Navigating changes in a dynamic real estate market requires a combination of self-awareness, strategic planning and effective use of support systems, writes Rainy Hake Austin.
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Change is constant in our lives and work, and exploring the unknown can be very uncomfortable. During major changes, people often experience a stress response—fight, flight, or freeze—making self-awareness and intentionality critical. This is a time of tremendous transformation for many in the real estate industry, especially in the wake of the $418 million settlement in the Sitzer| Burnett case.
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The question is: How would you respond? Will you fight for your business, escape the industry and find a new path, or stagnate in discomfort? My advice is to reflect, make a plan and take small steps to adapt. This is the only way out.
If you want to continue to thrive in real estate, here are six ways to make the most of change.
First, identify the changes
The NAR ruling is a significant change—and it may be the biggest change for your industry right now. Or, you might be going through another transformation. Be curious about the nature of the change you are experiencing: does it affect just you or a larger group? Is it immediate or long-term?
Resolve discomfort
Change is one of the most emotionally triggering experiences for humans. Change comes with uncertainty and fear, which isn’t always the most creative or productive space, so acknowledge that. Know that discomfort is part of the process and the only way to move forward is to face your fears, embrace them, and seize the opportunities that are on the other side of them.
Ask yourself: What is the worst that could happen? Then figure out how you would handle it if it did come up.
find your champion
We know the power of partnership and collaboration. When you’re dealing with change, it’s important to know who your supporters are in your life. These are the people who will give you encouragement, motivation, support, and connections to bring out the best in you.
Identify your strengths
You’ll never be an expert at everything – the smart path is to understand your true strengths. In times of change, it’s crucial to know what you can do well on your own. What is innate? What do you like to do? (Usually, the things you enjoy doing are the things you’re good at.) Your value lies in your strengths—they set you apart, add joy to your work and relationships, and maximize your energy.
Determine your adaptation plan
easy to say, hard to do. True adaptability means being self-aware, highly aware, and stepping out of your comfort zone. Think about your biggest fears, your greatest strengths, and the next steps on your path.
Focus on your brokerage
Is your agency on your list of champions? Difficult times and transformative moments are when you discover the value of a brokerage and learn how they can support you, provide education and opportunity, and fuel your business when you need it most. For the listings we just looked at, your brokerage can do some of the heavy lifting for you.
Navigating changes in the dynamic real estate market requires a combination of self-awareness, strategic planning and effective use of support systems. Ultimately, my goal is to support agents in turning challenges into opportunities, ensuring they not only endure, but excel in an ever-changing environment.
