RISMedia's Real Estate Magazine

AUG 2018

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

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RISMedia's REAL ESTATE August 2018 39 {Business Building} Tech advances are moving at light speed. Well-funded upstarts and new business models (hello, iBuy- ers) are already flexing their muscle. The consumer experience is becom- ing more customized, more mobile and faster by the day. In response to all this coming— and current—change, there's been a lot of talk (and more than a few articles) stirring the pot of fear in the industry. Perhaps you've picked up on it, as well. Fear of the unknown. Fear of missing out. Fear of the up- start down the block. The general concept of fear is an interesting one. Regardless of wheth- er or not a threat is real, a response of fear is something we manifest in our heads; its reality is born from our own perceptions and emotions. Consequently, when you don't buy into the fear, it fails to exist. Here's one way to think about it: FEAR = False Evidence Appearing Real. In this light, fear becomes some- thing you control. It doesn't control you. This subtle change in mindset can greatly influence how you ap- proach your business. TURN FEAR ON ITS EAR Certainly, fear shouldn't be com- pletely discarded. It's part of nature, and in our DNA. Fear drives a sur- vival instinct that keeps us alive in the face of danger. Leading by fear in business, how- ever, can result in the outcome you were afraid of in the first place. Fear puts you in a mindset of protection. It inhibits innovation and the urge to charge forward. It leads to a herd mentality where you become a follower, one of the pack. Fear can paralyze you into complacency and non-action. Simply, fear puts you on defense. And you can't put any points on the board playing defense. Of course, smart business people must be aware of the pressures and potential threats to their business. The important thing is to take a step back from the headlines and hoopla and assess what's real and what's not. In viewing fear as "False Evidence Appearing Real," you realize that although you may have no control over the changes around you (real or imagined), you still control your ac- tions, your business and the direc- tion you want to go. So, instead of being pushed back on your heels, commit to pushing ahead even more aggressively. At- tack the market. Charge forward with what you're great at—and do more of it. When you lead with confidence, you make others adjust in response to your innovations and the value you bring to the table. You become the one instigating the change and instilling the fear of the unknown into the competition. RE Adam Contos is CEO of RE/MAX, LLC. For more information, visit www.remax.com. Give Your Industry Fears a Reality Check by Adam Contos T he saying "the only constant is change" has never been truer in real estate than it is today. The amount of change we've seen over the past 25 years won't come close to what's coming in the next five. Key Takeaways: - With all the talk surrounding changes in the real estate industry, it can be easy to fall into a mindset of fear. - FEAR = False Evidence Appearing Real. - Don't buy into all the hoopla and, more importantly, don't let fear drive your business. This can lead to the very result you were fearing in the first place. - Turn the fear of change to your advantage by instilling it in the competition. Do this by being aggressive, leading with confidence and championing innovation in your business.

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