In this episode of the Icons of Real Estate podcast, we're interviewing David Kurz, a reputable leader in real estate, where we talk about his journey, mentoring methods, and what it takes to succeed in the real estate sector as a real estate agent, firm, or leader.
DAVID KURZ, A REPUTABLE LEADER IN REAL ESTATE
Here are some vital real estate leadership principles that were discussed in this episode. While the principles highlighted here aren't exhausting, they're time-tested leadership principles verified by experts in the housing sector.
Different things can give a real estate leader visibility and convert leads, from marketing tricks to excellent customer relationships. However, every real estate leader must maintain originality to sustain their credibility and keep up with property deals.
You have to travel the distance with your clientele while maintaining originality in your personality. When you stop being true to your heart, you stand the risk of cheating yourself or discrediting your brand.
Have a High-Level View of the Portfolio
Real estate executives need to have a working, pragmatic overview of their real estate firms. Often, the in-house system tracks minute details about assets and properties under the agency's watch. But a high-level overview of the company's portfolio means that the leader also has a lot of information.
Leaders need a point-by-point knowledge of the organization's portfolio– buildings and land, locations, usage and status of significant properties, financial risks, etcetera. Also, every leader needs a broad overview of the company's progress based on the organization's corporate strategy.
Don’t Despise the Power of Partnerships
Large companies which choose to develop their real estate portfolio without the active involvement of a real estate professional often end up with poor real estate performance. This is because most businesses don't have core real estate competencies like you might find with independent real estate agents and companies.
Companies can more successfully manage their properties by outsourcing the property management and consultancy services to competent real estate corporations. For instance, they could consider hiring global property managers to manage their entire holding and their developmental projects.
However, every relevant arm of the organization should be involved to enable them make wise real estate decisions needed for the company's growth.
Pay Attention to Sustainable Technology
Green structures and construction processes may be more expensive, but they hold the promise of high returns over the long haul. Shrinking parking requirements, cutting down on carbon emissions, and reducing the extent of water usage can go a long way in protecting the environment and boosting your real estate leadership profile.
Going green has gone beyond academic discussions or Twitter trends. It has become part of many real estate agents' leadership style, and strict regulations mean that environmental impact assessments could delay building projects. Lastly, taking heed of green technology and processes can motivate younger employees and improve the business' outlook to stakeholders and potential customers.
Set Definite Goals
A great leader sets goals from the word go for themselves and customers. As your organization's real estate portfolio grows, you'd likely have a few more people joining the team. However, developing new leaders within the organization involves being able to effectively communicate your goals in a clear and definite manner to them. When communicating with clients, it's vital to set concrete goals before they begin searching for properties.It’s best to identify your goals before approaching the purchase of a property, either for your organization or for residential real estate clients. As the leader, you can set clear goals by asking probing questions, getting necessary information about industry trends, attending private training, and setting clear expectations.
Build Real Estate Intelligence
Real estate executives need to base their strategies and decisions on relevant facts. Without ‘real estate intelligence’ many decisions end in abysmal failure. Aside from having a broad overview of the portfolio, leaders don't want to make decisions based on casual conversations or uninformed guesses.
Every true leader needs a working understanding based on synthesizing relevant data and accurate information and putting it against current corporate and market realities. Such wisdom allows them to prioritize critical issues and essential information to maximize their returns.According to the Harvard Business Review, leaders with real estate intelligence focus more on in-house data on the cost, productivity, and usage of facilities rather than changes in the housing market.
Additionally, the review recommended that leaders ensure they obtained regular reports on their companies. The bottom line is that up and coming leaders need to ensure that they have the requisite training and mentorship to guide their decision-making.
That's why we invite real estate professionals to the Icons of Real Estate Podcast to show up and share their real estate genius with 70,000 other leaders in the industry. If you're a real estate leader and want to share your experiences, failures and successes in the industry, then we might have a slot for you.Share your journey with us and thousands of other realtors as a guest speaker and inspire others to become an Icon Agent! Fill out the form now and get a chance to feature on our next podcasts!
“It doesn’t always have to be that you have to fail in order to move forward.” - David Adam Kurz
“Don’t ever stop learning. Ever” - David Adam Kurz
“Find the person who sells a lot of lollipops. They may not be the best lollipops but damn do they know how to sell lollipops and mentor under that person for a while.” - David Adam Kurz
Stay Open to Other Ideas and Opportunities
Staying open to other opportunities and innovative ideas than you already have is an excellent trait for a great leader. It's vital to create a unique path for your organization, but being constantly open to ideas and maintaining an open dialogue with colleagues and mentors can help you avoid missing out.
In contrast, inexperienced real estate leaders often stick to a set path and are not interested in alternatives. This real estate leadership style prevents leaders from going outside the box.
This often leads to negative results and causes many leaders to fall far below their expectations and crash the company in the worst case scenario.
Businesses make mistakes – don't be afraid of them. The fear of failing can keep leaders from trying out innovative ideas or opportunities that may potentially change their entire firm for good.
Moreover, the fact that you encounter a few mistakes while trying a new idea doesn't nullify its credibility. Finally, authentic leadership sometimes means correcting errors, beginning afresh, or retrying other ideas.
Build and Maintain Trust
It is not always easy to gain trust as a real estate leader, and when you have earned the trust of others, it's easy to lose it. This is often caused by the bad behavior of some other organizations in the industry.
Nevertheless, it's incredibly vital to gain and maintain trust. Remember that the real estate business deals directly with human beings. Fulfill your promises to people and help them see that they can trust you in the future.
Never Stop Learning
Learning truly never ends, and every successful leader's tale is the same. Every passionate leader concerned with succeeding in real estate works toward developing their craft. They speak with experts, mentors, and contemporaries who motivate and challenge them.
The bottom line here is to be proactive about learning from the time you get your real estate license until you hand over the leadership. However, note that it's not just enough to garner knowledge about your field and related sectors. The application of information helps you achieve more as a true leader.
It's vital to apply what you know, whether you learn via real estate webinars, books, leadership podcasts, money management seminars, or your professional network.
Create a Success Mindset
Finally, on our list of tips for leaders in the real estate industry is the need to always maintain a success mindset throughout the lifespan of your leadership.
As we discussed earlier, precise goal setting is one of the most critical tips towards a successful real estate business. After outlining your objectives, set your mind to achieving them and develop a plan to reach them.
The real estate industry pros agree that the right leadership mindset is crucial to how successful real estate businesses eventually are. Keep daily journals, remind yourself of your goals regularly and revisit your plans where necessary as you create your path to success.
Visit our YouTube page for the full podcast. You can also find other episodes with successful leaders in the industry.
About the Speaker - David Adam Kurz
David Kurz has 15 years of real estate industry experience. In 2015, he opened his own brokerage, which has grown massively on a global scale.
He is also a coach, hosts “The Take Action Podcast,” and has written two books about real estate. David, his team, and his brokerages have attained a tremendous amount of sales - over $500 million - within the last decade.
David has a passion for marketing and treats his real estate trade like a top marketing firm. Focus on using the best parts of digital marketing and what he has dubbed as “in your face” techniques to get homes sold in the quickest time possible while securing the best price and results for his clients.You could reach out to David through Facebook or Twitter.