Today I was on a busy road and was stopped while waiting to exit the off-ramp. I could see a truck coming up behind me at a high rate of speed and it looked as if a direct rear-end collision was going to happen. I could feel myself preparing for impact.
Thankfully, the driver was able to maneuver away and missed me by a hair. My heart rate was high, my hands gripped the wheel, and I said a prayer. After the near-miss, I was on high alert. I am sure many of you have been there.
This afternoon as I was pondering how fortunate I was that the impact was avoided, I started to think about the impact of a sudden change in our world of real estate. I was just 3 years into my new real estate career when 2008 changed the course of real estate overnight. Truly, we were all faced with a sink or swim situation.
As we braced for this shift, many jumped ship from real estate while some of us braced for impact and kept swimming. Personally, at the time, I was a single Mom, and giving up was simply not an option. I had to do some quick thinking and brace myself quickly to avoid failure.
At the time I was in the Houston, Texas area and the foreclosures and short sales were rampant. I figured out that if I were going to remain afloat, I better embrace this part of the business. I quickly took the necessary certification for the SFR, began sending letters out to my local bankers, and found myself with more work than ever.
This work was very different from what I had been doing previously in real estate but, it created an income stream and provided me with an entirely new skill-set. I avoided a devastating impact by preparing myself to do business in a new way.
As we continue to see mortgage rates climb, gasoline prices quadruple, and the cost of food skyrocket, I believe it is vital that those of us in real estate, we must begin to brace ourselves for a potential impact. We've watched things change overnight before and it can happen again.
Are you preparing for impact? Take stock of your current skill-set and determine if there are areas you could be working on in the event of a sudden market change. Being prepared is always a great strategy.