Adapt or Die – the Evolution of Real Estate
In the world of real estate today, success is about so much more than lead generation, market knowledge, and negotiations. It’s about mindset. The new policies that recently went into effect have changed how we need to operate from a technical aspect, this is true. But if we fail to change our mindset to go along with the new operations, we are likely to fail.
As an industry, we’re always evolving. I’ve been in the real estate business since 2002, and trust me when I say I’ve seen a lot of changes to our business over the years. The idea to “adapt or die” has always been relevant to us as agents, but I think we’re feeling it now more than ever.
Where are you fitting in with our new environment? Have you been able to shift your perspective and embrace the changes? Or are you stuck in a rut of anxiety, negative thinking, or simply remaining unadaptable?
If you lead with the mentality that it’s not about you, but about your client, it’s a lot easier to adapt to the changes. Complaining about the lawsuits, pining away for how things used to be, or focusing on how to skirt the new regulations aren’t helpful for you, your clients, or your fellow agents.
Right now, there are agents who are out there doing a great job representing their buyers and sellers by adapting to the changes and educating their clients to do the same. And there are agents who are self-sabotaging by doing all they can to resist adapting. Either is a valid option on how to respond to change, but only one of these options will allow you to soar through this and come out stronger in the long run.
So what are a few ways to keep a client-first mentality and adapt your business in a positive way in light of our new reality?
Embrace the Changes. I know, I know. Many of you are ready to check out and stop reading right there. But stay with me!
According to motivational speaker and author John C. Maxwell, “Change is inevitable. Progress is optional.” This resonates with me as a reminder that change is going to happen. If we think about it long enough, we’ll realize that most change that happens in our industry isn’t something that we as individual agents have control over. So adapting is what we DO. It’s a must for survival in real estate.
I get it, though. This change feels bigger than most. Will you choose progress in the midst of the changes, or will you choose to resist? If you resist, you’re choosing not to adapt. And when you choose not to adapt, you risk the death of your real estate career.
See the changes as an opportunity, not an obstacle. If you educate yourself on the changes, you can stand out in the industry right now. My team and I have chosen to lean on educating potential buyers and sellers right now. We’re being proactive and reaching out to everyone in our database to ask the right questions and then provide the right answers. We’re not hiding behind the scenes hoping that the public learns what they need to know from the news, social media, or other resources that could be full of misinformation. We want to be the point of contact for all things real estate – changes included.
Keep the client first, and the rest will follow. If you’re struggling with a negative mindset on all of the changes, ask yourself if that mindset is actually helping your clients or not.
Just like a dog can sense fear, your client can sense if you’re comfortable with the new way of doing business or not. If you are projecting discomfort to your client, it conveys a lack of confidence. And even if you have well-founded convictions that the changes aren’t what’s best for the industry or for the client, does that even matter? In the end of the day, the client looks to you to guide them through the stressful process of buying or selling real estate. If you are projecting an attitude of uncertainty, fear, or frustration about the changes, they aren’t going to see you as the wise advisor they need during this time.
Work with other agents, not against them. Finally, I want to encourage you to come from a place of encouragement with one another as well as your clients. Since the changes have occurred, most of my negotiations with other agents have been positive. But there is the occasional agent who’s either not up to speed yet or who is resisting the changes. In that case, I’ve seen agents yell, get nasty, and just plain refuse to work with another agent because they don’t think they’re handling things right.
If that is the case, the person who suffers the most is the client. Let’s remember that we are all in this together. Having a positive attitude goes a long way to get the deal put together.
In the end, embracing change and adapting will help you stand out as a true real estate expert to your clients and your peers.