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Lost Fortunes, New Fortunes

Article by Leonard Steinberg

Yesterday’s hero, Today’s ZERO? That’s brutal, and my somewhat feeble attempt at rapping…. but it serves to remind us all that when we lament the loss of some people’s fortunes – or careers – we should know that new fortunes are being created simultaneously.
One peek at the equity markets and you can be certain those invested in technology stocks are not only doing well…..they are doing REALLY well, while those who were airline or hospitality magnates might not be doing so well right now.  Fortunes come and go. Careers come and go. Very few people maintain their career-leading status their entire lives. Some may not even want to. Take a look at the list of Hollywood titans from 5 years ago: today several of those bold names are almost invisible. Helen Hunt used to be in three movies a year, and today that is no longer the case. Many ‘faded fortunes or careers’ still leave their ‘victims’ quite well-to-do though, so please don’t cry for them Argentina!
Twenty years ago, certain real estate agents and brokerages dominated certain markets: today, many of them are non-existent, or largely minimized. Things change. Careers change. Fortunes come and go. As the planet evolves, so too do the beneficiaries.  Who knew of Elon Musk or Jeff Bezos 25 years ago? Who knew of Compass …..or Warby Parker, Uber, or Zoom a decade ago? Of course there are several professionals, leaders and brands that have been around for many decades and continue to thrive, mostly because they evolve and adapt quickly……like Walmart, Target, etc who saw the threat of e-commerce early and adjusted with great speed as if their lives depended on it.
In this reality-check lies a reminder for us as agents to adapt, re-educate ourselves, evolve and continuously be on the lookout for new trends and opportunities…..and the next generation of successful clients whose real estate needs may require your expertise and guidance. 
If there was one single lesson I learned from my decade in fashion it was to be continuously looking forward to the NEXT trend (while maintaining my business as it was). Opportunity lurks always, anytime. In this lies tremendous opportunity and growth potential. And the ability to replace lost business.


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