“The Secret” To Leading In Your Real Estate Business

14

Every good business owner or entrepreneur has had to lead people at one time or another. As is the case with most real estate investors, assembling a quality team of employees, contractors, other industry professionals, etc. is a key component to running an effective business. Whether it’s a single assistant or a large team of people, it’s important to embrace the notion that you are a leader and that your ability to lead others will have a direct effect on the success of your business.

I just finished reading the book, “The Secret, What Great Leaders Know and Do” by Ken Blanchard and Mark Miller. While the book is applicable in just about any type of leadership position, I found that the principles were very applicable to my real estate investing business. Whether you realize it or not, leadership of any kind is a big responsibility and one that can have a profound effect on the people around you and the future of whatever you are endeavoring.

In the book, the authors make the assertion that effective leaders must embrace an attitude of service towards others. It’s the idea that leaders should always be on the lookout for ways in which they can serve those people that they are leading (rather than the other way around).

In fact, the 5 principles that the book expounds on are an acronym developed out of the word “SERVE:”

How I Bought, Rehabbed, Rented, Refinanced, and Repeated for 14 Rental Properties

This is the dream right? Going from zero to 10+ rental properties, providing stable cash flow and long-term wealth for you and your family, and building a scalable business model to boot! Learn how this investor did just that, in this exclusive story featured on BiggerPockets!

Click Here For Your Free eBook

See The Future

Seeing the future is about creating a vision for the future of your group. Entrepreneurs are by nature visionaries. However, not all entrepreneurs are good at casting vision and communicating this to their team members. I know in my business it’s important to make sure our entire team understands where we are going and how we are going to get there.

Engage and Develop Others

Engaging others actually has two components. The first component is making sure you hire the right people for the right positions. What you wish to accomplish as the leader of your organization has a lot to do with the people you surround yourself with. I’m actually in the process of hiring an acquisition manager for my business and just met with him today for the fourth time. I’d much rather spend the time up-front making sure I’ve got the right person in place than dealing with a personnel problem 6 months from now because I didn’t take the time to choose the right person.

The other component to this principle is the ability of a leader to engage the hearts and minds of their team members. It’s not enough to hire people who work at something mindlessly, with little interest in what they are doing. It’s the job of the leader to inspire others to engage fully in their position.

Reinvent Continuously

Reinventing continuously involves

  1. personal growth (am I learning and growing as a leader?),
  2. constantly enhancing systems and processes and
  3. changing the organizational structure as needed.

I personally felt like this was one of the most applicable principles in this book. I’ve written articles before about the need to constantly adapt as the real estate market changes. As leaders, it’s of utmost important that we are continually evaluating the changes in our market while making corresponding changes to our business model and team structure.

Value Results and Relationships

It’s important for any business to have clearly defined values. I know in our business, customer service and client satisfactionare some of our highest values. We want to make sure that investors who purchase properties from us have a first class experience. Much of this has to do with the way our team builds relationships with each other as well as our customers.

Being a good leader often times simply involves listening to others and developing good relationships. While it may not seem like the highest and best use of your time, the long term dividends that come about as a result of relational investments are well worth the effort.

Embody the Values

It’s one thing to say that you value customer service, but if your actions as the leader do not reflect this, you lose all credibility. Simply put, leaders need to lead by example.

While some of these principles may seem intuitive, it’s always good to take a step back from your business and ask yourself how you can improve. It may take time and effort, but the benefits that arise out of effective leadership can truly take your business to a higher level.
Photo Credit: Stéfan

About Author

Ken Corsini

Ken Corsini G+ is the host of the Deal Farm Podcast (on iTunes) and has 10 years of full-time real estate investing experience. His company, Georgia Residential Partners buys and sells an average of 100 deals per year and has helped hundreds of investors around the country make great investments in the Atlanta market. Ken has a business degree from the University of Georgia and a Master Degree in Building Construction from Georgia Tech. He currently resides in Woodstock, Georgia with his wife and 3 children.

14 Comments

  1. Thanks for the post. I’ve found that too many people not only don’t want to lead in their business, but also don’t want to be a leader in their own life. Many people lack the first two parts of SERVE, See the Future and Engage (others). In order to lead your own life, you have to be able to envision your own future, 10, 20 or 30 years out. You then have to Engage yourself in your own vision.

    I definitely plan to look into the book.

  2. Great post. One of our biggest problems in society is the lack of leadership (politicians and parents, yes parents which is a whole different conversation). I feel that the reason is everyone wants to self serve and not serve. We live in a me society. If you have a good leader, one would go through a brick wall for that person! I can think of about two in my life, which are not in a leadership role, but they posess the attributes that you talk about and I would do anything for them because I believe that they believe in me. They place value in my thoughts, ideas, comments, emotions, etc…. For what it’s worth, my two cents..

  3. Sharon Vornholt

    Nice post Ken. I definitely need to pick up that book. You are right about entrepreneurs being visionaries; they are so good at seeing the big picture. At times, communicating that vision to team members and actually getting things implemented is the problem for those same folks.

    Sharon

  4. Nice post.
    I like the idea of a good leader facilitating the work of the people working for them.
    The leaders job is to give guidance and support and to help people overcome challenges and get past roadblocks that might be difficult for them but our knowledge, experience, power, influence etc. allows us to maneuver more easily.

    When overseeing many people the most effective leaders inspires each person to produce more than they have before and in a synergistic team environment so the accomplishments of the group far exceed the sum total of the individual efforts.

Leave A Reply

Pair a profile with your post!

Create a Free Account

Or,


Log In Here

css.php