Dissecting the Gray Matter
Two days ago the Las Vegas Sun newspaper published an article detailing the declaration of Chapter 11 bankruptcy of a top Century 21 company in Las Vegas, Nevada. Not delightful reading by any means.
REALonomics believes it will take some brain power, a lot of it, to work our way through the current market conditions. In this post we delve deeply into the industry’s business cranium to determine our capacity to execute effective business models during the market downturn and even more importantly, for the future. We invite all industry leaders to do the same gray matter analysis of the industry and our current business models.
The brokerage, mortgage and the title industries have the brain power at their disposal that is both powerful and innovative. But can we, will we, utilize our collective gray matter to implement and control the changes that are inevitably coming our way? An unchallenged prediction: Expect more change! Hopeful anticipation: We will own and control the outcomes…oops, we already own them, don’t we?
Examination of our perception, vision, balance, critical management skills, understanding of event relationships going on within this industry, our ability to translate our models into forward movement and then our interpretation of contemporary developments so that we deliver the value propositions the consumer values.
Here is the bare-bones (no pun intended) dissection report (tell us what you think):
Prerequisites for Analysis and Posture
- Business perception (are we in possession of honest clarity)
- A sense of balance (over -v- under reactions to the situation)
- Critical management skills (right people, right time leadership)
Business Analysis, Modifications & Actions
- Event relationship understanding (what happens 1st, 2nd, 3rd, etc.)
- Translation of models into forward movement (initiative, first step action)
- Interpreting contemporary developments (up-to-date nuance savvy)
- Delivery of consumer-centric models (a bias for new market models)
Now you can create your own diagnosis and prognosis for the RE industry. Equally important is the dissection of your organization’s operating brain. Please post your comments and insights.
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The C21 Broker in Las Vegas made one simple mistake: He believed that doing the same things would reap the same results…but someone had moved his cheese - the MARKET. Instead of penetrating more into the Internet, he bought more and more advertising. Instead of knocking on doors, he bought more and more advertising. Instead of encouraging more face to face selling, he bought more advertising. The market has changed and savvy buyers and shopping on the internet and using the agents that they have met or know. This more consumer centric, more hands on model will keep broker/owners from going broker.
Mike Carraway’s comment is absolutely on track! The cheese has not only been moved, it has morphed into cottage cheese, a much higher life form! The toughest part about this industry now is broker/owners being able to make meaningful model transitions before the market bypasses their ability to do so. Many brokers are just head-in-the-sand at the moment, hoping for a market turn-around. Equally true is your assessment of the consumer-centricity and your comment about “hands on” involvement (transparency) is so essential. Nice comment! REALonomics.
Your comments are right on! Those that will last in this and the future market will need to embrace change. We will need to be sharper in our skills as realtors and more innovative about how we address our business. There are good things to be learned about these changes for those willing to take on the challenges. Thanks for your insights.