As we approach the end of a challenging year and prospects of an equally difficult New Year it is important that we transform our Real Estate practice to one better suited to the new environment. No one knows how 2019 will unfold but there are socio-economic factors that have a very high probability of influencing the new year and the next few years to come. I will list three of them and how I believe we can transform our thinking and our practice to be better suited to this new reality.
First among these factors is the relentless growth and disruption of new digital technology. The smart phone is the single greatest invention of the modern era and we are just at the beginning of its influence. No doubt it will change the way people conduct their real estate transactions. It is already transforming search and listings, in the near future, it will transform viewing and probably even down payments, legal search and making a commitment. The response has to be, to transform your practice to becoming digital.
Second, the economy and as a result local demand for real estate will continue to be dampened. There are no reasons for an expectation of a spectacular increase in economic growth. Coupled with this though, is the growing regionalization of socio-political forces resulting in a growth of migrants and business foreigners to build the foreign led ports, free zones and hotel; and a big expectation for spectacular growth in Guyana. The response can be, ‘setting out into deep water’, by regionalizing your real estate practice to partner with Guyana, and renewed efforts to cater to the Latin Americans, Chinese and Jamaican expats.
Third and probably posing the biggest influence, Climate Change. We can expect increasingly erratic weather patterns with possibilities of drought, flash flooding, storm surges, heat waves, earthquakes and high winds. The challenge will be to take these factors into consideration as prospective buyers and renters will want assurances.
When we consider these three challenges, we may be inclined to throw up our hands and surrender. This is why I would like to introduce you to a recent remarkable book, Mindset, by world-renowned Stanford University psychologist Carol S. Dweck, Ph.D. In this book the author explains the concept of a growth mindset, based on years of research, she shows how success in school, work, sports, the arts, and almost every area of human endeavor can be dramatically influenced by how we think about our talents and abilities. It is either we think we can rise to the challenges or we are stuck in a fixed mindset.
Her research shows that people with a fixed mindset—those who believe that abilities are fixed—are less likely to flourish than those with a growth mindset—those who believe that abilities can be developed. She explains that with the right mindset, you can motivate yourself and those you lead, teach, and love—to transform their lives to success in these times.
Considering the challenges of 2019 and the next few years, and the need to grow your practice, you will have to adopt and embrace a growth mindset. A mindset of continuous learning and an ability to be innovative in the face of the difficulties of our times. I am confident you will rise to the challenge.