The most powerful factor that determines the quality of leadership in real estate is self-awareness and a good attitude towards self-improvement, new research shows.
The Real eState of Leadership Report identifies that one in five real estate principals are running their businesses ‘blind’ having undertaken no leadership training at all and less than half (45%) understood their own personal leadership style.
The report – undertaken by CoreLogic and TMJCoaching – identified the critical links between leadership quality and successful real estate practices.
“While 82% of real estate agents felt they were good leaders, only 66% of those surveyed said the quality of leadership within their own organisation was excellent or good,” said the report’s co-author, Tanja Jones.
“This indicates that about 16% of the industry is deluded and needs some help understanding how they genuinely show up to their team.”
The research shows that those businesses that had strong leadership backed up by good managerial disciplines, processes and excellent team cultures were the strongest financial performers.
The businesses that reported revenue growth of more than 10% were most likely to have core values and vision statements, have personalised staff training programs, talent acquisition plans and both annual and 3-5 year business plans.
“The strongest financially performing agencies were also the most likely to be led by individuals who understand their personal leadership style and were adept at adjusting that to get the most out of their people as circumstances demanded.”
But while there is a multitude of courses available to train real estate agents in best practice for prospecting, listing, selling and even running property management teams, there has been little to help principals identify the real skills needed to lead.
Tanja said the Inspiring Greatness Empowered Leadership Summit to be held in Melbourne in February would teach principals how to master key leadership skills.
These include understanding your personal leadership style, the three steps to leadership success, languages of appreciation, 6 empowered leadership practices and the power of presence to help real estate professionals grow their confidence as leaders and transform their relationships.
Sign up to 2 days of leadership training specially tailored for real estate principals to be held in Melbourne on February 6-7.
Download the full Real eState of Leadership report.