The real estate industry is changing at an ever-increasing pace, with agencies and agents facing the prospect of being here today and gone tomorrow. Ouwens Casserly director Alex Ouwens explains how a strategic plan could be your saviour.
In any hectic job it’s hard to think about tomorrow when your to-do list for today seems never-ending.
It’s no different in real estate, with many agents getting caught up in the day-to-day, week-to-week and month-to-month of listing and selling.
I urge you to stop for a moment and ask yourself “does my company and my business owner have a short-term plan?”
What about a medium or long-term strategic plan?
It’s all well and good to be kicking goals today, but what happens in three years when the goalposts have moved or the shape of the field is entirely different?
It’s vital that everyone, from business and company owners down to agents, assesses where the real estate industry is headed and what needs to happen now to prepare for tomorrow.
If you don’t stop and think about what the industry will look like in three years, you may find yourself working in a business that no longer has the tools, leadership or relevance to thrive in what will be a dramatically different marketplace in 2022 and beyond.
The real estate field has changed significantly in recent years and with automation, AI, outsourcing and varying market conditions, it’s obvious the way we do business in three years’ time will be vastly altered.
Many industry experts believe that in three years’ time there will be 30 to 40 per cent fewer agents and agencies across Australia.
Some business owners will wake up in 2022 and suddenly feel the full force of disruption and have no option but to close the doors.
However, progressive businesses that adapt and change along the way will slowly disrupt themselves.
With small, incremental changes and a mindset that accepts and embraces the changing real estate landscape, these businesses will find themselves in a leadership and market-dominant position.
In turn, this will filter down from the leaders to the leadership team and on to agents and the rest of the company.
Taking the time now to create a three-year strategic plan, with three or four key pillars on which to focus and measure results, will ensure the company you work for, or are a part of, will be one of the market leaders in 2022.
Alex Ouwens is a director at Ouwens Casserly and is the past president of the Real Estate Institute of South Australia.