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!