Real Estate as a Career or a
Business?
The above conundrum has made
gotten me pondering the differences between the two approaches as a Real Estate
Sales person. Are there differences
between approaching the industry with the 2 different mind-sets?
Of late, I have begun to see patterns in the
associates who approach the business from both perspectives.
Coming from my personal
background as a Coach, some of the work that I have been involved in is in
managing the mental paradigms of the client such that we achieve states of high
performance. In this conversation, let
us define “states of high performance” as the necessary state of achieving
results that are above the ordinary.
Note that in an performance
coaching assignment, less than 10% of time and energy is invested in
motivation, inspiration, and other forms of “RARA”. The art of performance coaching work always
lies in clarity of purpose, and in this conversation on Real Estate as a Career
or Business, it simply means, being clear on the implications on approaching
the industry with either of the mind-sets, and understanding its impact on the
RES’s chances of success.
I started this conversation with
a question, “What is a career, and what is a business?”
The replies I gathered in
essences landed into the following:
“In a Career, you are an Employee”,
and “In a Business, you are a Business Owner”
What do the above mean?
Clearly, all along there have been RES coming
into the industry with either of the above mind-sets(Why? Because I have
personally interviewed them so I can tell).
At this stage in the team’s development, it has become alarming clear
that there has been a very distinct development/progression path taken by
associates that fall into either of the 2 mind-sets. Of course there are those that have a hybrid
perspective of the industry, and these rightly so are the “caught-on-the-fence”
types.
In sharing my observations
between the employee mind-set and the business owner mind-set, let me establish
a simple perimeter from which to carry on the conversation and derive my
observations, in that,
“Employees enjoy limited reward, and limited liability”,
“Business owners enjoy FULL reward, and FULL liability”.
Hence, in this equation, it is the degree of
reward and responsibility borne by either mind-set.
From a leader-mentor perspective,
my observations both from business owners and from the corporate world between
the employees and the business owners are:
Employees:
A) Requires
a very structured environment which has clearly defined timings and activities
B) Discipline
and productivity needs to be closely supervised
C) Requires
constant guidance, supervision
D) Does
not appreciate the value of “own time”
E) Are
inherently “Takers”, constantly looking for better pastures with the key
intention for self-advancement over self-achievement.
F) Short
Sighted, Lack Direction
G) Risk
Adverse
Business Owners:
A) Requires
a structured blue print, sometimes going through the system once, thereafter
they reinvent it on their own
B) Self-driven
and constantly seeking to evolve themselves
C) Requires
consultation on a “as-needed” basis
D) Understands
that time is their most valuable asset
E) Are
inherently “Builders”. These sink their
roots deep, and build their branches up to till they reach the sky. These place self-achievement at a premium, to
have something that they have built for themselves.
F) Has
Vision, Creates Direction for themselves and for others to follow
G) Understands
that risk is necessary
On a liner spectrum, it would
look like this:
Employee ---–- Employee/Business
Owner Hybrid -–--- Business Owner
For individuals stepping into the
world of the Real Estate Sales person, the unfortunate reality of it is that
the odds of success very much favor those closest to the Business Owner end of
the spectrum. This I have seen from
personal experience bringing through associates from their terms as newbies, to
veterans in the industry.
It is an unavoidable truth!!
People will be entering the
industry at different points of the continuum, the key to success then lies in
two aspects:
1. Discovering
where they are at currently on the spectrum and accepting the implications on
their odds of success should they remain where they are at, and
2. Given
that the “Business Owner” and the “Employee” are now clearly defined, this also
provides a tangible goal to work towards, hence the second element would be in
aspiring and growing to evolve towards the business owner side of the spectrum.
Previously the terms “Career in
Real Estate”, and “Real Estate is a Business Owner” have been used interchangeable,
with the assumption that they are “the same”.
With the above realization, the two clearly are now polar opposites of
the two. Hence, the language must be
clearly used to bring clarity to the distinction.
As a coach, I read patterns with
people beyond what is verbally communicated.
Hence armed with the clarity on the distinctions on the above, I would
be better equipped to read into where the aspiring RES stands on the scale
between “Employee”, and “Business Owner”.
As for the team, this break-through
better allows for team associates to clearly define for themselves on a scale
of 1-10, where they stand on the spectrum.
In understanding this, it then gives them the choice on which direction
their next steps should take them.
The choice then becomes clear,
“To grow? Or not to grow…?”
Best Regards,
Mervin Tang
Group Director
Division Lead Trainer, Project Sales
CEA Reg No. : R030951Z
Huttons Asia Pte Ltd
Mobile: (65) 9184 0208
Website: http://www.SGrealestate.sg
Sales Enquiry: mervintang@SGrealestate.sg
Huttons Asia Pte Ltd
Mobile: (65) 9184 0208
Website: http://www.SGrealestate.sg
Sales Enquiry: mervintang@SGrealestate.sg
Discussions: http://sg-realestate-sg.blogspot.com/
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