Real estate investing, which we love to do, is based on simple concepts. That doesn’t make it easy.
The biggest challenge by far is that it involves SO MANY PEOPLE with competing incentives, varied backgrounds, and often big personalities.
How do you get them to all work together to achieve the business plan on a particular property over a particular time?
1. Listen more than you talk.
Yes, you are the leader so get final decision and to say when there is enough information to make that decision. However – you hired (or teamed up with) these people for a reason. They know something you don’t whether through background or perspective. Ordering people to do things without listening carefully each time is a sure way to end up with mediocre talent and compiled mistakes that lead to an average or below average result.
2. Focus on clear & consistent communication processes
Communication drives the team. As the leader, you set the communication expectations as well as the process. It’s one of the first and most critical things to establish in any team. What platform(s) do we use and for what? How often do we communicate? How do decisions get made and documented? Once established, it is also the leader’s job to enforce it. Just because Jack decides he likes Teams better than WhatsApp doesn’t mean he gets to switch if everyone else is on the latter already. Unless the whole team makes that move together of course. Disparate communication systems can wreak havoc on any team.
3. Establish a culture of doing the right thing
This sounds complicated, but it really isn’t. You’re the leader. Do the right thing. When you talk with your team about decisions they are making, encourage them to do the right thing. If someone does the right thing but it backfires, praise them for doing the right thing and figure out how to pivot from the backfire together.
After doing this even for a short time, the people who work with you (always “with”, never “for”, even if they are direct reports) will get the message. Then all those little decisions people who are not you make about types of plumbing fittings to use and contractor grade vs residential grade outlets, will add up to a much more robust portfolio of investments. This is preferably to a ticking time bomb that happens if the culture is about cutting corners. Like draws like – be the person you want your teammates to be.
Ensuring you have an outstanding leadership team is a great way to #buildyourownluck!
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