It is a telling story that over the past couple of years, my Thanksgiving blog post honored the traditions of both Thanksgiving and Veteran’s Day with the pall of Covid-19 hanging over our heads. The past two years were historical in terms of the impact this virus had on our personal and business lives. I look back to 2020 when I celebrated Thanksgiving with just my wife and my mom and realize how quickly our world can change. In 2021 we were still cautious, but more optimistic. And in 2022, our lives are impacted once again—only this time, it is not the threat of a virus, but a threatening economy.
Thanksgiving is still a time to reflect and give thanks. Many of us take solace in these traditions and predictable events. There is a comfort to family gatherings and connections with friends and business associates, but there are changes happening that can disrupt our comfort zone. We must adjust to the current state of our economy and the state of our companies. It is well past the time to make the transition to a lean market and lower order counts. Transition is necessary, but often means making those difficult decisions.
I am the eternal optimist and see a real estate market that is returning to the traditional activity we saw in 2019. The day of multiple real estate offers that were thousands of dollars over asking price, little or no housing inventory, supply chain challenges driving raw material and manufactured products through the roof, and houses selling before they hit the market are now behind us. We all reacted to this booming economy and grew our staffs. I am sure you are not staffed for a market returning to 2019 levels and neither are we. We geared up for our national expansion and the booming market of 2020 and 2021. We must be willing to evaluate every aspect of our businesses and make the necessary transitions.
The challenges we had in the past were to keep up with the booming economy and hire the right team to help you grow your business. We met those challenges and built a team to service you and your customers. We created efficient processes and new tools to manage the increase in business. Our team stepped up and delivered quality underwriting, education, effective interactions with our agents, and new ways to be more efficient with your time. I am thankful to our team for their dedication and loyalty. I am equally thankful to you and your teams for continuing to support First National Title. Our success is directly related to how much you believe in our mission and our people.
You (and we) will survive and thrive in 2023. We will be there to support you as you find the right balance and transition to the realities of a changing economy. And together we will emerge stronger and more prepared to take advantage of the rebounding market.
Once again, I am deeply thankful and appreciative of your support and the business you sent us this year. Happy Thanksgiving!