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Now’s the Time to Reinvent Yourself and Your Business

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Industry Advisor by Jose Perez

RISMEDIA, November 16, 2009-I don’t want to sound like an alarmist, but how long have we been talking about the need to make changes in the real estate business? How long have we been talking about profits shrinking? How long have we been talking about “interlopers” taking our listings and selling them back to us? How long have we been asking, “How could this have possibly happened?”

Now, throw in the funk we have been in for the past two or three years and we really have some cause for concern. Unfortunately, most people we talk to are just struggling to survive, so they cut expenses, dodge bullets and try to keep people motivated.

What most in our industry are not doing-in our opinion-is being proactive. They are so concerned with their survival that they can’t see beyond tomorrow or next week. Unfortunately, that’s just not going to cut it if we are going to be successful in the new and completely different environment that will exist when this is all done.

Let’s look at some other industries that chose not to do anything:

- U.S. auto industry
- Print media
- Travel

Do you see any similarities between the real estate industry today and where those industries were at their seminal moments 10 or 15 years ago? GM and Chrysler are in bankruptcy and print media is suffering. And who still uses a travel agent?

We benefitted from a hot market until the bubble burst, so we didn’t feel like we had to do anything. As Warren Buffet said, “Only when the tide goes out do you discover who’s been swimming naked.”

Well, folks, the tide went out a couple of years ago. It still has not come back; you are naked; and it is time to get proactive. Do something today! RE

Jose Perez is the president of PCMS Consulting. For more information, visit www.pcmsconsulting.com or e-mail jperez@pcmsconsulting.com.

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