The Need for Innovation in Canadian Real Estate - British Columbia Real Estate Association

The Need for Innovation in Canadian Real Estate

June 25, 2024

Change is coming to the real estate and housing sectors in BC and Canada. Innovation is more important than ever. BCREA CEO Trevor Koot discusses how we can move beyond an environment of protectionism and move into the future.

Transcript

A saying I heard a while ago that people around me have heard me repeat a lot is, “People hate two things: change and the way things are.” So when we talk about change, it’s natural for organizations, or the people affected by those changes, to have trepidation.

It’s also hard for organizations within the real estate industry – or any other industry – to have open conversations about change when so much of what’s got us to this point is based on legacy.

So how then do we break out of a mould of protectionism and move toward innovation? And the answer lies with leadership.

Leadership need to not only be able to articulate the future that they see – the opportunities that lie ahead of them. But more than that, the leadership need to be empowered to move toward that future and that vision that they articulate to all the stakeholders.

As we navigate a tenuous economic environment with divergent social expectations, broadening regulatory mandates, and rapidly evolving technologies, the repercussions of stagnation are going to come quickly and be incredibly impactful.

Change is upon us. Innovation is more important than ever.

As leaders in your industry, articulate your vision and make your decisions not based on legacy and entrenchment in the past, but on the future you see for your organization and for your industry.

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