Many Realtors or ‘Estate Agents’ as we call them in the UK, dream of one day running their own private real estate practise. Only as an equity partner of a real estate brokerage, can one truely benefit from the high commissions that can be earnt from facilitating big ticket property transactions.
I’m Leadership Expert, a leadership blogger who reflects upon leadership skills and leadership values in many industries. However as of yet, the real estate industry has avoided the penetration of my leadership analysis. Until now.
First I will talk about how you can rise up through the ranks and become a senior manager of a real estate brokerage, and then I’ll go to explain what new criteria of objectives you will need to succeed running your own estate agency.
So, what does it take to become a leader within a real estate brokerage?
Unlike many other industries, the leaders of real estate companies were very often entry level employees when they first joined the business. The swiftness with which you can rise thruogh the leadership ranks of real estate will very much depend on how good your core salesman and real estate admin skills are. Because it’s often the brightest and best at selling that are pushed upwards through the organisation.
This is in stark contrast to the majority of industries, where entry level qualifications and connections can quickly mean the difference between a 10 year route to the top, or a 25 year route. (Which is certainly not the type of route you want to be on!)
So this means that in order to boost your credentials and improve your chances for success, you should focus on your productivity and attention to detail during your working hours. You should even consider putting in extra hours after work to make a great impression, (although this step should only be taken in special cases to great effect, and shouldn’t become part of your normal routine unless absolutely necessary.
If you want to be the leader of your own Estate agency, then people skills are an absolute must. Good, strong leadership comes from great relationships with employees. The giant leap of moving from employment into a business owner who takes on the risk of employing others, is a massive step and should not be under estimated.
Many individuals leave the 9-5 to start their own business in order to reduce their stress and dependance on others. But in actuality, running your own business can lead to far longer hours being worked, and stresses coming from all angles. Suddendly, every tiny piece of economic data is a threat to your income, and your future becomes uncertain. So that’s just something to think about.
I’d like to conclude with the summary points;
The key to becoming a successful real estate leader is a solid productivity record, and excellent expertise in the practical areas of work, rather than academic qualifications.
The key to being a successful real estate brokerage owner is to be able to ‘switch off’ at night, or to be comfortable with a ‘working all hours’ attitude that comes with running your own business.