By Delroy A. Whyte-Hall
August 31, 2023
Eric Forney’s recent piece, “Real estate success is paved brick by brick, published by HOUSINGWIRE, offers an interesting analogy between the success of Lego and the real estate industry. While the essence of focus cannot be undermined, the article simplifies the complexities of real estate to a dangerous extent. Here’s why.
1. The Complexity of Human Emotions
Real estate is not just about bricks and mortar; it’s about people. Unlike Lego bricks, people come with a myriad of emotions, needs, and expectations. According to a National Association of Realtors study, emotional factors often outweigh financial considerations in real estate transactions.
2. The Role of Technology
Forney’s article dismisses the role of technology as a “tempting mistress—distraction.” However, according to Forbes, technology has revolutionized the way we buy, sell, and manage properties. Ignoring this facet is akin to ignoring a significant portion of your toolkit.
3. The Importance of Diversification
While Lego succeeded by focusing solely on bricks, the real estate market thrives on diversification. A report by Deloitte suggests that diversification in services and investments is key to mitigating risks, especially in volatile markets.
4. Leadership is Not Always Simple
Gary Keller’s statement, “It’s all simple,” might hold some truth, but leadership in real estate involves intricate decision-making and strategy. A Harvard Business Review article argues that successful real estate leaders are those who can navigate the complexities of human relationships, legal frameworks, and market trends.
5. The Ever-Changing Market
The real estate market is subject to fluctuations influenced by economic, political, and social factors. A study by the Urban Land Institute shows that adaptability is crucial for long-term success.
In conclusion, while focus is essential, it’s just one brick in the large structure of real estate success. Ignoring the complexities could lead to a shaky foundation that could crumble at the slightest pressure.
Delroy A. Whyte-Hall is a seasoned copywriter specializing in real estate. The views expressed in this column do not necessarily reflect those of any affiliated organizations.