5 Ways To Be A Better Leader
By JD Esajian on January 5, 2017
There are several different people that play a hand in your real estate success. Even though real estate investing is thought of as an individual endeavor the best investors surround themselves with the best team. Getting these people in place is often more about you and your personality than anything else. People in any profession like to work where they are valued and appreciated. By empowering the people on your team they will go the extra mile for you. When you need a favor or something done quickly they will be much more likely to do so. In real estate your team plays a huge part in your business success. Here are five ways to become a better team leader.
- Avoid Micromanaging. Nobody likes to be told what to do all the time. Anyone that has ever worked in an office setting knows just how uncomfortable it is having your boss standing over your shoulder all day telling you what to do and how to do it. By nature most real estate investors, and bosses, are micromanagers. It is important that you fight this urge and learn to delate rather than control. You should spend more time vetting the people you work with so that you can allow them to do their job if they are on your team. Building this trust takes a leap of faith but by doing so you will get more out of your team. If you are unsure of your team start on a small scale rather than simply throwing them in the deep end. If they hold their own you can trust them with bigger projects and before you know it you can take the reins off and let them work without worry.
- Positivity. Are you the type of person who sees the good in every situation or focuses more on what can be improved? To be a good leader you need to do whatever you can to maintain a positive mindset. Being a good real estate investor is like being a coach in many ways. The best coaches focus on what their team did well rather than what they did poorly. When you walk onto a project site or in a meeting people know that they will not get demeaned or embarrassed. You can still run a tight ship and keep a positive attitude. There is a thought that if you are happy people will walk all over you. In many cases the opposite is true. If you have a positive mindset people will be more likely to work harder for you because they like you. It doesn’t take skill or education to have a positive mindset. Positivity is one of the secrets of being a good leader.
- Share Vision. There should be no doubt as to what the goal is on every deal or project you are involved in. Instead of keeping your vision in a cloak of secrecy you should share it with certain members of your team. By having your contractor know the end goal of a rehab project they will work with a shared purpose in mind. This allows them to work freely, more quickly and often with more motivation. The same is the case with your real estate agent, accountant and any fellow investors on your team. The more they know and understand your motivation the easier it is to get on the same page. Instead of having to guess what you want you should come right out and tell them. Not only will they appreciate your honesty but they will be more streamlined with helping get you exactly what you want.
- Trust. People in almost any profession work better when they have some responsibility on their shoulders. What you will find is that most people will rise to whatever challenge they have in front of them. If you can learn to trust your team they will be more productive. Giving your team this freedom is not always easy when you have your livelihood on the line. However if you look at the business with a wide lens you can accept a few minor mistakes along the way. As long as your team knows the boundaries and where to draw the line minor mistakes can actually be a good thing. Instead of switching team members every few months you can build trust through mistakes. Your team will appreciate the fact that you stuck with them and gave them the rope to make a small error. You can bet that they will want to repay your trust by working harder and referring your name whenever they get the chance.
- Show Appreciation. There are many investors who think that the compensation you provide for doing a job is payment enough. While this may be true it is a short sided mindset to have. You should show appreciate to your team for a job well done. Something small like bringing lunch to a job site or delivering coffee to your real estate agent has a tremendous impact on your relationship. Even a short text or email thanking someone for a job well done is something they will surely remember. We are quick to criticize or critique when things aren’t done right but you should be as quick to give praise and show appreciate when they are.
You are only as strong as the people around you. With a good team in place you can take your business to new heights. Follow these five tips to be a better leader of your team.