The Future of Real Estate- By: Adam Walker
The future of real estate is changing at high speed. In the future, Realtors® who form teams and design, build and run their business like a business will continue to thrive and prosper, while individuals doing it on their own will be left behind.
The shift from being a Sole Proprietor (SP) to Business Owner (BO) is in full swing. In the future, more and more transactions will be done by fewer and fewer agents, as synergetic teams outperform highly skilled individuals. The reason is because Business Owners are Generalists and Sole Proprietors are Specialists.
And Specialization leads to extinction.
The transition from SP to BO begins with a change in thinking and viewing the world. BOs do not have the same thought process as SPs. The SP has thoughts that sound like this: “If it is to be, it is up to me.” “If you want it done right, you have to do it yourself.” “Nobody does it better than me.” “My clients only want to hear from me.” While they may close many transactions, receive awards, do lots of volume and are highly respected, these thoughts keep them at the beck and call of every client and customer. They cannot turn off the phone, they have no personal life, and worst of all, if they stop working, their income stops.
The BO has a very different point of view. The BO has thoughts that sound like this: “Who is on my team?” That’s it. They know they are better off on a team than by themselves. They know that a synergetic team of amateurs will out-perform a misaligned team of pros every time, not to mention an individual performing all the tasks in a business by themselves! This does not mean they all become brokers and leave their current broker. It simply means that they understand the value of teamwork and that business is the ultimate team sport.
The BO also knows that “Build your business” is probably the most misused phrase in all of real estate. The reason is because when most trainers say “Build your business” what they really mean is “Increase the AMOUNT of your business.” They are referring to either Marketing, or Sales, or both.
The BO has a plan they use to build their business, much like a plan used to build a home. It is called The Business Blueprint and it shows the six components of a business, the definition and goal of each component and how they function and fit together to form a unified, synergetic whole (see it at http://www.buildmybusiness.com)
The BO knows that real estate has evolved. Real estate is a business, and it needs to be designed, built and run like a business or they will be out of business. They also know the future is here…now.
This article was written by Wayne Morgan, co-owner of The Austin Institute of Real Estate, The Business School for Real Estate Pros, and Author of "How to Get Rich in Real Estate… AND Have a Life!"
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The Austin Institute of Real Estate provides online real estate classes, correspondence real estate classes, and live real estate classes for credit towards a Texas real estate license. Not just a licensing school, AIRE also provides MCE and SAE renewal courses, Austin real estate appraisal as well as the education required for real estate brokers.