Tracy Lawrence said it best in the country song “Time Marches On:” the only thing that stays the same is everything changes.” (Are you singing it in your head now, too?!)
The generation of “now” only really has knowledge of two major shifts — the masterclass in chaos —2008/2009; and what we are currently experiencing, a shift from a heavy sellers market to arguably a more balanced market. But these shifts happen far more often that we realize, and it’s proven that when these changes occur, if we aren’t prepared, we won’t thrive.
Consider moving from Florida to Alaska — would you continue living your life with the same tools, schedule, activities? Heck no! You would need a coat that can keep you warm, snowboots, indoor hobbies for the messiest days, special tires (maybe? I’ve actually never been to Alaska). Real estate is is just like this. If we move forward with the same activities and the same routines, it just won’t work.
One of the most significant shifts (also the most overlooked) is the shift required for operations and systems. In this market, disruption of what was “normal” has forced us to look beneath the hoods of our businesses and see what’s actually in there. This shift has affected both the traditional method of real estate transactions and the technology-backed approach, leading to significant changes that impact all players in the industry. So if you’re feeling the pain, you’re not alone.
One of the significant drivers of change initially was the 2008 financial crisis, which had a profound ripple effect on the real estate industry. Property values decreased quickly — homeowners were foreclosed on — and many lost trust in the banking industry. But in recent years, we spoke of the 2008 financial crisis as somewhat of a legend of lore. And while policy and legislation have changed the game in an attempt to prevent that from happening again, we pretended that the market itself wouldn’t change — wouldn’t shift. And most of us didn’t prepare…
But there is still time to get your systems in check to ensure that your operations are shift proof — or at the very least, impacted as little as possible. Our company, SKLD Consulting
(www.SKLDconsulting.com) , works to help make the operations of agents, brokerages, teams and lenders moving smoothly with enhanced customization. In keeping with our country theme, Cody Johnson once crooned “If you got a chance, take it…” So here’s your chance — these are the ways we recommend cleaning up your operations:
Embrace Technology-There has been a fundamental shift in approach with the adoption of technological advancements aimed at improving processes, reducing costs, and increasing visibility. With the shift to more virtual systems, many real estate agents began to offer virtual showings and both realtors and lenders utilize transit of documents using digital platforms. At SKLD Consulting, we utilize technology to develop systems that are automated and streamlined
Emphasis on Client Experience — With clients becoming more tech-savvy and informed, the human element of customer experience is paramount. Ensure that your clients remain your priority and that all of your activities are aligned with that. This will likely include developing a system to remember and stay in touch on a consistent basis.
Increased Collaboration — In the past, brokers and agents operated in silos, with each firm handling its deals. However, the shift towards a more integrated system has resulted in the consolidation of brokerages/teams and more collaboration between overall to increase access to the market and resources. Do not be afraid to collaborate and mastermind with others in the industry.
The real estate industry is in a significant period of transition, with changes in operations and systems, enhanced customer experience, and innovation being the core drivers of the industry growth, while reacting and reflecting the economy. Those who are prepared and willing to modify their approaches can adapt to the shift will benefit from the vast opportunities it presents, while those who resist may find themselves left behind.
SKLD Consulting, where real estate operates with confidence… www.SKLDconsulting.com