A "Kodak Moment" For Realtors

Simon and Garfunkel must have known this was coming. Their famous lyrics for the song Kodachrome read:

"When I think back on all the crap I've learned in high school
It's a wonder I can think at all
Though my lack of education hasn't hurt me much
I can read the writings on the walls

Kodachrome, they give us those nice bright colours
They give us the greens of summers
Makes you think all the world's a sunny day, oh yeah
I got a Nikon camera, I love to take a photograph
So mama don't take my Kodachrome away"

Well, Mama took the Kodachrome away this week. Kodak filed for Chapter 11 bankruptcy as they strive to save the company and transform it into a completely digital operation. With all the time I spent in the photo-retail industry, the fall of an industry leader was indeed sad news. The shift from analog photography to digital came quicker than most anticipated and hit harder than anyone expected. Like many aspects of life, change had become the only constant. My role with Canada's leading photo retail franchisor was not only to get our staff and franchisees to embrace the change and adopt the new technologies, but more importantly to manage it in a proactive way. Early adoption was not the issue, it was what you did with the tools you were provided that would determine your future. Those that looked beyond the changes and managed the same well have made it through the rain.

I've read a few blogs, status updates and tweets this week with people stating Kodak's demise was due to their refusal to change. There's nothing more absurd than that statement. Kodak has been one of the most innovative companies in the world for over a century. They invented the first hand held camera, the first film to be stored in a canister and later invented the first digital camera in 1975. Change and innovation was not Kodak's problem. It was what they did with their innovations that brought about their demise. Japanese companies took the rolled film product and perfected a way to make it cheaper and arguably better. The digital camera, which first cost upwards of $28,000 and for which Kodak first licensed Japanese companies with its CCD technology, was made more affordable by companies in Japan and China.

Ironically, after starting the change in their industry, Kodak was losing the battle. The giant had failed to use their innovations and apply them to their industry in proper ways. Change did not cause Kodak's demise, failing to manage the change properly did.

What does any of this have to do with Realtors you ask? Our industry is relatively in the same position as photo-retail was years ago. Innovative tools and industry shifts are upon us. The industry leaders are introducing new technology and tools such as QR Codes, Mobile Web Sites, SMS Technology, geo-tagging and much more. The early adopters are flocking to them without much knowledge or understanding and flaunting the fact that they simply have these new tools. Having the tool first isn't the "win". Learning to use them properly and perfecting them along the way will provide you with longevity and staying power in this industry. It's not a secret, nor is it a surprise that change is happening in the Real Estate Industry - as it does everywhere. Change is not the issue. Managing change is! Fellow Realtors: this is your "Kodak Moment". Don't stop at adopting the new technologies and tools; learn to implement them correctly and improve on them. As Simon and Garfunkel would say, "Don't let them take your Kodachrome away".

Posted via email from Markham Real Estate Today with Asif Khan