Change can be traumatic and the thought of fundamentally changing the way real estate professionals do business can take some individuals in the industry so far out of their comfort zone that they elect to leave the business. For those of you waiting to buy a computer or a fax machine until this silly trend passes may as well contact your financial planners and start making arrangements for retirement or run the risk of being run over by the “Web Wagon.”

While many of us may feel overwhelmed with the constant bombardment of the “need to change” and the “train has already left the station” urgency, those of you who listen and heed those warnings, I must sadly report will be looking at many an ostrich butt.

The real estate industry is rapidly changing as we have seen in just the past few years. The World Wide Web has evolved from a fragmented information source to e-commerce to electronic communities where “similar interest” are emerging in business-to-business (B2B) transaction platforms which will ultimately lead to globalization.

The question many of you are asking is who is driving this initiative? Well, it’s that darn “Netgeneration” consumer that’s who! You know the one with all the stock options and ridiculous salary that is looking to buy a home and has just cleared the 30-year-old benchmark. Yes that one.

What is the solution? Well it can actually be pretty simple: Be open and willing to adapt to the emerging technologies, new business models and alternative ways of doing business. This doesn’t mean you buy every new piece of electronic equipment that comes along or adopt a new business model quarterly. But do realize that you are only going to survive and succeed if you respond rapidly to the needs and wants of those “knowledge gluttonous” commission paying consumers you call homebuyers and sellers.

I recently read an article that summarized the evolution of America Online (AOL) from a company with an idea viewed by many as a technology that barely existed which means a passing thought would have been the best compliment they could expect. During the time of AOL’s humble beginnings, Time Warner (TW) was a multi-billion dollar company with a 75-year history.

Fast-forward 15 years and AOL is now one of the most powerful corporations in the US and in a staggering deal totaling $350 billion bought TW. Yes this news is ancient history and in Internet time 15 years may as well be a bazillion and in human years, well most of us were struggling with the ravages of pubescent trauma.

What history is telling us here is that we shouldn’t discount those new and somewhat wild ideas, concepts or business models. Those crazy, multiple body part pierced, green haired, dressing like a weekend lawn mowing homeowner may just own your institution some day.

Published: April 28, 2000

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