To keep up with the trends of the New Economy, homebuilders are learning to utilize new technology for the homebuyer’s enhanced lifestyle. Photo courtesy of Chateau Interiors & Design
We aren’t experiencing a recovery, and we didn’t experience a “Great Recession.” Rather, we are living through an historic economic shift to a New Economy-and it’s just beginning.
Changing demographics, globalization, people’s attitudes and a maturing use of technology are driving this shift. Add to that the fact that we will see more technological change in the next 48 months than we have witnessed in the past 10 years, and it’s the perfect catalyst to this shift.
It’s not about real estate in the new economy. It’s about lifestyle, communication, connectivity, information and entertainment.
This New Economy means we are living and working in historic times and need to meet this challenge with new thinking and attitudes to keep up with the people who want to buy a new home.
A new age in business is the natural response to this New Economy. It’s developing around us and challenging homebuilders to adapt, change and keep up with their customers or be replaced by those who do.
Homebuilders who can overcome their status quo and embrace these rapidly changing demographics, consumer attitudes and take full advantage of the maturing use of technology will lead the way. They will find that there are more people who want to buy their homes than ever before.
It’s not about real estate in the New Economy. It’s about lifestyle, communication, connectivity, information and entertainment. Homebuilders must shift and become “new home retailers” who provide lifestyle rather than shelter or real estate.
New homebuyers are not looking for shelter, they don’t want a fixer-upper or a used home, they want to enhance their lifestyles and express their personal styles-and they expect new homes to do this for them. They want a finished home that will provide them with all they need to stay connected, communicate and be entertained.
Photo courtesy of Chateau Interiors & Design
In this New Economy, the products people buy provide a noticeable enhancement to their lifestyle, connectivity, communication or entertainment.
Homebuilders need to ask themselves regularly, “What does the home I build today do to enhance the homebuyer’s lifestyle that existing homes don’t?” How you answer this question will either move you forward to great success or leave you stuck in a status quo, which can only produce mediocrity at best. Asking this question is the first step, and being honest with yourself is the second. Don’t just be willing to change; embrace change and realize that how technology in your homes and how you add technology to your engagement with today’s new home buyers will make a big difference in how many homes you sell and how profitable you become in the New Economy.
People everywhere, in every industry, are aware of the need for change, but many are challenged by old habits, their desire for comfort, the memory of past successes or the desire to just be done.
Courageous, visionary leaders are needed to make a successful transition in this New Economy. These leaders will be counted on to guide their organizations through the transition by implementing shifts in intentions that will bring about new attitudes, skills and actions to generate the best results. They will lead those homebuilders that build homes to enhance lives in the New Economy.
In my next column we’ll explore how to go about becoming a “New Home Retailer” and lead the way in homebuilding today.
Article written by Mike Moore, a renowned homebuilding industry veteran and thought leader. He is a motivational speaker, leadership and peak performance coach with Moore Leadership & Peak Performance. Read more about Mike at www.makingcustomers.com.