SOME DISTURBING NEWS

In a meeting this morning the topic of “change” was once again the main conversation. This evening I received an e-mail from Inman News (One of the leading news publication in real estate) with the following statement:

“A study by J.D. Power’s 2018 home Buyer/Seller satisfaction shows an uptick of buyers and sellers transacting sans (without) real estate professionals.” The study shows 32% of buyers and 23% of sellers buy and sell homes without a real estate agent. The trend tells us that real estate agents & their brokerage companies have their work cut out for them if they want to remain relevant.”

While our morning topic was not about real estate it was about change, not only change that is currently happening but the need to stay ahead of change. In other words, lead change, don’t follow it.

The real estate industry, like so many others, is still living in the past. Their motto is “real estate agents will always be in the center of all transactions.” These statistics are alarming, but I believe that the same trends exist in many service industries such as insurance, mortgage lending, banking, legal, accounting, etc.

Each and every small business owner has to continuously check on their relevancy with regards to their product or service and how their target market perceives them. The question is “Are you still performing a relevant service or are the signs telling you that unless you change you may not exist.”

Established big services and industries have been doing the same thing year in and year out. They are currently comfortable in their money making environment. They set the guidelines for those working in those professions, and, unfortunately, they are followed without question. History shows us that no-one is irreplaceable; think of the many worldwide companies that at one time dominated their market place and have now disappeared.

My intention in this blog is to call attention to what needs to be done. Knowledge is power, and knowing what to look out for is a tool that will allow you to succeed.

FIND A WAY TO LEAD CHANGE IN YOUR INDUSTRY
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Tips & Advice by Nick Petra – CFP, Mentor, and Founder of StrategicDuck and BizQuack