Preparing for the Coming Change
INFORMATION ISN’T THE ADVANTAGE
Chapter 1 / 2
We love routine and consistency, and predictability makes most of us feel safer than the unknown. Taking the same roads to the office, brushing our teeth the same way, and walking the dog around the usual neighborhoods are examples of how we create “safety” in our everyday lives.
The real estate industry isn’t always conducive to this desire for routine and consistency, though. An email or a phone call can blow up the plan for the day before the first cup of coffee is finished.
For some agents, “never living the same day twice” is the juice. It’s what attracted them to the industry in the first place. For others, it’s terrifying and a constant source of stress.
But, no matter how we respond to it, we can agree that the only sure thing in real estate is constant, ever-present change.
Here’s the thing, though:
The daily hiccups and headaches are nothing compared to what might be ahead.
We’re used to the predictable unpredictability. We’ve done our best to manage it, build systems and manage our people to get through the ups and downs as best we can. We’ve figured out how to ride those waves.
The industry-wide changes on the horizon, though? They could potentially wipe many off the beach if we’re not careful.
We’re embarking on a new era of real estate, and with good reason. Technology, trends, generational shifts, and what people need have changed. The industry has to catch up.
It used to be that consumers would come to a real estate agent for information. Now, though, they come to us for guidance, clarity, and coaching. They come to us to help them understand the information they have in abundance.
Fundamental beliefs around housing are being debated. How people are (and will continue to) buy and sell is being reimagined. Why?
There’s a growing hum in the halls of Washington arguing they need to fix housing. (Whether it’s broken seems no longer to be in question.)
Presidential directives, potential FTC judgments, and pending court cases are the winds of change blowing our way.
Millennials wonder if and when they’ll be able to clear their student debt to purchase a home, with many feeling defeated and looking for solutions.
Salaries haven’t kept up with inflation or housing appreciation, leaving folks frustrated and feeling the pinch.
While nothing is set in stone, proptech, politics, and mandates are all pushing toward substantive changes we expect to see in the next two to five years.
And let’s not sugarcoat this: The industry as we’ve known it may cease to exist when all the dust has settled.
RIDE THE WAVES OR RESIST THEM
Chapter 2 / 2
Will all this change be for the better or worse?
It depends on whether you resist the waves of change or ride them.
Those who resist will spend the next few years crossing their fingers. They’ll hope the hum in Washington dies down on its own accord and ignore the responsibility they have to themselves to move despite uncertainty.
Those who ride the waves will spend the next few years in action. They’ll learn what these changes may bring and reimagine their place in the industry to ensure they’ll thrive no matter what.
The former will continue to rely on an outdated playbook, one reliant on their broker’s brand and that assumes commissions are “owed” to them because that’s what it says in the MLS. They’ll continue working as they always have, until that doesn’t work anymore.
The latter will realize professional advice is always valued and those who solve problems are always in demand. They’ll see that operating entirely beneath their broker’s brand doesn’t put them in a position to articulate how they offer either, and that building the foundations of a solid and resonant personal brand is the way forward.
In this new era of real estate, successful agents won’t rely on a random seller incentive to determine what they get paid. Instead, they’ll bill what they are worth. They’ll confidently and consistently communicate why choosing them is the right decision.
Agents (and brokers) who spend the next few years building their reputations as professional consultants and practical problem solvers will be well-positioned to take advantage of these changes. Those who don’t, won’t.
Many agents will resist spending the time, energy, and attention on this. They won’t want things to change (even if they’re unhappy with how things are). They’ll keep wanting to drive down the same roads they’ve always driven because that’s what feels safe.
But what feels safe isn’t always what is actually safe, and what feels risky isn’t always an actual risk.
Riding the waves of the coming changes feels risky because all change does. But seeing what’s coming and adjusting how we operate and show up in the world isn’t risky. It’s the safest thing we can do.
