Leadership and Due Diligence in Real Estate

As the owner of your business, what are you doing to ensure your education and due diligence is sufficient at supporting your business operations? 

In being the decision maker, it is imperative that you can make sound decisions that cover a wide range of topics. 

Join us today to review the education and due diligence it takes for anyone in a ownership position to be successful.

As the owner, you are responsible for making sound decisions. Those decisions will require your proper assessment prior to taking action. 

In order to assess anything accurately, you need to be educated and proficient on topics to arrive at a decision. 

So what are the topics that you need to be proficient in?

Here are a few things that will accompany your role, and support your ability to make good business decisions.

Please review the readiness checklist.

Readiness Checklist

Note: All of these skills are to be understood and coached accordingly.

• Customer Service – Show, exemplify, support and coach good service skills in and outside the workplace. Lead by example to strive to create memorable experiences with your customers and team.
• Follow Up Tactics – Following up is not only a calendar reminder. It is an art of good engagement skills. Customers will often test you to see if you’re worth their time. Your follow-ups skills may be the tale-tell signs they need to know if you are worthy of their time and if you are professional enough to engage with.
• Property Value Assessment – Understand how to evaluate a property in its current state and future state post value add. 
• Repair Value Assessment – Understand how to evaluate a property’s repair needs and apply the appropriate repairs to support the most effective use of funds. 
• Due Diligence – Be prepared to perform due diligence; 1) with customers/partners in asking the important questions, 2) with repairs to assess needs versus wants, and 3) to confirm all operations and exit strategies are performed effectively.
• Business Operations – Know how to run your business from the recruitment stage, to coaching, to success planning, and to overall growth.
• Lead Flow – Understand the what’s, how’s, when’s, where’s and why’s of your choice in lead flow. 
• Recruiting – Understand when you need help, how to acquire help, and how to screen and recognize talent.
• Accountability – Understand how to set expectations and hold people accountable. Be constructive about improving on your opportunities.
• Displaying Goals – Understand how to display and show your team how to meet goals.
• Coaching – Understand how to give praise, motivate, promote healthy people skills, and engage effectively to support high performances.
• Culture – Display and show support for what is acceptable and unacceptable within a code of ethics. Also support high level engagement and great people skills with your team.
• Engagement – Understand how to accept, give and welcome feedback from everyone in order to continuously improve performances and awareness.
• Fun – Be sure your environment is productive, but also fun to be apart of. Enjoy and celebrate your wins.
• Integrity – Show high moral, ethical, and fair support for all people you interact with. 
• Education – Support you and your teams ability to educate themselves on anything that supports them becoming the expert at their craft.
• Success Planning – Know your people well enough to support their aspirations, and display a method of aligning team members to their strengths. Support high level performances and growth.
• Emotional Intelligence – Understand yourself, and others, well enough to speak accordingly to what is supportive of the needs of the team in any atmosphere.

Preparedness

I bet you didn’t think the list was going to be that long. 

Well it is. You need many things to be a business owner.

The more acclimated you are with comprehending these characteristics, the more you’ll be prepared to lead a team.

Real estate has many moving parts and every step of the way involves a different skill set.

The objective of today’s article is to provide a high level perspective of all responsibilities to improve your needed versatility.

Your education on all of these attributes will support your businesses’ success. Your sustainability and growth is based on these aspects. Preparing yourself to obtain these skills is very necessary. 

Here are two sources that are great for leaders in recognizing room for improvement and success building.

• What to Ask The Person in the Mirror by Robert Steven Kaplan
• The Five Dysfunctions of a Team by Patrick Lencioni

If you don’t obtain any of these skills, be prepared to outsource them accordingly to support your team.

It is imperative to your teams success that you know yourself well enough to know when you will need support or if you have a sustainable system in place.

Conclusion

Practice creates continuous improvement. So, keep practicing anything that you find important. 

Don’t be blinded by the glitz and glamour of how a successful business is depicted without understanding the foundation that creates it. 

I often find that some investors are like rappers. They want to look the part because of the name and in actuality, the reality doesn’t match the image. 

Move at your own pace and stay true to yourself. Work hard, be honest, move intelligently through education and supporting people. Create strong partnerships and teamwork.

We hope today’s article was helpful for you. Thanks for joining us faithful readers-future leaders.

Love ya and keep striving to growth.  

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Please comment if and how this article was helpful for you today.