Flip Flop Friday: "When the facts change, I change my mind. What do you do, sir?"

By
Services for Real Estate Pros with John Henry Masterworks Design International, Inc.

Some version of this quote is attributed to Maynard Keynes... but having just heard it recently, it struck hard.  Similar aphorisms come to mind but this one is specific to circumstances and bears noting.

(Let me mention first, I have been gambling lately.  Not intelligently though.  The lottery scratch offs.  OK, condemn me now, I can take it.  But I haven't been winning very much... in fact pickings have been very bad in the last two months. So, keep this in mind.  Actually, the wife does the scratching...)

We act daily on facts, and repeat our habits.  If what we do by rote is successful, then we repeat our 'system'.  This would include all the elements that go into operating a successful business: branding, marketing, SEO, web and social media development, client communications, etc.

But when the 'wins' are not consistent, we have a tendency to keep the same habit and routine intact.  We think that since it worked before, well, everything is sound and should keep working to stay successful.

The problem is that we may not be looking at the ball and ignoring essentials -- fundamentals that are steering our 'markets' in one direction or another.

We tend to focus on the 'machine' intently  -- often more than the hard facts on which the machine is based/designed.  And, if not aware, we run the machine in the ground expecting the same results.  But, if the facts have changed then we are into the adage: 'the definition of insanity is doing the same things over and over expecting a different result'... or actually expecting the same result despite a change in the larger market.

Markets change based on fashion, finance, social and political mores even.  The pendulum swings in one direction then swings back.  Sometimes it's stuck in one position and hopefully your machine is geared for that!

STOCK MARKET ADAGE: 'DON'T FIGHT THE TREND'

Business owners need to be aware of how their machine is responding to market changes.  If you are not 'changing gears' to meet expectations of a changing potential clientele then you will be losing momentum, time, and money.  You may even find yourself so far out on a limb that you will find yourself in a financial quagmire.

Trying to capture and profit from every change in a market though - small especially- may not be prudent.  You should focus on your strengths and specialty.  Just be aware if the market on the whole could be moving away from your specialty, then you should consider possibly a different niche.  Think strategically. At best, you can make small adjustments; at worst you may have to retool completely.

So, being aware at all times is very important.  Small businesses especially have very little float to absorb while changing gears.  Don't be blindsided by focusing on the machine entirely and ignoring the bigger picture!

Be aware at all times so that you are not the frog in the pan that is slowly heating up...  Change can be incremental and if it catches you flatfooted you may get clobbered!!

++++++++++++

I have been designing large luxury homes for 30 years, mostly in traditional styles.  The last two designs we finished are much smaller and are retro to some degree.  There is a segment for smaller product and mid-century modern seems to be strong.  I have not changed my branding to accommodate this market but am surprised that two builders asked for something completely different recently. The house at top is a retro 50s thing at only 1200 SF with two bedrooms and carport.  The one below is 2100 with three bedrooms, two baths.  

(Oh, and if your luck is not good at gambling, then back off until some winners come through.  I think the whole system is rigged!)

Posted by

JOHN HENRY ARCHITECT  Orlando Florida Custom Home Designs

Beautiful European and American classical period luxury homes and plans created by premier residential Architect John Henry has been a passion now for over 30 years.  Inspired by old world archaeology and medieval to Renaissance architecture -- and having lived in Europe and the Middle East-- John Henry is widely known for the romantic and period details that make his work breathe a certain soul and drama. Striving for world-class results, his award-winning work reflects the details and proportions of luxury real estate plans in historical European and American traditional styles. Attention to detail and continuity mean that the architectural interiors should also be integrated properly.

Portfolio of Luxury Homes: https://www.dreamhomedesignusa.com/

Office on 7491 Conroy Road Orlando, Florida  32835

Tel: 407.421.6647

Email: johnhenryarchitect@gmail.com

YouTube Videos:    https://www.youtube.com/channel/UC3c7Jnh5ggwNw0f3fME1joA

Free Home Planning Questionnaire, just inquire here.

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change your business profile if circumstances change
if the facts change then change your strategy

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Rainmaker
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Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon John Henry - as always your posts get us thinking.  Are facts stubborn things or are we the ones that are stubborn.

Feb 01, 2019 09:41 AM #1
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi John- we all can get pretty stubborn and disregard the facts. It is what it is as Larry likes to say. How about designing 55++ homes that don't look like someone put them in a shrinky machine?  I know you are the one to do it. 

Feb 01, 2019 10:19 AM #2
Rainmaker
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

John,

Interesting post, and in this business you have to be willing to turn on a dime and to adjust.  Look what happened to dinosaurs, they became an oil slick.  Adapt is the name of the game. A

Feb 01, 2019 11:20 AM #3
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Speaking of scratch offs I don't play them never win. My son says you can read them before you scratch. My sister would win at slots as soon as she walked in and would have to drag her out at dawn. IMHO have to work hard nothing comes easy. Happy Friday

Feb 01, 2019 01:36 PM #4
Rainmaker
125,332
John Henry
John Henry Masterworks Design International, Inc. - Orlando, FL
Residential Architect, Luxury Custom Home Design

Thanks Hannah, the problem is that my wife won on one, $10,000, not a lot but kept her motivated.  You know, a few bucks now and then.  I would lose my shirt in Vegas.  I just like the sounds of bells and whistles!

Feb 01, 2019 01:42 PM #5
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James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning John.

Like you, I gamble almost everyday.  I usually play just a few machines, yesterday they were not hitting, so I went to one I haven't used in months.  Needless to say I tripled my money and left.  

Am I open to changing my mind because of the fact my tried and proven method is not working, you bet ya.

Feb 02, 2019 01:34 AM #6
Rainmaker
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Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello John - an interesting post that brings forth more dialog.  I think that's a good thing.  

Feb 02, 2019 06:18 AM #7
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Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Yeah I agree. Changing your mind is definitely open for business. I don’t know why people give it such a hard time if it’s done logically.

Feb 03, 2019 06:50 PM #8
Rainmaker
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Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I agree that dialogue is definitely good and necessary, especially when financial lives are involved.

Feb 03, 2019 06:52 PM #9
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Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

There are those with blinders on that as you describe, wash, rinse and repeat.  I'm feeling as if I'm in a good place should any big correction hit.  I doubt we see a HUGE change like we did before, too many safetry strategies in place.  But we are rip for something to happen.  Love your 1200 sq ft design! 

Feb 04, 2019 06:07 PM #10
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

You have reminded me that I need to change some of my habits. 

Feb 07, 2019 05:47 PM #11
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John Henry

Residential Architect, Luxury Custom Home Design
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