In a year of many new buzzwords, and “buzz phrases” the one that stands out for me is the “new normal”. According to this Bloomberg article, the phrase was originally coined by New York Mayor Fiorello La Guardia in 1939. That was a decade into the Great Depression. That sort of confirms another buzz phrase “everything old is new again”.
So what is the new normal in real estate? Here are some of my observations:
- Rightsizing your business. This can mean growing, downsizing or partnering. Whatever it takes to become profitable again is what needs to be done.
- Small is the new big. Dozens of incubator brokerage start-ups are emerging and pioneering new ways to streamline our industry. Check out some of these pioneers on our Beta Broker site.
- Collaboration. The willingness to share has never been more predominant. Have you been to a real estate barcamp yet? The next generation of our industry understands the power of sharing.
- Education. There is a significant need that is being met by a new generation of educators. This goes beyond best practices and speaks to the need to understand the buyers and sellers of tomorrow and how to exceed their expectations.
- Strategic Partnerships. Being fiercely independent just doesn’t cut it anymore. Acknowledging that others can actually add value to your business and help you achieve your goals is a good first step to becoming more strategic in general.
Did we really become an overblown, big is best, “I can do anything industry” in the glory days? Competing with each other at any cost? We have a huge opportunity in front of us to acknowledge that everything old is new again, and now is the time to adopt the new normal. Happy New Year!