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Moving Forward With “No Regrets”

Written by Posted On Tuesday, 03 November 2020 05:00

Many of our regrets arise from what we haven’t done and later wish we had.

When this is true for real estate professionals, it can mean unmet responsibilities, undermined career development, and missed opportunity—for themselves and clients.

Are you compounding the uncertainty and stress of these unusual times by leaving key things undone?

Don’t wait until the pandemic is over to begin strategizing the future growth of your practice or deciding which new real estate niches or fields you’d like to explore. The Real Estate Industry offers a wealth of fulfilling career opportunities.

The roots of a new and dynamic future may exist around you.

Here are three examples of what might be left undone or overlooked during these stressful days, but that also hold potential for your future and your clients’:

# 1. Keep Context in Context

If you act as if the pandemic is a brief, temporary interruption, you’re more likely to invest your time and energy holding on to past normalcy no matter how hard or unprofitable that is. You’ll be looking backward, not forward.

If this is the context you work within, how long do you expect the pandemic interruption to last? After almost 10 months, there’s no clear end in sight.

For many people, for many reasons, the pandemic may represent a permanent break with much that was normal. There are already signs that new real-estate-buying patterns are evolving.

When the pandemic ends—however and whenever that is—what will have irreversibly changed about the way real estate professionals and their clients do business?

Answers to this and related questions may lie just out of view at this point, but you’ll benefit from keeping this query top of mind. You are just as likely as the next professional to notice room for improvement and to identify overlooked opportunity.

How much of what has gone online and virtual will remain so?

What more could be done to benefit buyers and sellers? How much of what has shifted to buyer-initiated action will continue to be buyer-directed? Will working from home continue even though work fatigue and career burn-out at 32 may already be on the rise?

How will real estate professionals adapt to climate change?

Climate-change effects like flooding and wildfires already influence real estate investment. For growing numbers of real estate investors, climate-change risk assessment has shifted from individual property assessments to city-wide assessment. According to a recent report titled “Climate Risk and Real Estate,” one investor ceased operations in Houston after Hurricane Harvey; another cut investments in Boston due to rising sea levels. The report also explores how investors and civic leaders are partnering to protect communities—environmentally and economically—with projects like Miami’s proposed $35 million waterfront undertaking to protect residential towers.

If you don’t maintain an open, inquiring mind, you may miss opportunity when new markets and niches open up as context shifts.

# 2. Keep Security The Prime Concern

Personal Covid-19 safety and physical distancing are so top-of-mind that digital security is often forgotten. Your greatest professional vulnerability is your passwords. You may have anywhere from one to several hundred of them, especially with all the new accounts opened for pandemic online shopping and entertainment.

Is your technology helping you or holding you back? Do you have online security on your mind as much as you should?

A few security-conscious tips…

●    Avoid using the same password for multiple accounts—one per account.

●    Reset older passwords to random characters.

●    Resetting often is a solid approach as long as you always create strong versions.

●    Avoid accessing accounts through Facebook or Google since this is not as secure. Plus, if you delete Facebook later you may not be able to access those accounts.

●    It’s worth using a password manager, your browser’s system, or a pen and notebook to keep track of passwords rather than making them simple and easy to remember and, therefore, probably easier to hack.

●    Online attacks are on the rise so check out plug-in and software vulnerability and how secure your hosting provider is?

●    Are your phone contact list, your blog, and anything you value online safely and frequently backed up? What plan do you have in place to assure you continue serving clients without interruption if you lose or break your cell phone?

# 3. Keep Strengthening Prospecting Potential

Stay at least a step ahead of the market. When the current market is a buyers’ market, start putting strategies in place to reach out to sellers, and vice versa. Your goal is to be ready at the early signs of a market shift. What is the weak link in the inventory in your trading areas? That’s where opportunity may lie.

With low mortgage rates promising to continue, real estate may remain strong in many areas. However, future employment and financial challenges may remove purchasing power for many. Where does that leave your target market?

When The CARES Act moratorium on foreclosures ends and mortgage forbearance programs expire, millions of homeowners could be faced with financial crisis. Consumers who accepted forbearance of student loans or credit cards as well may face significant financial pressure.

Where do you believe your most effective and appreciated contributions will lie in anticipation of this financial end for homeowners and once financial reality hits home? How might your target buyers be affected by post-Covid financial pressures? For those more financially secure, the end of the pandemic may signal their entry into the market. Are you prepared?

What are you leaving undone

Have you considered the cost to your career of this downtime?

What opportunity are you overlooking?

Let go of the past. Start thinking ahead to visualize where emerging patterns may take you with no regrets.

For more by PJ Wade The Catalyst, visit TheCatalyst.com and What’s Your Point?

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PJ Wade —       Decisions & Communities

Futurist and Achievement Strategist PJ WADE is “The Catalyst”—intent on Challenging The Best to Become Even Better. A dynamic problem solver and author of 8 books and more than 2800 published articles, PJ concentrates on the knowledge, insight, communication prowess, and special decision-making skills essential for professionals and their clients who are determined to thrive in the 21st-Century vortex of change.

PJ Wade's latest business bookWhat's Your Point? Cut The Crap, Hit The Mark & Stick!—further proves PJ's forward-thinking expertise and her on-point ability to explain technical, even non-verbal, communication details in practical, actionable terms. Print publication: Fall 2022.

PJ: “What's Your Point?the pivotal 21st-Century business question—must be answered before you open your mouth, hit a key, tap anything or swipe. Too often 'Your Point' is not clear to you and communication remains an expensive illusion.”

As The Catalyst, PJ concentrates on enhancing communication ROI for experienced advisors, executives, entrepreneurs, business owners, and other savvy professionals, who may not have received as much formal training in communication as they have in their own field.

Onward & Upward—The directions that really matter! Reach PJ at pjwade@TheCatalyst.com and visit her What's Your Point? Blog. Keep up-to-date with PJ's popular column  Decisions & Communities

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