Have you ever wondered what the term ‘monkey business’ refers to? Well, according to the Free Online Dictionary, monkey business refers to silly, mischievous or deceitful acts or practises.
2008 was a year in which the proverbial rooster came home. For many in the real estate industry, it was the time in which the prodigal son whose profligate, wasteful ways had drained him of all resources began the long journey back home.
2008 was a huge wake up call for the real estate industry as it was buffeted by hurricane force winds which hurled the housing industry headlong into the sub-prime crisis and the resultant foreclosure/short sale tsunami. Many local associations saw their numbers plummet across the boards…loss of members, decreased sales and declining profit margins.
During this year, the consequences of ‘monkey business’ became painfully clear as home values plummeted across the nation, credit dried up and many homeowners lost their homes and equity. We’re still waking up from the hangover.
It’s Time to Sober Up!
2009 will be a sober year…a year in which we all will be compelled to make a sober assessment of where we are and where we need to be. This will necessitate some very difficult but necessary decisions.
As Brokers across the nation review their balance of assets and liabilities, the practise of allowing non-productive agents to simply hang their licenses on the wall to bolster the numbers will be questioned for it’s lack of prudence.
A sober assessment of the risk involved in poorly trained part-time personnel handling complex financial transactions will hopefully force the industry to reassess it’s education and training model.
As more agents become exposed the wider world of the blogosphere, they will begin to question the relevancy of much of what is currently offered to them in their local offices.
This is not just an issue of convenience. It will be about pure survival. In these treacherous waters, swimming without the protection of knowledge and information may lead to a near drowning experience…or worse.
My thoughts on what needs to be a mandated curriculum…
We’ll need to move way beyond the basics. Order takers who can fill out forms accurately are dangerous if they don’t understand the legal implications of what they are inputting and cannot adapt to changing norms. Just like a computer…garbage in…garbage out!
Our education desperately needs an overhaul as an industry. This includes new agents AND experienced agents. Because so much has changed in the industry within the past 24 months, even experienced agents can no longer claim ‘expertise’ in many crucial areas.
Some topics which are critical & should be available for immediate consumption include: Social Media & Networking, Blogging, Consumer Trends & Behavior Patterns, Basic Understanding & Overview of Financial Markets, Mortgage Financing including FHA and Government programs, Short Sale Negotiation, Rental Property Management, Staging, Video Media & Editing & Personal Lifestyle Balance and Management. Very, very, very different than what is on the educational offering list available to most real estate agents today.
To get a different result, we must do things differently. This is simple fact. And that’s no monkey business!
Copyright 2008 Audu Real Estate All Rights Reserved