Welcome to the first blog post of a new decade! Much gets put on a new year; even more thought around a new decade! Some look back to the “Roaring 20’s” of a century ago and wonder if there is any special meaning? While those 20’s were free and easy with what seemed to be growth, wealth, and an endless party; it ended with a stock market crash and the great depression!
The coming decade is full of promise and excitement, but I also urge caution. While things change, those jumping onboard some of those changes may be making a huge mistake! While change is inevitable, not all change is good! It is important to look at the future and examine the changes that are being presented to us and make good choices.
What I think will make a difference in 2020 verses 1920 is that we have awareness and the ability to understand history. What I also like to think is that 2020 in our minds also needs to be understood in a way that we already accept; the understanding that 2020 implies perfect vision! Adapting that meaning, I feel we can look down the road of change and be prepared to make choices and adjustments if we have perfect vision!
The obvious point is clearly planning. It will become more difficult to just “wing it” in the mortgage and real estate industries! You will need a plan, complete with strategies, schedules, and accountability toward a higher expectation! To be clear, overall performance will have to improve!
One of the choices we have to make is the path we will take. It becomes clearer every day that the battle in the industry will be around transactional verses relational business models. Simply put, leads verses opportunity; price verses value!
As more and more people chase leads, that market will become saturated with people focused on price and quantity! What will remain will be a smaller, but more individually profitable arena that some will enjoy. When the mortgage and real estate business becomes about the quality of the customer experience and the current and future value of that experience there will be unlimited potential.
The choices are clear and the competition will be significant. For those in the high volume, transaction based, low margin arena, the risk becomes dependence on outside resources beyond your control. For those taking the other path, the focus needs to be on consistency and value driven process. Both paths will yield results; what is the choice you will make?
Is your vision of the new decade 20/20?
Questions or comments: Mike@IMTcoaching.com