Fear of change is another of the top vulnerabilities of market leaders. For luxury real estate marketing professionals who are bent on gaining or sustaining market leadership you need to keep evolving as an individual, a team or as a company. The common adage of “if it ain’t broke, don’t fix it”, or “I am doing well, why rock the boat” does not apply if you intend on maintaining your position.
We are experiencing a tidal wave of change on a daily basis in every aspect of life. If you want to successfully keep moving forward, you have to keep reinventing yourself. One of the most important elements in this process is to be willing to break down your business model on a regular basis and reexamine every aspect through a magnifying lens. You may have to throw out what “ain’t’broke” altogether and adopt and adapt consistently. You have to stay nimble and be able to turn on a dime. If you don’t do it, your competition will rapidly surpass you without any hesitation, or find a way to profit from your passivity.
Some companies capitalize on the “fear of change” and develop business models which take advantage of this mentality. An example of this is “show rooming”. Many consumers visit showrooms note model numbers, and then find the identical item on line using their Smartphone’s and purchase them for a lot less. What caused this? Fear of change and the unwillingness to adapt. Companies such as Best Buy are now looking for ways to prevent the show rooming epidemic. In real estate lending, companies such as the Lending Tree captured consumer leads for loans, routed them to the banks and received a commission. They understood that banks are not quick to respond to change, and they could step in and profit.
What must not change are your core values, your integrity and your commitment to superb service for your clients.
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