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ULI & 3 Adaptability-Booster Perspectives

Written By: PJ Wade — Decisions & Communities
Monday, November 16, 2020

As the pandemic evolves, real estate professionals continue to adapt to changeboth for themselves and their clients.

Over the past months, I have been struck by repeated situations in the media and on social media that reminded me that professionals in all fields often overlook opportunities to improve adaptability while in the midst of change.

With more shifts on the pandemic horizon, why not take proactive steps to increase your adaptability by building up your powers of resourcefulness, flexibility, and resilience?

The pandemic is a health crisis not an economic crisis nor a global-scale natural disaster, so capital will be available when the crisis abates and the necessity for massive rebuilding will not delay recovery. Pandemic impact will be lessened, counterbalanced, and eventually ended by well-founded, improved, and sustained personal and societal confidence.

Once we are confident as individuals, families, and organizations that we will be safe from catching or spreading Covid-19, stand back. Individuals, businesses, communities, and countries will forge ahead when not constrained by fears of contagion.

Speakers and panelists at the virtual 2020 Urban Land Institute ULI Fall Meeting agree that the pandemic will not continue forever. Varying estimates of when it will end are linked to how quickly an effective vaccine can be developed and distributed. Uncertainty at the timing prevailed with some voicing certainty for next spring, others predicting next fall, and still others forecasting at least another year or so.

As you stay safe and keep others safe, consider reinforcing your professional expertise by incorporating:

Three Adaptability-Booster Perspectives

1. Not Unconscious But Conscious Effort

Widespread agreement that Covid has been an accelerator of trends leaves us with the knowledge that some pre-Covid hindsight may be useful in projecting into our post-Ccvid futures. The more conscious you are of what was really going on before the pandemic, the better youll be at predicting details and identifying opportunities associated with amplification of real estate trends >

Example: 18-hour cities, defined by ULI as less intense version[s] of some of the biggest global centers while still maintaining an international character and a vibrant urban core, continue to dominate The Top 10 Markets [list below] powered by strong growth, homebuilding outlook, affordability, and job prospects.

ULI and PwC US >

The Top 10 Markets in Emerging Trends in Real Estate 2021

1. Raleigh/Durham, N.C.
2. Austin, Texas
3. Nashville, Tenn.
4. Dallas/Fort Worth, Texas
5. Charlotte, N.C.
6. Tampa/St. Petersburg, Fla.
7. Salt Lake City, Utah
8. Washington D.C./North Va.
9. Boston, Mass.
10. Long Island, N.Y.

2. Not Perpetuate But Shed

Progress involves risk and letting go. You cant achieve change while you cling to the way its always been. We cant embrace technology the way we have during the pandemic and hold on to the way weve always thought. Work and education are just two areas that technology has rapidly redesigned under social-distancing pressures. For digital transformation to be effective, the way we define work, learning, and, therefore, productivity must be transformed too. Until you shed bias and out-dated standards and reach out for fresh perspectives, progress is just talk.

Example: Our love affair with online tools and toys has led to consistently elevated expectations for technology. In a ULI session about the Networked Economy, Lisa Picard, CEO of EQ Office, said technology has heightened the speed at which we expect what we want: Everything. Everywhere. All the timeNot Work From Home but Work From Anywherenbsp; What is missing is that our standards and language lag behind. The pandemic has changed the nature of work and where we do it, but definitions of productivity must change as well. For example, instead of expressing intent as get the most out of workers think bring the best out in individuals.

3. Not Chance But Choice

The decisions you make, large and small, determine the present and shape the future. Even deciding not to decide is a decision. The more you leave to chance, the less certain the present and future. The more often you dig in to uncover choices for clients and yourself, the more often confident decisions emerge.

According to ULI: Social unrest and protests in cities across the country have also played a role in the reevaluation of presence in urban cores. 70 of respondents agree that the real estate industry can address and help end systemic racismfrom promoting diversity, equity and inclusion within the sector, to looking for ways to develop underserved communities. On a rating scale of social issues in real estate, income and racial inequality moved from little to moderate importance last year, to moderate to great importance.

Example: Onay Payne, Managing Director, Clarion Partners LLC shared a statistic to illustrate social inequity that also emphasizes that inequity will not be resolved by chance but by choice. Payne, an Emerging Trends general-session panelist, told reportedly 4,000 virtually-attending real estate professionals that, on the financial scale, the top 50 individual Americans possess as much net worth as the bottom 165 million Americans.

Has the dazzling speed at which Covid-19 changed everything proven to you that nothing is beyond change?nbsp;

Simply, commit to conscious effort, search for choice, and shed accumulated crap to achieve progress.

For more by PJ Wade, visit PJs blog: Whats Your Point?nbsp;





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