On this edition of “Keeping It Real,” a recurring series on Inman, Peter Lorimer talks through fearing change and how to work new strategies in a changing marketplace.
Most people reading this probably remember the video store Blockbuster. The name brings nostalgic memories of searching for the newest releases and crossing fingers that they wouldn’t already be rented (and not-so-nostalgic memories of late fees if you could never return your rentals within five days).
Nostalgia, or the sentimental longing or affection for the past, only gets you so far. While we all love moments of reveling in the past and enjoying what once was, it’s important to remember that what once worked will not always work.
Blockbuster was a huge player in its industry but became obsolete once other businesses entered the market with video rental subscriptions and then streaming. It felt safe, which is a very unsafe place to be. In fact, relying on what has worked in the past could be detrimental to your real estate career.
“The Blockbuster Effect” comes into play when, out of fear or resistance to change, agents rely only on past methods and techniques — such as postcards, cold calling and door-knocking.
Alone, these things used to work, but technology and innovation are both huge players in our industry (and all others), and refusing to change old ways render us vestigial, while those who try new things become indispensable.
If you constantly find yourself resorting to old tricks and ways, my podcast is a swift kick in the rear to get up-to-date on this industry and learn how to evolve.
In this episode, I’ll go over just how I stay ahead of the curve through adjusting strategies and creating original content.
First, you have to change strategies. Although this can be scary, it’s the only way to make sure you’re not part of The Blockbuster Effect. When I say changing strategies, what do I mean?
Never stay still. If you think a strategy that works this year will work next year, you’re probably wrong. You should be constantly tweaking, constantly pivoting.
Pay attention to what those around you are doing, and don’t ever allow yourself to feel stagnant. Technology and innovation are ever-evolving — we should be, too.
When it comes to changing strategies, one of the most effective strategy changes I’ve seen is producing original content. Why? Because 90 percent of people out there are not doing this — out of fear or inability.
What is original content? Pieces of content (video being my favorite) that you create that are valuable, engaging and authentic.
Get over your fear of the camera or, if you want to be behind the camera and do original content, create fantastic blog pieces that you can push out onto social media.
The thing you should fear, though, is this: relying on the media your company provides you. That should never be the way you market and prospect to your clients.
If you’re creating it and using it to build trust and relationships with others, it needs to be about you to be effective.
Interested in learning more about just how to stay ahead of the curve, relevant and create original content? Listen to the full podcast, where I’ll expand on these strategies.
How do you stay ahead in a changing market? Inman Connect Las Vegas — Featuring 250+ experts from across the industry sharing insight and tactics to navigate threat and seize opportunity in tomorrow’s real estate. Join over 4,000 top producers, brokers and industry leaders to network and discover what’s next, July 23-26 at the Aria Resort. Hurry! Tickets are going fast, register today!
Thinking of bringing your team? There are special onsite perks and discounts when you buy tickets together. Contact us to find out more.
Peter Lorimer is the CEO of Beverly Hills, California-based PLG Estates.
