Real Estate Investment: 4 Traits That Will Spur Your Success
What traits can help the next generation of real estate investment professionals accelerate and level up their success?
The successful share many of the same habits and characteristics. Adopting some of them, or helping others to see the ones you share may help increase your own success. This can be true whether you are just starting out in real estate investment by yourself, or if you already operate a reasonably sized company. Some of these are staples which have survived the test of time for decades, others revolve in cycles or trends as consumers and workers demand new things from who they follow and will do business with. So, what can we build on to spur our success today?
Be Likeable
Research from Harvard has shown that great leaders who sustain their success and cultivate loyal teams and customers are those which are more likeable and admired versus the tyrants. The Cold War and Industrial workplace era was great for tough guy leaders. Stern looking men in suits dominated the profile pictures of business and investment leaders. Things are a little different today. You can try to bully your way up the ranks and around the office. That may have even worked for a minute in 2008 when there was little competition, and jobs were incredibly scarce. People have more choices today.
How do you be more likeable? Show empathy and compassion. Be kind. Show you care and are interested in others. Be social. Don’t act wildly out of character. We’ll show why in a moment. Yet, do look to maximize what you do have in this area. Can you deliver a little better customer service? Can you be a little more visible in what you are doing for charity? Can you design better employee compensation plans and experiences? If you are an introvert; find ways to be social which work for you. Maybe it’s LinkedIn versus Facebook. Or hosting smaller lunches and dinners versus big parties or speaking on stage. Find your groove.
Be an Achiever
One thing that seems will never change is our affinity for winners. Everyone wants to be on the winning side, and to align themselves with winners. Sometimes the underdogs score a great victory, but that’s such a big deal, because it is so rare. Instead people flock to support the sports team that is performing the best, the stock which has just had a great upward run, the real estate investment destination which did great last year, and the Realtor with the most pictures of themselves on bus benches. It’s in our nature. Since the days of living in caves we’ve been programmed to be drawn to winners.
In real estate we constantly see consumers and vendors drawn to those making the most noise, and swaggering around. It can be frustrating for those who know they are offering a better service or product, and know the competition just leased that car or photoshopped their picture. That doesn’t mean newer investors or agents have to cave-in and join the party. But you may want to look at the wins and achievements you do have, and maximize those. If you are really qualified in one area, or have a great system, shout about it. If you’ve closed a deal, make some noise and get some postcards or press releases out. If you just finished some rehab work, host an open house and invite the press.
Be Authentic
Being authentic is sometimes seen as a contrast to the above. However, the current trend seems to certainly favor professionals and brands which are authentic and transparent. Consumers are more than a little jaded by cheesy marketing, poor deals, and being taken for a fool by investment firms and banks. Consumers also have more power and knowledge at their fingertips than they have ever had before too. In 2 minutes they can found out whether they are getting a good deal, what others are saying about you online, and what you are doing when you aren’t posing for a sales pitch. So, you really have no choice to be authentic. You might as well own it. Own what is unique about you. Own your failures and successes. Be honest about the journey you are on. You don’t have to overshare, but be real. Show the advantages of that.
Be Trustworthy
Being authentic and transparent definitely helps build trust. Yet, there is so much distrust out there today, this is really worth focusing on. Staff, consumers, vendors, and regulators are just looking for a reason to say “I knew it…they are just like all the others.” Show you are trustworthy by doing what you say. You may have to say less and promise less to be able to guarantee delivery and to over-deliver. That’s okay. Do what you say. Give more when you can. The word will spread.