Knowing When to PIVOT!

By
Real Estate Broker/Owner with Beam & Branch Realty TREC #547752

Recently, as I have been assessing my brokerage business model while studying the current market and data, I have made the decision to make a pivot. When I experienced a major, market shift back in 2009, I took the time to determine how I would survive and stay in real estate. While many were making the decision to jump ship, I decided to stay in. This required me to make some changes.

Real estate has certainly been a roller-coaster ride through the years. Those of us who have remained in the business for a decade or more, completely understand what it means to pivot. And, while many believe taking a turn or changing directions is a bad thing, I believe it is healthy and important.

After the pandemic, everyone took to their home offices or created a home space to work. Since that time, more and more agents have yet to return to a physical brick-and-mortar office. As I was sitting in my beautiful, downtown office, with fewer and fewer agents ever gracing the doors, It became clear it was now time for a pivot.

After speaking to all of my agents, each one agreed that making this change to go completely remote was a good decision. And with this change, I was able to make some adjustments to our entire business model that would benefit all of the agents. It was a win-win for everyone.

For me, a pivot means many things:

P - PLANNING! In order to pivot, you must have a plan. This plan must make sense, and have the opportunity to be implemented. Basically, you can't just dream up what you want to do. You have to be able to get it done.

I - INNOVATION! Making a pivot requires new thinking and being brave enough to try some new things. Being innovative means thinking in a different way and then getting the courage to try out new ideas.

V - VITAL! Determine what is truly vital in your business right now so you can incorporate these as you move in a new direction. A pivot does not necessarily mean that each and every aspect of your business has to change. Obviously, the things that are unique to you and your business model, most likely need to remain.

O - OBJECTIVES! Writing down your objectives for your business is essential. What do you hope to accomplish? What are your goals? What do you need to do in order to get where you want to go?

T - TACKLE! That's right! Get after your new plan with gusto and tackle this new direction head-on! If you have thoroughly assessed, evaluated, and discussed a new plan, now is the time to get the game started. Don't allow yourself to have analysis paralysis! You can and will do this!

Where are you right now? Is it time for you to make a pivot? Perhaps you simply need to stay put. The important decision, however, is what is best for you as we are all experiencing market changes. Best wishes as you determine your pivot!

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Comments (29)

Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Paula... this is excellent advice. I've been in real estate for so long, I suspect that I often am pivoting without even realizing I'm doing so... change is a constant, afterall.

Oct 30, 2023 06:15 AM
Dr. Paula McDonald
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

Nina Hollander, Broker - that is a sure sign that you are realistic and astute to the needed changes. And you are so correct, change is constant.

Oct 30, 2023 06:41 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Dr. Paula McDonald ,

So glad to see your post featured. I see so many on the fence and some even not seeing the changes coming at them. I also see some agents switching brokerages but that usually is not the answer. The grass is not always greener on the other side. Clients are interested in the service you provide and that you care. Good for you for making a decision and following through with your pivot.

Oct 30, 2023 07:26 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Hello Dr. Paula McDonald - Indeed this is spot on!  I made the first major pivot with a decision and planned to go independent in 2012.  That required a lot of planning and timing. I must say, that was executed flawlessly.  

So happy to see this post is wearing a Gold Star!  

Oct 30, 2023 08:50 AM
Leanne Smith
Dirt Road Real Estate - Golden Valley, AZ
The Grit and Gratitude Agent

Outstanding post and not surprised by the marriage of practical advice and creativity with the acronym pivot. Your strategy of pivot works well with my "ACE" Assess, Clarify and Execute. When I work business owners through strategic thinking and planning, the essence of that activity is all about Assessing, Clarifying and Executing.  Congratulations on the FEATURE, very well done. Though I am not surprised.

Oct 30, 2023 10:57 AM
Dr. Paula McDonald
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

Thank you so much, Dorie Dillard Austin TX! I appreciate your kind words. And, I am thrilled with my pivot! It is going to be a good thing.

Oct 30, 2023 02:45 PM
Dr. Paula McDonald
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

Thank you, Kathleen Daniels, Probate & Trust Specialist - our phone conversation sparked this post. Thank you as always, for your encouragement.

Oct 30, 2023 02:46 PM
Dr. Paula McDonald
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

Leanne Smith - you are so kind. Thank you for your sweet words. This pivot feels really good!

Oct 30, 2023 02:46 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Real estate is cyclic environment.  It's important to be able to pivot when necessary.  Careful analysis of the market and what it will take to pivot successfully is key.

Oct 30, 2023 07:59 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

CONGRATULATIONS Paula, on having this blog FEATURED in the Old Farts Club group!  

Oct 30, 2023 07:59 PM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

Bravo, Paula! I applaud the way you do business and your well thought out plan is a win-win situation for everyone involved.  I would love to work for someone with a plan 🙂

Oct 30, 2023 09:53 PM
Dr. Paula McDonald
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

You are so correct, Myrl Jeffcoat! A careful analysis is very important. Thank you for the feature in your group.

Oct 31, 2023 07:52 AM
Dr. Paula McDonald
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

Hey there, Paul S. Henderson, REALTOR®, CRS - a plan is certainly essential. :)

Oct 31, 2023 07:56 AM
Elyse Berman, PA
LoKation Real Estate - Boca Raton, FL
Boca Raton FL (561) 716-7824

I think we are all going to have to pivot with the changes coming, just as we did in 2009.  Congratulations on the feature!

Oct 31, 2023 07:35 PM
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

When the pandemic set upon us, our office closed for a period of time. I can work wherever I can get cell service and an internet connection, so I did not go the office ever week day prior to the pandemic. When the office closed, I worked from home...sometimes from the comfort of my Lazy Boy Chair with a tray next to it to hold my papers. It was soon clear that I don't need an office. Now, I go in about once a week just to say hello to those whom I see at the office and let them know that I am still around and working.

Oct 31, 2023 08:05 PM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Our office just did a pivot and downsized from the large street presence to a back-office location where one could greet and meet with a client away from a coffee shop.

Nov 01, 2023 07:14 AM
Dr. Paula McDonald
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

Thank you, Elyse Berman, PA - it is super important and I do believe we are at that point right now.

Nov 01, 2023 11:32 AM
Dr. Paula McDonald
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

John Juarez - I too enjoy working from home. I get a lot done and I enjoy having the flexibility.

Nov 01, 2023 11:34 AM
Dr. Paula McDonald
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

Yes, Ed (Edward) Silva, 203-206-0754 - I believe many more companies will be following suit.

Nov 01, 2023 11:38 AM
Joyce Marsh
Joyce Marsh Real Estate LLC - Daytona Beach, FL
Joyce Marsh Luxury Homes & Interior Designer

Real Estate is a constant changing business. After being in the business for almost 25 years I can honestly say that each and every year is different and requires a great deal of flexibility and the ability to adapt to a constantly changing marketplace. Otherwise we wouldn’t survive. I’m glad that your decisions are working out well for you. All the best in 2024.

Jan 02, 2024 07:07 AM