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The Economy and Housing, What’s Up?

Just received some edits from my Ph.D. friend, who is giving my textbook on the introduction to real estate economics a test drive. That got me thinking: The recession of 2023 is postponed and more likely canceled.

Moody’s Analytics has the GDP estimate for the current quarter at 3.9 percent annualized growth The Federal Reserve of Atlanta estimates growth at 5.9 percent. Either way, you slice it, healthy stats.

A point in time:

  • Unemployment is low at: 3.8%
  • Business investment: holding steady
  • Consumer spending: steady
  • Consumer sentiment: improving
  • Non-residential investment: contributed 25% of GDP growth and increasing
  • Industrial and Manufacturing: turn-around with slight improvement
  • Inflation is moderating with some disinflation for housing rent and vehicles

Housing? The challenge remains a lack of resale inventory and mortgage rates. The lack of inventory is moving homebuyers into the new home market. New residential construction is accelerating. Fun fact: NAR’s chief economist stated the resale market could absorb a 50% increase in inventory. That’s not likely to happen at current rates – thus, new home sales OR sales activity from the 10,000 Americans turning 65 each day, many of whom own their homes mortgage-free.

As seasonality picks up its pace, your buyer clients will find some opportunities between now and the end of the year.

It appears the US economy has proven more robust than the pundits thought. As inflation continues to improve and when growth remains steady, that could erase the final fears of negative growth. At the end of the day, what can we control?

  • We CANNOT control the market.
  • We CANNOT control what others think.
  • We CAN control our business process.
  • We CAN control our thoughts, behaviors, and routines.

And that’s how we win the day.

What's Possible?
What’s Possible?

The Power of the Post-Mission Debrief: Lessons from the Blue Angel – Part 2

“Every Monday Matters.”

This is especially true when it comes to continuous improvement in business. Recently, I’ve been working with a client, listening in on sales calls and conducting role-playing sessions. The insights gained from these activities are truly priceless. But the real magic happens after the activity, during the debrief.

In the business world, “debrief” often carries a negative connotation. It’s frequently associated with mistakes, failures, and blame. This fear-based approach is counterproductive. The U.S. Navy’s Blue Angels flight demonstration squadron offers a powerful alternative perspective.

The Blue Angels, known for their precision and flawless aerial maneuvers, understand the critical importance of debriefing. After every flight—whether a practice session or a public performance—they conduct a thorough debriefing process. Their goal isn’t to assign blame but to identify areas for improvement and drive fear out of the organization.

Why is debriefing so effective?

  • Accelerated Learning: Debriefing allows you to extract valuable lessons from every experience, both positive and negative. It transforms experience into expertise.
  • Improved Performance: By identifying areas for improvement, you can make adjustments and enhance your performance in future endeavors.
  • Enhanced Teamwork: Debriefing fosters open communication and collaboration, strengthening team cohesion.
  • Reduced Errors: By analyzing past mistakes, you can prevent them from recurring.
  • Increased Confidence: When you consistently learn and improve, you build confidence in your abilities.

How to Conduct an Effective Debrief:

Here are some key principles inspired by the Blue Angels:

  • Focus on Facts, Not Blame: Stick to objective observations and avoid assigning blame. For example, instead of saying “You messed up the closing,” try “The closing rate was lower than expected. Let’s analyze the factors that contributed to that.”
  • Encourage Open Communication: Create a safe and supportive environment where everyone feels comfortable sharing their perspectives.
  • Start with the Positives: Begin by acknowledging what went well. This sets a positive tone and reinforces successful strategies.
  • Identify Areas for Improvement: Focus on specific actions that could be improved in the future.
  • Create Actionable Steps: Develop concrete steps to implement the identified improvements.
  • Document the Learnings: Keep a record of the key takeaways from each debriefing session.

Applying Debriefing to Sales Calls and Role-Playing:

When debriefing sales calls or role-playing sessions, consider these questions:

  • What were the strengths of the call/role-play?
  • What could have been done differently?
  • What specific strategies or techniques were effective?
  • What objections or challenges were encountered, and how were they handled?
  • What are the key takeaways for future calls/role-plays?

By adopting a structured debriefing process, you can transform every experience into a valuable learning opportunity and propel your business forward. Make every Monday—and every activity—count. And that is how we win the day!

Every Monday Matters – Part 1

A Recipe for High Performance

 

Every Monday Matters
Every Monday Matters

The speed of trust.

Trust. The speed of trust.

We had tickets to tonight’s doubleheader: Reds vs. the Angels, and I was the designated driver. My family trusted me to drive to get them back and forth safely; in fact, Tim fell asleep in route. That’s trust. Trust is so important in so many ways.

Whether it’s driving my family or friends or working with my associates, clients, and vendors, trust is everything. There’s nothing more impactful on people, their work, and their performance than trust.

Stephen Covey said it best, “You can ignore the principles that govern trust—but they will not ignore you.”

In other news, it was a tough night for the home team.

The speed of trust.
The speed of trust.

Persistence

Here is what I know as an entrepreneur, you try 10 things, and 9 don’t work out as planned, and 1 (after tweaking it) works.

The problems entrepreneurs confront every day would overwhelm most managers.

The point? Persistence. If you believe in what problems you are solving, you keep iterating until you find the formula.

I’m in the game.

It’s not about the money… it’s the challenge of solving a problem that helps people and firms grow.

It’s the community, connection, and servant leadership.

#WinTheDay

PS: Checklist

1. Is my vision clear and compelling?
2. Are my goals defined?
3. Do I have the right strategy?
4. Can I execute the strategy?
5. Is it fun with people I love and respect?

 

Sometimes you win, sometimes you learn.
Sometimes you win, sometimes you learn.

The most important question? 

The most important question? 

“What do you really really want?” This Is really the second most important question. Say what?! The more important question is: “What are willing to give up to get it?” 

Are you willing to give up chill time for gym time? 

Are you willing to trade busy work for prospecting, business development, or recruiting? 

Write a book? Are you willing to give up what you usually do from 7 to 9 pm and go to the library instead? 

I’ll do whatever it takes to get what I really, really want.

I’ll give up whatever it takes to ______ (fill in the blank)

To get _________, (fill in the blank) I’ll do whatever it takes.

When you are willing to do whatever it takes, you’ll earn want you really want.

What's Possible?
What’s Possible?

Onward and Upward.

“Onward and upward” is a mindset that requires a few key ingredients: optimism, empathy, curiosity and action.

  • Optimism is the ability to overcome adversity despite the circumstances.
  • Empathy is the ability to understand situations from another’s perspective with no judgment. The ability to choose to respond rather than to react.
  • Curiosity. To be effective be curious: curious about how people are feeling, curious about why things happen, curious about the future, curious about steps to take to navigate difficult waters.
  • Action. The winners are the doers. Talk is cheap, action speaks.

When we make changes by design vs. default we can craft a future the supports the growth we deserve.

Perfection is not a standard, progress is.

With 80 to 90 working days left in 2023 I’m opening up 10 slots for “what’s possible” strategy sessions. Because it’s not how you start the game it’s how you finish.

Onward and upward.

What's Possible?
What’s Possible?

Multitasking

Research by the University of London reveals that our IQ drops by five to 15 points when we are multitasking.

In his book, Your Brain at Work, David Rock explains that performance can decrease by up to 50% when a person focuses on two mental tasks at once.

And research led by legendary Stanford University professor Clifford Nass concluded that distractions reduce the brain’s ability to filter out irrelevancy in its working memory.

So, what do you need to stop doing? Start doing? More of and less of?

Start With The "Not To Do" List!
Start With The “Not To Do” List!

Be The Voice Of Reason

A favorite and a classic.

Be The Voice Of Reason

Human nature craves the exchange of information. When that exchange turns unproductive try this 4 step approach:

  • Understand the difference between valid information and gossip.
  • If gossip nip it in the bud
  • If gossip change the subject
  • If gossip confront the individual

Keep the strategies above in mind so when you’re confronted with a gossipy associate, you have the checklist to respond appropriately.

Doing The Right Thing

One of my lawyer friends quoted Carl Sandburg today:

“If the facts are against you, argue the law. If the law is against you, argue the facts. If the law and the facts are against you, pound the table and yell like hell.”

My take? Doing the right thing is always the right thing and good business. “Make it right” and “Honor your commitments” is one of the best mantras ever.

Thoughts?

Doing the right thing is always the right thing.
Doing the right thing is always the right thing.

Monday Mindset: Turning Mistakes into Momentum – Part 1

Every Monday offers a fresh start, a chance to set the tone for the week ahead. One practice I’ve found incredibly helpful is starting each day with a simple journaling prompt:

“A situation that might trip me up today could be…”

“…and the way my best self would deal with that is…”

This simple exercise helps me proactively anticipate potential challenges and plan how to respond effectively. It reinforces the idea that perfection isn’t the goal—progress is. Mistakes are inevitable, but they can also be powerful learning opportunities.

From Setback to Setup: The Power of Redirecting

We all experience that sinking feeling when we make a mistake. It’s easy to get discouraged, but the key is to redirect that energy into positive action. Here’s a three-step process to transform setbacks into setups:

  1. Accept: Acknowledge the mistake without judgment. Don’t dwell on it or beat yourself up. Simply recognize what happened. This is the hardest part.

  2. Reflect: Take a moment to assess the situation objectively. Ask yourself:

    • What exactly happened?
    • Why did it happen?
    • What can I learn from this experience?

    This reflection phase is crucial for identifying patterns and preventing similar mistakes in the future.

  3. Redirect: Now that you’ve accepted and reflected, it’s time to redirect your energy towards positive action. This involves two key components:

    • Make it Right: If possible, take steps to correct the mistake or mitigate its impact. This might involve apologizing to someone, fixing an error, or adjusting your approach.
    • Adjust the System/Process: Don’t just fix the immediate problem; address the underlying cause. What changes can you make to your systems or processes to prevent similar mistakes from happening again? This is where true growth occurs.

Example:

Let’s say you accidentally missed an important deadline for a client.

  • Accept: “I missed the deadline. That’s not good, but it happened.”
  • Reflect: “I missed the deadline because I didn’t properly prioritize my tasks and I underestimated the time required. I also didn’t set up reminders.”
  • Redirect: “I’ll immediately apologize to the client and explain the situation. I will also implement a better task management system with clear deadlines and reminders to prevent this from happening again.”

Be Kind to Yourself:

Throughout this process, remember to be kind to yourself. Mistakes are a natural part of growth. As F. Wikzek wisely said, “If you don’t make mistakes, you’re not working on hard enough problems. And that’s a big mistake.”

By embracing mistakes as learning opportunities and actively redirecting our energy, we can transform setbacks into valuable stepping stones on the path to success. Make this Monday—and every Monday—a chance to learn, grow, and move forward. And that is how we win the day!

Every Monday Matters – Part 2

Every Monday Matters
Every Monday Matters