8 Skills You Need to Master to Become a Great Leader In Real Estate

8 Skills You Need to Master to Become a Great Leader In Real Estate

Plenty of people can be a company manager, president, or even a CEO, but title doesn’t always dictate behavior. Just because you’re in a position of leadership that doesn’t necessarily mean you’re a good leader. Being able to provide a clear vision of leadership while also motivating your staff to follow in your footsteps is an acquired and essential skill to have, especially in real estate. So in order to make sure you’re doing everything you can, here are 8 skills you need to master to become a great leader in real estate.

tell a compelling story to become a great leader in real estate

Tell a Compelling Story

Your real estate company is always trying to prove to potential customers why they need to work with you, but as a leader, you need to prove to your employees and staff why they should trust your vision for doing so. Crafting a clear and compelling mission statement as well as core values are essential for your business to thrive and making sure you can communicate what they are to your employees will make it easy for them to get on board with you. Where is your company coming from and where it is going? And what have you learned along the way? The clearer you are about that, the better your employees will understand, and the easier it will be to provide the best service possible to customers.

Create Collective Ownership

Being a leader comes with a sense of responsibility to the overall product and team goals. But what if you could transfer those ideas to the entire staff working under you? Creating a sense of collective ownership helps accomplish that. By encouraging employees to understand that they are leaders themselves, they feel more responsible for the success of the overall team. It also means that the sense of leadership and ownership spreads horizontally across the company instead of vertically to a select few. Get rid of silos and start fostering a sense of mutual reliance on one another.

Align Fulfillment With Rewards

It’s one thing to ask employees and staff to meet specific goals related to the company’s core values. But if you’re not going to incentivize people to reach that goal together, it’s unlikely that many of them will be invested enough to get there. Consider how you can reward collaborative and collective ownership ideals within the company. That might mean bonuses for company-wide benchmarks or extras for those who step up to meet certain criteria. Conversely, you’ll want to set up a system that provides consequences for behavior that rejects the core values, though you want to walk a fine line between being negative and constructive.

invest in talent to become a great leader in real estate

Invest in Talent

When building a company we often think about the infrastructure, equipment, and legal framing. But how often do we stop to think about how much we invest in talented people? Think about how a revolving door of employees puts a stutter in the growth of a company. Now compare that to a situation where one extremely talented employee is nurtured and helped to reach their full potential. Don’t wait until there’s a downturn or you need to consider hiring or promoting, look closely at the talent pool you have and start figuring out how to cultivate good employees. It not only helps them reach their potential but it also helps build a strong culture and a supportive working environment.

Mix Patience With Perspective

We want everything done and we want it done now. There isn’t inherently anything wrong with wanting speedy resolutions and solving customer problems quickly, however a focus on speed can compromise your ability to find fresh answers and perspective from employees. A good leader combines that sense of urgency with good input and feedback from others in order to improve processes along the way. It’s about being deliberate so you can find out the cause of any problems that will slow you down in the future.

Think Big and Small

It can be hard for leaders, especially entrepreneurs, to hand over responsibilities to others. But a good leader can’t do everything. You have to trust that the team you’ve built can handle the weight as well. While it sounds obvious that a leader focuses on the big picture issues, it also makes sense to keep an eye on the small issues. Everything in between can be the responsibility of others. But focusing on the small stuff, the day-to-day issues, allows you to see what’s happening on the ground floor, which will help you identify problems before they get out of hand. It doesn’t mean you spend your day crunching numbers and checking up on salespeople. It simply means you have an awareness of what’s happening at the top and the bottom.

build from within to become a great leader in real estate

Build From Within

If you’re focused on nurturing the talent you have in-house, then you should be setting people up for success and promotions. The more internal promotions, the more that everyone in the company feels like they’ll get a fair shake in the future if they put in the work. If every promotion is filled by an outsider, it gives the impression that there’s a ceiling on the work everyone is doing. It makes people look elsewhere for job and life growth instead of thinking of how they can work harder to achieve that with you. If you can’t give people a good reason to want to stay, what kind of leadership are you providing?

Simplify

Multitasking is a buzzword we love but the truth is that we work better when we have clear tasks and simple structure. Just as customers need to have a simple understanding of what you offer, your team needs a simple idea of what their responsibilities are within the company. Don’t be afraid to sit everyone down and chart out organizational responsibility as well as personal responsibility so everyone is clear about what the expectations are. Each person should understand not only the work they need to do but what they can achieve by meeting their goals. Clear ideas lead to clear work which leads to success.

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