Area Specialist Founder Michael Choi is a big believer in leading by example. Here, he shares some of his real estate leadership secrets, including his Dad’s words of wisdom.
While real estate leadership is generally thought of for management, it’s important to realise that true leadership comes with actions, not just titles and positions.
The following are three leadership lessons I have learnt over the years.
Anyone has the power and the influence to promote change.
1. A father’s wisdom
When I started my first business at the age of 24, my Dad asked me, “How’s business?”
I said: “Frustrating. Why don’t the rest of the team work as hard as me?”
Dad replied, “If they worked as hard as you, they wouldn’t be working for you”.
This was a simple yet powerful message for me.
2. Human capital
The best investment you can make in a real estate business is in human capital.
It’s important to hire people with complementary skills that may fill in the gaps, as hiring people with similar skills to you can make you both obsolete.
Additionally, avoid hiring people that agree with everything you say.
You need to hire people who tell you what you need to hear, not what you want to hear.
You can use the team as a sounding board, and you will find others can come up with better ideas than yourself if you are humble enough to accept them.
3. Coaching Individuals
A successful formula for effective real estate leadership is a one-on-one coaching strategy I have used for many years, called ‘scale coaching’.
Most people know the answers; they just need help digging them out or someone to back their thoughts by giving them support and a nudge in the right direction.
Someone having an idea themselves will inspire change and action in more ways than being told what to do, as there is empowerment and ownership of the concept.
Here is an example of scale coaching you can try in most instances.
You ask: “What’s an area in your life/work that you want to improve?”
They reply with: “X”.
You say: “From zero to 10, with 10 being great, how is X going?”
Ask: “What would you like it to be out of 10?” and, “What do you need to do to achieve that?”
They respond with: “Z”.
You ask: “Is that something you want and can do?”
Then ask: “What could prevent you from completing Z?” and, “How could you minimise this risk?”
Finally ask: “When do you want to complete Z by?” Then offer to check-in a few days before that deadline.
This flexible and simple formula can be life-changing, as long as a tribe member wants change.
For an individual that is highly driven by money, you could strengthen this accountability by creating a ‘discipline agreement’.
If they don’t do a task, then they have to pay an agreed penalty.
It’s important that this agreement is based on tasks and not the goal or result, as that can sometimes be out of their control.
Often the pain of losing money is stronger than the reward of receiving it, so this should provide high motivation to get started, and once started, it’s easier to continue through the tasks towards success.
Without hurdles, there is no growth, and lack of growth is the last hurdle you want.
Leadership is the ability to paint the picture of the future so well that your tribe can see it, feel it and taste it as if it were already here.
Maintain a strong conviction of where you are going, your vision, and lead by example.