"7 strategies for 2007 success
in Real Estate
Dr. Margot Weinstein, CIPS, TRC
You can't watch TV or read newspapers without people saying "The real estate boom is over," or "We are in a cooling market, especially in the US home industry." But that is not the story I am receiving from my interviews with over 50 leaders in real estate and banking in the last few months including top economist, Dr. Linneman, Linneman Associates, Barbara Corcoran, founder of Corcoran Group in NY, Dagmar Sands, Real Estate International Inc., and Robert Zoretich, Zoretich Realty and President of the Illinois Association of REALTORSR. All the experts tell me that overall, the real estate market is still in great shape. Yes, we are not off the charts and home sales in many markets have slowed compared to the last few years, but all-in-all the experts are optimistic that there are many great opportunities in 2007 to make money in the US and abroad in both commercial and residential real estate for several reasons:
•· Technology and Globalization are making worldwide markets profitable.
•· US Job market is in great shape.
•· US Employment is growing.
•· US Wages are raising and people have more money to spend.
•· Interest rates and borrowing rates will remain reasonable.
•· Americans are wealthier in last few years.
•· Baby boomers are buying second and third homes.
•· Consumer confidence is great.
•· Economy is doing well, and Americans will continue to spend.
•· Real Estate has become recognized as a great way to create wealth.
7 Ways You Can succeed in 2007
Based on the overall good news in the real estate business for the coming year, here are seven strategies you can use to be successful:
1. Decide You Want to Succeed. It is really that simple for you to move forward in your career. Your mind is a positive force when you focus on what you want. People often don't set business goals because they are afraid of failure. I believe in the philosophy of top author, Susan Jeffers, "Feel the Fear and Do It Anyway." I find that if you take time to focus on positive results, anything is possible. "Using the power of a decision gives you the capacity to get past any excuse to change any and every part of your life in an instant," explains Tony Robbins. So start today to make a decision to focus on your success in 2007.
2. Set Some Business Goals. You can't reach something unless you know what it is. You have heard others say, "name it to claim it!" So write a simple plan. Your plan is unique to you. What is financial and business success to one agent, is often not the same for others. So first, simply take some time and think of your goals for your next 12 months:
How do you want to see the next year?
How much money do you want to make?
What are your expenses?
How much money do you need to make to cover your expenses?
If you're an agent, how many homes or real estate transactions do you need to make in this year?
Then jot down a simple, but basic plan of your 12-month goals. It does not matter how basic the original business plan appears. Writing a plan is the right direction to help guide you on a road to reaching your goals.
3. Organize and Prioritize. Then next step to reach your goals, you must select a time in your schedule each week to review your plan and to focus your thoughts. By developing a list and prioritizing your goals, you are focusing your attention and taking responsibility for your choices. This action plan or time-line can be further divided during the year to include what activities are necessary each day, each week, and each month to move you in the direction of your goals. For example, you probably plan to maintain your expertise by taking formal or informal education programs, and by reading articles, magazines, or books. A word of caution using the Web for information, make sure to get your use reliable sources such as National Association of REALTORSR, Chicago Association of REALTORSR, or the Illinois Association of REALTORSR. Write down the times you plan to devote to learning. This will help you organize your time and remember upcoming learning events.
4. Build Relationships. Start by making a list of all the builders, bankers, other REALTORSR, friends and co-workers who will support and believe in you, and then contact them to build business relationships that are a win-win for all parties. Dr. Peter Linneman, top economist and Wharton Professor, says," Unless you're an amazing technician, people are the key to success. It looks like it's a building about bricks and mortar and money, and it's really a business about understanding and working with people that happen to use bricks and mortar and money. Real Estate is a people business, and if you are not good with people, if you can't figure out the good people to work with from the bad, those you can trust and not trust, those that you know how to help and try to figure out how to help, you will not be successful."
5. Be a Resource. Ask yourself, what can you do for others for free? Use every opportunity to share information to your clients, associates, and others. If you have a web site, use it to provide useful free information. Think of ways you can serve an association, a chamber of commerce, or a professional organization. This year Robert Zoretich, Zoretich Realty and President of Illinois of Association of REALTORSR and I served for Mayor Daley in his "Principals of a Day Program (PFAD). Zoretich says, "Our objectives were to go to assigned schools to teach children about the spirit of entrepreneurship, homeownership, and professionalism in all aspect of their lives. By teaching the children and being around other teachers, I believe it helps us keep up and it has given us the opportunity to serve the City, and work with children, parents, and teachers." And, we have both learned if you help others, it will come back in ways you never anticipated.
6. Work Hard To Do a Professional Job. So what does that mean? It is relatively simple Working hard at what you do will enable you to build skills and earn a reputation for doing a great job, and more often than not, you will be rewarded for your work. So often I hear people say, "Well this job is temporary, so I do not care about the work." But trust me: Your reputation will precede you. In hundreds of interviews with luminaries such as, Steven L. Good, Sharon K. Young, Patricia Choi, Dale Reiss, Gerald Fogelson, not one of did not how important hard work is in success. In my leadership theory which won an award by the American Real Estate Society, I explain the meaning of hard work:
• Do a complete job to the best of your ability. If you need to, seek expert advice.
• Complete the job on time.
• Look professional; dress the part.
• Take responsibility for your work.
• Provide excellence.
• Take risks, but weigh the risks.
• Build a good reputation.
• Work well as part of a team; learn the skills if you do not have them already.
• Have a good attitude.
• Don't let fear keep you from doing your best.
• Continue to learn.
I recently interviewed Marion Maner, Maner Realty, who was the first black to become President of the Chicago Association of REALTORSR. Maner explains, "If you want to be successful in today's changing marketplace, it is critical for you to use the basics strategies you learned when becoming a REALTORR, do your research, and most importantly, act professionally and ethically at all times regardless of the ethnicity, age, or diversity of your clients."
7. Enjoy The Journey. On New Year's Day, I watched interviews on CNBC of people who said that they are happiest when they make an effort to enjoy something they love each day. In my interviews with hundreds of people on career success including Sam Zell, Equity Group Investments; Dr. Linneman, Linneman Associates; David Simon, Simon Properties, and Marshall Bennett, Marshall Bennett Enterprises, I have learned that NO ONE has a job in which they love all the tasks they do each day. But, successful people always find passion in their work.. So you need to find something each day that brings you joy in good times and bad. You can choose simple things. For example, take a few minutes to have a cup of your favorite coffee, find time to work-out, play music during your travels, or share a joke with a friend. A few minutes of enjoyment will energize you and put a positive spin on your work and create positive energy in those around you. As in the words of Mark Twain, "Whoever is happy will make others happy, too."
About the Author: Dr. Margot Weinstein, CIPS, is CEO of MW Leadership Consultants LLC and Vice President of Kingston Group Inc., a commercial real estate company based in Chicago. Dr. Margot is a top speaker, consultant, trainer, and an award winning real estate developer and author on her leadership strategies from her interviews. She has been a featured speaker and taught courses and workshops throughout the US and Europe for top organizations, associations and universities. Her products help professionals succeed!
Her book "7 Steps To Find Your Perfect Career" is used by students at University of Chicago Graduate School of Business; it contains interviews with Steven L. Good, Sheldon Good and Company, Dr. Peter Linneman, Linneman Associates, Sharon K. Young, Sharon K. Young & Associates and others.
The "2006 Commercial Real Estate Career Education And Resource Guidebook" by the Hoyt Institute and co-written with Dr. Norm Miller contains Dr. Margot's interviews with Sam Zell, David Simon, Dale Reiss, Ernst & Young and others. Contact: http://www.drmargotweinstein.com/ or email firstname.lastname@example.org. Phone: 312-664-4849.