The Value of a Winding Career Path in Turbulent Times
I have been laid off twice. Like many people in our industry who have been laid off, it was after a long career with one company. But I am getting ahead of myself. Let’s go back to the beginning.
I have worked in the relocation and real estate industry since I graduated from college. Like many of us, I fell into it. My ex-boyfriend’s mom worked for a housing magazine in Dallas. They had a real estate and relocation center, and she got me a job there. Before the internet, builders advertised their new developments in one location in a center with big display boards and pictures of the houses with upgrade option choices and neighborhood information. It was called The Living Center. I was a receptionist and greeter there. It was fun meeting people, and I realized I liked the real estate crowd.
Within three months I was promoted to the Circulation Director of the housing magazine. Then, from there, I ended up at a small brokerage doing relocation as a Coordinator. Then, I went to work for a national broker network. A few years later, I moved to California to do business development for a large high-end broker that was subsequently bought by NRT. The rest is history.
The path doesn’t have to be linear.
Why should you care about my professional journey? Because I want to demonstrate how our path is not always a straight line. Had my first broker employer not seen promise in me, they would not have hired me from a housing magazine. Had my employer at the national broker referral network not seen promise in me, they wouldn’t have hired me from the real estate broker. Had the CA broker not seen promise in me, they would not have relocated me and hired me from a corporate broker referral network job. People took a chance on me, even when I didn’t have experience that was directly related to the role they were looking to fill. We have to get over looking for people with the exact experience for the job. We have to look for the skill set and the mindset. It doesn’t matter if they haven’t done the required tasks before; have their experiences contributed to their emotional intelligence and decision-making? Are they eager to learn and grow?
I became a consultant after being laid off after a 21-year career with NRT and then being laid off again from Pacific Union International two years later due to an acquisition because I wanted more control of my career. I entertained possible roles, but nothing felt right, even though it meant no benefits and the lack of a steady paycheck. I wanted to give back to the industry what I had learned over the years from my own experiences and from all of you.
Don’t fear the unknown.
I have experienced (like many of you) a lot of volatility in the industry. I remember moving to California in 1988 when interest rates were 18%. Then, the 90s recession when we practically couldn’t give away a house. And the 2008 housing bubble mortgage debacle. Then, most recently, there have been skyrocketing prices, Covid, and inflation. It was painful to see people losing their homes and jobs over the years. Those challenges became great life lessons for me. They taught me to pivot and figure out alternative ways to do business and to keep increasing revenue and profit year over year.
When I moved to CA, I started reaching out to local corporations to provide relocation services and built our RMC business. In the 90s, we got the Freddie Mac account along with other REO accounts and managed the foreclosure listings for a multi-state region while carrying over 300 listings at all times. We also created the first home concierge program in 1996. During the recession of the 2000s, we built a national affinity program, started charging for rental assistance and area tours, handled more foreclosures, and did short sales. We created a multi-state internet lead call center. Through those times, we were able to backfill the typical business with new sources. Year after year, we stayed even or increased our revenue and profit.
The key was that I had supportive local leadership who stayed out of my way. Did I stumble a few times along the way? Absolutely. But for the most part, stepping out of my comfort zone with a staff that was eager to come along for the ride was the key. It didn’t matter if they had never done it before. We figured it out along the way. During those times, I had to lay off many people and cut budgets, so we did more with fewer resources.
It sounds corny…but embrace the challenges.
My point in rehashing my history is that change doesn’t scare me; it invigorates me. And it shouldn’t scare you. The years have calloused me in a good way. High-interest rates and low inventory are just another challenge to overcome. We don’t know when inflation will normalize. Remote work isn’t going away, so we must focus on those that need to move. If you have a staff that is willing to try new things and leadership who will support that, you have a huge opportunity right now, as many brokers are paralyzed. The instinct is to shrink, but that isn’t right. The key is to pivot.
Set some goals for next year that take you on a new path. Reflect on what we have learned over the years from recessions, inflation, poor employment rates, various financial crises, lawsuits, and a pandemic. All of those hardships are learning experiences. I completely understand the feeling of uncertainty. But let’s take control of what we can control.
Think about how we might capitalize on what is going on around us. As they say, why waste a good crisis?! Consolidations will happen, AI is not going away, the commission pay structure and disclosures are going to change, and relocation opportunities are shrinking. Brokers who look at the customer relationship differently will be the winners. Embrace the changes. Let me know how my experience might help you get through 2024 with flying colors. I aim to help you avoid the same mistakes I made and pivot your business model during these changing times.
“In the midst of every crisis, lies great opportunity.” ~Albert Einstein, German-born theoretical physicist
