As a real estate investor, do you consider yourself a leader?

Question

Hi all - I am interested in merging my two worlds and discussing how leadership skills apply to real estate investors. I published a personal blog post here on Bigger Pockets to lay out my thinking. I'd appreciate some feedback if this resonates with you or not.

https://www.biggerpockets.com/blogs/9903/63197-5-key-leadership-behaviors-for-real-estate-investors

Levi T. · Answer

I've watched more basket cases fail thinking they are leaders, than not.. Just because you hired someone does not make you a leader. I can count the number of people I have meet in my lifetime that are true leaders, on one hand. When you see it, you will know it, it's undeniable... people walk through walls, and build business for that person like no other. People want to work for the company, no matter the pay. Those people lead by following, believing in their people, and not by trying to find reason to fire people, or play petty games. They understand when there is a failure in operations, it's a failure in leadership.

JD Martin · Answer

Most of it resonates with me. I probably struggle most with delegation, especially when it comes to active management of properties. Without trying to sound arrogant, I know I can do a better job on most things than 95% of the people I would get to do them for me, and that makes it difficult for me to bend my mind around the fact that I have 24 hours in one day. No question that sometimes my "do it all myself" mentality has limited some growth options.

Ann Howell · Answer

Hi @Cary Ogello - i agree that there can be a difference between management and leadership, and MBA programs usually delineate the differences.  For the purposes here, it seemed more important to focus on the biggest 5 competencies for leaders regardless of which bucket they fall in.  I suspect that many real estate investors think of themselves as deal makers or hustlers and not leaders.  It could boost their business to add the leadership behaviors to their thinking.  Just another tool for the toolkit!

Cary O. · Answer

There is a difference between management and leadership. All real estate investors need to be good managers, as they need to be able to plan, organize, coordinate, and hold people accountable. Leaders provide the vision, influence and inspiration needed to achieve a mission or goal. Many people can manage, but few can lead and inspire.

Ann Howell · Answer

I just listened to BP podcast #232 with Nathan Brooks. Their conversation touched on leadership and some delegation and accountability issues. Very aligned.

https://www.biggerpockets.com/blogs/9903/63197-5-k...

Ann Howell · Answer

Here's an article from Inc about the importance of self-awareness for leadership:

https://www.inc.com/lolly-daskal/6-proven-ways-to-spot-an-emotional-intelligent-leader.html

Another competency that I might need to add to the real estate list is resilience - the ability to keep going in the face of set backs.

Ann Howell · Answer

Hi JD - I like your approach to management.  If you can hire great people, they can usually work pretty independently.  But hiring is an imperfect science, so you'll sometimes hire people who need more help than expected.  And even with a great team of people who can work independently, someone still needs to provide the overall direction and connect the team together.  With the teams I have built, I find that we usually reach that point of peak performance that you describe - but it takes us awhile to get there.

JD Martin · Answer

Personally, though I have always been in executive management in my professional career, I prefer the " neither a leader not a follower be" mantra. I'm a pretty outgoing guy but dealing with people on a regular basis is by and large a pain in the ass. The people you would want to lead generally have enough self confidence and internal drive to not need a leader, but rather a facilitator, and the people that you don't want to lead can't tie their shoes without a road map and a chaperone.

I have made it my mission the last 5 years, at least, to only hire people that I think could reasonably do the job on their own if I sat them at a desk with a manual and said "call me with any questions"; and I won't hire anyone for my executive team that I don't think could replace me if I was hit by a meteor or just Leaving Las Vegas'd it.

James Yoder · Answer

Levi, well said! I agree with you. I've had a few true leaders in my life that have took me with them and taught me what I know today. Only one or two of them I really aspire to. I'm a young leader with only two years under my belt. It's been challenging but my business has a network of phenomenal leaders that have been there by my side the whole way.

Ann Howell · Answer

Elbert - I believe that most of your leadership skills would transfer to other industries. And real estate investors also bring hustle and entrepreneurial spirit to the table that is likely to help you shine.

As a real estate investor, do you consider yourself a leader?

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