When those planes crashed into the World Trade Center on 9/11 and then into The Pentagon and fields of Pennsylvania, the world experienced a devastating, sudden shock. Anything that happens quickly, unexpectedly and boldly is very difficult to process and navigate.
In the real estate sphere we have had to navigate some rather difficult sudden shocks too. In March 2020 as the world shut down due to COVID, we as a profession were in shock. What were we to do? When would markets come back? How would we manage deals in play? There were hundreds of unanswered questions and touchpoints that required urgent attention. This makes life – and business – very difficult. Without exact precedent, predicting outcomes is tough. Reeling from rapid change requires considerably more effort, time and energy. It is emotionally draining. Doubt about choices and fear of the unknown linger and taunt you. It ain’t easy!
More recently we are dealing with another sudden shock: the unusually rapid mortgage interest rate hikes, faster than at any other time in recent history. All of a sudden buyers and sellers are experiencing heightened levels of anxiety and doubt and we as a profession are scrambling at times to define strategies, re-structure the advice we give to our clients as conditions change almost daily. The stresses of this market are new, although stress abounds in every market. This is just a different kind of stress, a relatively new kind because of the speed. Some listings are taking longer to sell. There are fewer multiple bids. Fewer showing requests. After many months of forming habits and becoming acclimated to certain routines and realities, again we have to shift gears and adapt to new circumstances and new realities…..FAST. All of this would be much easier had we been able to adapt slowly and adjust over time. But alas….here we are! You may lose listings. You may become the second or third broker on others. You will be blamed for lots (that’s not new!). Just always be the calm force of reason, facts, data, insight and intelligence in the face of the storm and your services will remain invaluable.
Unusual times call for unusual measures. Just take one look back to June of 2020, how two short months after our world changed so instantly, our entire profession had adjusted and changed DRAMATICALLY….and was functioning close to full steam. A quick peek at the World Trade Center in Manhattan will leave you CERTAIN we can adjust to anything. So buckle up, move fast, be creative, think, discuss, strategize with colleagues, attend seminars and webinars, read lots, study your markets daily, do the homework – fast – and you will adapt fast too and identify new and old opportunities. They abound in ANY market. Markets will ALWAYS change….that’s the only certainty we have left.