[January 30, 2022] If you plan to open and run your own real estate business, you must cultivate a number of core qualities to aid in your success.
In this article, we explore five vital characteristics that every real estate company leader must have.
1. Adaptability
The real estate market is fickle. Property prices rise and fall with little to no warning. Neighborhoods become more or less desirable month on month. The priorities of buyers, tenants and other stakeholders are always changing.
In order to ride these waves and perform consistently, you must be as adaptable and versatile as possible. Try to anticipate and plan for the unexpected, and foster a number of separate strings to your company’s bow.
The smarter your contingency plans, the more likely your company is to survive the tough times and prosper when the market calms.
2. Attention to Detail
A good real estate specialist must be able to recognize a property’s potential and observe opportunities to add value. They should also be able to make accurate predictions regarding the movements of the market.
Finally, they need to have a keen insight into the demands of their stakeholders – allowing them to develop new products and services tailored to the current climate.
The best real estate leaders are highly focused and pay great attention to detail at all times.
3. Dedication
As a real estate professional, a large proportion of your job will involve reaching out to potential clients, partners and other key industry players in order to win exciting projects or make lucrative sales.
This constant fight for work can be highly pressured and potentially demotivating without the right mindset. You’ll need unparalleled levels of dedication to succeed in real estate.
This dedication should not only be to your company’s progress, but also to the wellbeing and development potential of every team member on your staff.
Employees who feel encouraged and rewarded will continue to fight your corner and do great work. In turn, they will buoy you up and continuously remind you of why you do what you do. Once you’ve achieved this kind of culture, it’s easy to stay motivated.
4. Organization
Running a successful real estate firm calls for the ability to coordinate. Keep a firm grasp on your own diary as well as your organization’s weekly, monthly and annual targets, and invest in sophisticated workflow tools to keep everything on track.
Delegate intelligently and hire smart, so that the smooth running of the company doesn’t fall to you alone.
“The better the standards of organization you introduce, the easier it will be to keep on top of day to day operations,” comments James Durr, real estate developer and auctioneer.
5. Responsiveness
It is vital that the leader of a real estate firm is eager and willing to learn. The property field is constantly changing, adopting new technologies and trialing new approaches.
If the head of a company is unwilling to make changes and learn emerging techniques, that company will be overtaken quickly.
The qualities above are not developed overnight. They must be constantly worked on – and to achieve this, you need to stay humble and seek constructive criticism wherever possible.
The closer you come to being a perfectly adaptable, detail-oriented, dedicated, organized and responsive business owner, the easier it will be to achieve significant success in real estate.
Good article from our UK fans. ✔
Loved the article, thanks! 😊
Glad to see that Gen. Satterfield is allowing several guest writers back. Always good to have another perspective.
“Attention to detail.” I agree and this is the most important, in my opinion. Too many folks that too highly of themselves and believe that the details are below them and to be, thus, ignored. But to one’s disadvantage. If you cannot stand the heat, get out of kitchen.
Good article Mr. Durr. Yes, I agree with the others that note your comments are well outside the RE profession and apply to all professions.
I’m not interested so much in Real Estate as a profession but what you have here James is a good guide to any profession where there are standards and daily practices that make one successful. Work hard, study, focus yourself, speak the truth (from Gen. Satterfield), adopt responsibility, and stay out of trouble with the law. Basics of doing well will always be with you if you just adhere to a few simple rules.
Right, James sums it up in these words, “The closer you come to being a perfectly adaptable, detail-oriented, dedicated, organized and responsive business owner, the easier it will be to achieve significant success in real estate.”
Yep! 👍
Say, well done, James. Congratulations on getting your article in this leadership blog. Thanks!
Yep, good one. I like the diversity of these. I wish him well in his adventures.
YES, GOOD JOB.
Welcome Eagle Eye to Gen. Satterfield’s leadership blog and his fans here in the forum.