Five pillars of outstanding real estate leadership
1. Develop an attitude of success
Goal-setting and goal-achieving lead to a fulfilled existence. You begin by outlining your personal standards and definition of success. The next step in developing a mentality is to match those ideals with your behavior.
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Setting goals is essential because it makes you see achievement and devise a strategy to achieve it. Financial objectives are necessary since you must put food on the table, but what else do you want? What holds significance in your life? What future goals do you have for your children and family? In one, five, and 10 years, what do you want to be your title in the workplace? Put your thoughts on paper, create a strategy to reach your objectives, and schedule time each quarter to assess your progress.
2. Establish a well-defined plan.
Placing families in the houses that are best for them is the common objective shared by the majority of residential real estate agents. Customer service, diligence, follow-up, follow-through, and keeping ahead of market trends and resources are some of the ways we do this. So what makes excellent agents different from great ones, if we’re all doing this? well-defined plan.
With the use of technology, customers may now learn more and have options outside of the conventional real estate paradigm. But excellent counsel is due to good people, and no software will ever fully replace the value of a knowledgeable agent. Leaders assist customers in sorting through all the information and tools available to them so they can develop winning plans.
Just a few instances over the last two years will do for now. The buyer’s agent might suggest a lender who underwrites the loan before to entering into a contract, rather than merely providing a preapproval letter, if the buyer is eager to close. Alternatively, an agent can concentrate on listings in the weaker condominium market and apply contingencies that make the buyer competitive against all-cash bids, given the inflow of first-time homeowners in the market (attributed in part to the baby boom of the 1980s).
3. Take initiative
Proactivity is one of the leadership qualities I have observed in professionals across many sectors. “Pros are proactive, rookies are reactive,” as I like to say. To be clear, I was a rookie once as well, and I still find that I respond emotionally to some aspects of my business. But I have purposefully set up procedures that facilitate proactive behavior, particularly in areas that bring in money.
Proactive thinking, eating habits, and time and energy allocation characterize leaders. They hold events where potential buyers are invited to learn about the home-buying process, they conduct cold calls to former clients and referral partners, or they enroll in programs to hone their operational management skills. They go out and create business; they don’t wait for it to come to them. Being proactive is the best way to secure future business, but it does take initial time investment and persistence.
Unsettling? On occasion. I’ve done things in my profession that have scared me at times. But I don’t want to be a part of a group that only meets in meetings. Being surrounded by cheerleaders who just talk about what they want is not something I want as a cheerleader. I’m ready to act. IMPACT stands for I Must Personally Act, and it’s a small acronym that prods me forward.
4. Establish standards
Unmet expectations lead to frustration. A strong leader establishes clear goals early on for their team, clients, and themselves.
It’s probable that you will add more team members as your company expands. It’s like having a second full-time job to help others become leaders in your business, and having open lines of communication about your expectations and theirs may be the difference between success and failure. Setting expectations with customers before they even begin to look at houses is crucial.
“Is now still a good time to buy a home?” is a question I am asked a lot, especially in a hot market like this one. “You are ready to buy a home when you are ready to buy a home,” is how I usually reply. Put differently, if you’re ready, we start creating a strategy for you right now, beginning with figuring out what you want to get out of this purchase. It was probably not a good time to buy in 2021 if a customer intended to purchase and flip a house in six months. But if a buyer intends to stay in the house for five to ten years, statistics indicate that the house will increase in value and be a wise investment.
As the leader, you may create expectations by posing thoughtful questions, offering pertinent information, and deciding on the parameters (as well as the desired results) of your involvement.
5. Stay receptive to opportunities.
In my view, being receptive to opportunities entails not just breaking new ground but also being receptive to concepts or avenues that you may not have previously explored. Excellent leaders, in my opinion, are aware of this. They never close their eyes to chances, both personal and professional, and they never miss anything.
On the other hand, inexperienced leaders might take a certain path and show little inclination to veer off or investigate other options, even if they end up being workable fixes. When provided with facts, they refuse to consider unconventional ideas and remain closed off to new ideas. In the worst situations, these managers crash and burn because they become stuck all the time.
There is an eraser on top of the pencil for a reason: errors are made. Sometimes deleting mistakes, beginning over, and going in a different route is what true leadership entails.
Remember these astute words from real estate consultant Brian Buffini, whether you’re applying them to one specific tactic or your whole career: “Opportunity will come to you, but it will appear as work.” Be willing to put in a lot of effort, have an open mind, and don’t be scared to explore any option that presents itself.