.
The housing market and the job market seem to be in gridlock. One can't recover without the other and it may take years. In the meantime we need to stay ahead of the curve and continue to sharpen our tools and acquire new ones. We need to be ready for change with short notice.