The best real estate investors often surround themselves with the best possible people. The strength of your team can often determine the strength of your business. The people around you want to know that you are going to lead them every step of the way. There are several different ways to lead based on your knowledge of the business and your personality. The most important aspect of leadership is authenticity. If you try to act like someone or something you are not people will see right through you. Just a few minor leadership tweaks can have a tremendous impact on your business. Here are five ways to help you become a better leader.
- Know Your Business. A good leader knows something about every aspect of their business. A restaurant owner most likely has some experience working in the kitchen, bar tending, waiting tables and even hosting. They may not necessarily be an expert on these areas but they know enough to solve a potential problem. The same should be the case for you in your real estate business. You don’t need to know every aspect of a home remodel but you should know the basics to talk to a potential contractor. You should take some time every week learning a different aspect of your business. This could mean something as simple as walking around a home improvement store or even taking an educational class online. Doing this not only gives you valuable information but credibility when speaking with potential team members. Your knowledge of a certain niche may be enough to persuade them to give you a shot. From there it is up to you to make the connection work.
- Get Everyone On The Same Page. As a real estate investor you will make dozens of important decisions that will shape your business. Sometimes you will have to choose between only poor options. One of the critical actions of running a business and being a good leader is getting everyone on the same page. As you form your team you need to know that the people around you are a good fit. You can have the best contractor in the area but if they are going to question every decision you make they may be more trouble than they are worth. Spend the extra time talking to potential team members to make sure they share your vision of the business. As anyone on a good team will tell you there is real value in chemistry. Not only will good chemistry allow you to be more efficient but it will make your life easier. Instead of constantly fighting and arguing with your team they will know what to do often without even being told. Good leadership starts with getting good people that are on the same page as you.
- Choose Reason Over Emotion. It is difficult to undo something negative. All it takes is one mean spirited post, comment, text or email to change the way people think about you. Sure, you can always apologize but once it is out there it may not make a difference. A good leader knows when to bite their tongue as difficult as it may be at times. It is important that you always keep an even keel and choose reason over emotion. This doesn’t mean you can’t be intense and demand the best from the people around you. It just means that when you critique, instruct or simply converse you need to think about what you are saying and how you are saying it. By dressing down someone that is working on a rehab project everyone hears it and forms an opinion about you. A negative opinion may lead them to avoid you on a future project or not work as hard on the current one. Count to ten, take a deep breath or wait to hit send before saying or doing something you will regret.
- Encourage Interaction. Nobody likes working for and with a dictator type. If you are a “my way or the highway” type of leader it is difficult to find or retain good people around you. You can have a clear vision and be opinionated about it but you also need to be able to listen and respect other people. You should not be intimidated at the prospects of talking to your attorney, accountant, contractor, hard money lender and anyone else on your team. Some of the best people you will ever work with may have a completely different way of looking at the business and performing certain tasks. As long as you can find a common ground before you start this can be healthy. A good leader knows how to listen just as much as they know how to give orders.
- Foster Relationships. When is the last time you told someone on your team they did a good job? Regardless of the profession people like to feel appreciated. A quick text message or email thanking someone for a job well done goes a long way. Often times the little things you do are the ones that will be remembered most. Bringing coffee and donuts to a job site certainly won’t break the bank but is something that is appreciated. You should make it a point to do something personal for your team every week. By making your team feel appreciated they will certainly go the extra mile for you when needed.
Good leadership will help take your business to new heights. Use these five tips to help become the best possible leader you can be.
