Life in the real estate industry is all about risks - from hiring talent, selecting partners, identifying investments, incurring debt, terms and conditions, to pricing. Real estate is a game of calculations, maneuvers, assessments, strategy and decisions. As T.S. Eliot said, “Only those who will risk going too far can possibly find out how far one can go.” Over the past 40 years, the real estate industry has been defined (and maligned) by those who do not want to be ordinary. The entrepreneurial risk-takers and the 10Xers, as Jim Collins would label them, have been rewarded.
However, as we get ready for 2013, this time it is different. This time the road less travelled may not be worth taking, or maintaining status quo may have far more risk than going all in. Opportunities seem hard to find because of an increasing reliance on heuristics. Indeed, these are uncertain times when selecting the right strategy can be the difference between success and failure. Knowing “what is next” or “what is around the corner” can be a daunting challenge for those possessed by dubitare (i.e. doubt/hesitation). Today we are at a tipping point between more of the same and an era of endless possibilities.
While the future of the real estate industry is assured, the journey and how-to-get-there are in doubt. The determination of success over the next five to seven years will be based on strategy not tactics, actions not theories, leadership not fellowship, psychographics not demographics, and goals not hypotheticals. Now is the time to shed cognitive bias and take control of your destiny. Failure to develop and execute the proper strategies ultimately will result in becoming Sisyphus forever.
In the real estate industry, you are either looking forward or visible in the rear-view mirror. Leadership defines the transformational opportunity, talent provides the resources to implement and well-conceived strategies determine winners versus everyone else. Today and the next seven years are not normal, so it will be incredibly challenging and awash with opportunities for those who are prepared. What decision will you make? What direction do you intend to take? What strategies will provide the greatest propensity for prosperity?