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74 P In the housing industry, the only constant is change. In an economy that is still on the road to recovery and an industry that is still in a period of consolidation after the biggest nancial downturn since the Great Depression, the best in the business are nimble on their feet and adaptable to the set of circumstances that is presented. Employee migration is a greater reality now than ever before; whether the move is made in response to a new opportunity or due to displacement after a merger or other external pressure, the key to long- term survival in the industry is the ability to be open-minded and play the hand that is dealt. WHEN OPPORTUNITY KNOCKS, OPEN THE DOOR Being adaptable to the ebb and ow of the industry is all about taking advantage of opportunities as they present themselves. When JPMorgan Chase began downsizing its REO division, Bill Carr, who was then serving as VP, distressed properties manager, could see the writing on the wall. He started putting out feelers through the network of business relationships he had developed through the years. As word got around that he was looking for another job, he was recruited for several positions. One recruiter tipped him o to a mid-size mortgage company that was positioned to grow, called the KM Mortgage Group. He was impressed with what he saw and eventually chose the company to be his new home. He recently became the national director of business development for the company, and doesn't regret his decision. "After meeting with these young and energetic owners, I could see that they were positioned for unlimited growth," Carr said. "When I interviewed with them and the team members, I could tell that everyone felt like they were working in a family, and that means a lot. So, I decided this was a place I could build a team and something I could put my name on." Carr believes that when one door closes, another opens, and he felt that this was the opportunity he had been seeking. "In our industry today, you're going to see a mass migration due to changes in company direction and mergers," Carr explained. "Most organizations already have plans in place for layo s when they take over other companies. When they lay people o , unfortunately, they only see people as numbers, not realizing they will lose the knowledge and business relationships those people have developed." However, Carr urges people not to be discouraged and not to be hesitant in seeking opportunities in smaller to mid- size organizations. "Some people hesitate to work for a smaller company because they don't welcome a cut in salary," he explained. "Although you may not have the mega salary you had with a larger institution, if you go with a small to mid-tier company and build on the opportunities there, you will eventually make more money and be compensated for your performance." Carr said. "I took a salary cut, but I think I just gave myself a raise. I am con dent in my ability to build incredible teams to do an exceptional job and have the compensation to go with it. As we start to grow, it's fun to watch." Despite his enthusiasm for his job and the company he represents, Carr is not sugarcoating anything. "Let's be honest," he said. "We're in a very tough economy, and I think you're going to see a lot more layo s. As we transition from re nancing to a purchase market, it's even more crucial for agents to position themselves with partners for growth." Just as in any other industry, relationships are paramount. "A lot of loan o cers have been sitting in branch o ces forever, and have lost the skill of getting out to build relationships with real estate agents," he explained. "If you don't have the con dence to build relationships, you're going to die on the vine." MERGERS AND ACQUISITIONS ARE CHANGING THE WAY BUSINESS IS DONE ere's turmoil in the housing industry at the present time, because mergers and acquisitions are occurring at an ever increasing rate, according to Tami Co ey, president at Mortgage Search & Acquisition (MSA). "Sixty percent of displacement for executives occurs when there has been an acquisition or a merger," she explained. "When a merger or acquisition occurs, there is often a duplication of the executive team, and it's the ones with the least economy that is still on the road to recovery and an industry that is still in a period of consolidation after the biggest that is still in a period of consolidation after the biggest nancial downturn since the Great Depression, the best in nancial downturn since the Great Depression, the best in the business are nimble on their feet and adaptable to the set of circumstances that is presented. Employee migration is a greater reality now of circumstances that is presented. Employee migration is a greater reality now of circumstances that is presented. Employee migration is a greater reality now of circumstances that is presented. Employee migration is a greater reality now C O V E R S T O R Y / S A N D R A L A N E As the hand of the housing market is dealt, industry executives are betting that the recent trend of consolidation and employee migration will give them the chance to deal themselves an industry ace. SHUFFLING THE DECK 74

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