REALonomics is all about the Quest for Model Perfect and the posing of questions about the creation of business models that work more effectively in the Consumer-Centric Era. There is a new real estate Model Math emerging, driven by technology, the Internet and consumer habits; all of this creating a democratization of all things real estate.
Some of you have asked for an iteration of my Ten Commandments of the New Real Estate Economy. Here is the iteration followed by application in the form of simple interrogatives that can be expanded by owners:
The Owner’s List of Do’s (+):
- Thou shalt be very, very agile; then, more agile
- Thou shalt get big by being small all over
- Thou shalt have no markets with borders
- Thou shalt create assets through aliances
- Thou shalt execute without permission
REALonomics: How fluid is your organization?
REALonomics: Is your model a clustered or scattered model?
REALonomics: Is your potential ROI pinched by borders?
REALonomics: What is the asset definition?
REALonomics: Must your growth be approved?
The following dialogue, or something similar, is occuring in a neighborhood near you and it has something to do with real estate branding as a component of an owner’s business brokerage modeling and marketing. Go ahead, be the fly on the wall.
A deep “hmmm,” eminates from John as he peruses his latest edition of Homes & Land real estate magazine. “Here’s one that might work for us, it’s listed by Keller Williams,” he declared to Susan, his wife. Susan agreed, it did look just like what they wanted. She suggested. “Why don’t we contact Cliff Matthews over at, uh, what was the name of his company, and see if he wants to show us the property?”
“No, dear, she’s with that other new firm, uh…yes, EXIT Realty, but I don’t know why we have to chase down these agents, let’s just go with that gal who keeps sending us flyers…you know, Debbie Seligman, with Century 21, she has a lot of listings in the neighborhood.” John thought for a moment, than said “hey, there’s that new real estate office near the mall that just opened called Red Arrow Real Estate, I’ll give them a call.”