You know how it is, you can think real estate leadership is just one thing, or maybe two: deals and managing buildings. Then you realize there's a whole world underneath. Nowadays, we always encounter words like “unprecedented” or “never done before”, which are already a dime a dozen when you read them on social media. However, the current managers and leaders seem to be focusing on a lot of things and in turn, they are having a hard time dealing with just about everything.
So, what helps real estate leaders steer clear from distractions and just focus on how they should manage the team? It's about how a leader operates at their core. Lets’ dive deeper into the most essential core value of leadership: Trust.
Trust is not just a word. It's that feeling in your gut you can rely on someone. In real estate, trust can be identified in layers. Trust in ability – skill, dependability, familiarity with the market. It's being able to deliver what you promised, and be open to your team.
Then there's trust on a higher level, where your team feels that you genuinely care for them. It's about addressing their fears and standing behind them. As a leader, do not be afraid to show your vulnerable side, and make them understand that you are also just a human being with insecurities and a tendency to commit mistakes.
Having values is one thing. But with leadership, you have to consistently show that you have your values. Picture it as a business - you are not just there to profit, but to thrive. When your regular actions match the values and your beliefs, it builds a stronger trust among your peers.
Especially when the schedule is hectic, your team is behind your quota and everything seems to just crumble. Clear communication eases up the pressure with your team. Make sure you deliver your message and be straightforward about it, even if you’re telling them bad news. Sugar coating it only makes things worse. Use the language that everyone understands, adapt to their style and be real with your words
Showing empathy to your team does not mean you’re being a soft leader. In fact, it says a lot more about knowing who your teammates really are. Understanding where each individual is coming from, and knowing why they fail in certain metrics, and encouraging them instead of being the tyrant leader and demanding more from the people who fell short, that makes a lot of difference between a leader, and a good leader that your team should trust.
The best real estate leaders really listen, not only to their clients, but to their team. Leaders need to listen to understand, and not to just respond to the problem in front of them. Ask the people you lead if you understood them correctly, and vice versa. This way, you make sure you’re both on the same page and are paying attention to the matters at hand.
The real estate market is volatile. That is why you have to be creative with your approach. Encourage your team to look beyond the usual and allow them to make recommendations. Make them feel that their ideas matter, too. Making them feel and understand that they have a say on what can happen to your team will help them trust you more as a leader.
Your team’s morale depends on how courageous you are as a leader. It can be displayed in situations where you need to make a pivot or change in your strategies when things go stale. When it demands that you have a tough talk with your team, make sure that you are sticking to your values and not show your team that you are faking it because you are afraid. Let them know that you are worried, so they can help you lift the team up.
Consider Joanna Gaines (of Magnolia). Her vision for revitalizing communities and her authentic approach resonate with many in real estate and homebuilding.
Some examples are The Urban Land Institute (ULI), which offers leadership in responsible land use and building healthy communities. Redfin (as an entity) demonstrated a desire to transform the traditional model of real estate brokerage through technology. And Robert Kiyosaki, whose interest lies beyond the traditional real estate, has impacted many with his contrarian approach and emphasis on financial literacy in the real estate market.
Success in real estate today requires more than intelligence about the business. It requires trust, values, good communication, empathy, listening, creativity, and the guts to navigate a shifting environment and create something that will make you thrive..
