We're in the midst of the most significant paradigm shift in the history of the real estate profession. We're also re-defining our concepts of what we will become. Last year, hundreds of thousands of real estate agents left the business. The trend is expected to continue in 2008. Real Estate boards across the country took proactive steps to deal with the implications of fewer agents in the industry. Is it possible to minimize the risk factors for a species in decline? Let's review some defining characteristics...
OLD WISDOM
A) NEWBIE:
Defined as: Green & lacking in experience
Traits & Characteristics: Limited skills and barely functional knowledge of the real estate industry
Risk Factors: Lack of experience and knowledge about the real estate industry. Prone to error
NEW WISDOM
B) NEWBIE:
Defined as: Not yet defined by the limitations imposed by current industry standards
Traits and Characteristics: Eager & open to learn new information; Not burdened by carrying "old bag of tricks"
Risk Factors: Open to creating new experiences and readily adapts to learning and utilizing new technology. Prone to error and over-inflated ego
OLD WISDOM
C) EXPERIENCED AGENT:
Defined as: Several years or decades in the business....hundreds of transactions completed
Trait and Characteristics: Slow to embrace new technology; trusts in self-validated systems...slow to adapt to change
Risk Factors: Risks becoming obsolete and irrelevant...continues to hope things will slow down. Less likely to learn new methods...less likely to capture new business from emerging new models in the industry.
NEW WISDOM:
D) EXPERIENCED AGENT:
Defined as: An agent who puts knowledge & informed to intelligent use...Regards Experience as a function of maturity and effectiveness
Traits and Characteristics: Eagerly embraces the process of learning and understanding new paradigm shifts
Risk Factors: Todays' best discovery may be tomorrows' old news and the learning curve may have to begin all over again.
*I'm conducting a very unscientific poll and risk assessment of the real estate agent species. Please vote (by selecting A, B, C or D) the agent you think is most likelyto survive the changes in the real estate market. Please briefly state the reason for your risk assessment. The evolution of the species is also a possibility. All opinions are welcome.
The contents of this study are protected by Copyright created by Audu Real Estate in 2008.
Lola Audu, is the Designated Broker & Owner of Audu Real Estate. Our company specializes in helping people buy and sell homes in the greater Grand Rapids, West Michigan area. You can contact us via e-mail @ info@auduhomes.com or by phone at 616-791-0511. Thanks for visiting our blog. Here are links to some of our most popular posts for you to enjoy!
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D....
Been there done that and know you need to change, keep yourself educated and open to new ideas and trends. Plus we've lived through this before and while we prayed "dear lord give us another real estate boom and this time I promise to not p**s it all away"...some of us actually kept that promise and never forgot the lessons learned :)
Lola,
From a title person's perspective, I like a CD blend...actually 'new wisdom' is an oxymoron...all wine is at one time new...but the truly valuable wine is that which has aged gracefully and not turned to vinegar...we call that 'vintage'!!! :) Thanks, Fran
(B)
Being that (B) is not yet defined by the limitations imposed by current industry standards, (B) will be more readily to adapt to coming changes. Sometimes the more "seasoned or experienced" prefer to stick with what works now, instead of learning new ideas that could possibly work better. By the time they realize it's time to change, the newbies will be far ahead in the game. As far as risks, there will be errors, but I think (B)'s bruised ego will force them to learn quickly from mistakes.
(D) will survive because we have the established sources of business that enable us to weather the downturns in the industry. We also have the knowledge and experience to adapt to technology that enhances our business but dosn't make us dependant on tech toys.
B...they are going to take more risks and focus on the use of technology more in their business. What a great post!
Risk Factors: Open to creating new experiences and readily adapts to learning and utilizing new technology. Prone to error and over-inflated ego
B..... has problems that only experience will cure. The over inflated ego will prevent them from learning and the prone to errors introduces risk.