Transcript:
"Management is doing things right, and leadership is doing the right things." -Peter F. Drucker
Leaders understand that activity is not necessarily accomplishment. Leaders never advance to a point where they don’t have to prioritize. I have buyer agents that get caught in the 80% of activities that don’t correlate to sales.
You have to help everyone on your team to make the best possible decisions. For example, during our team meetings, we identify about twenty issues to solve, and we vote on the top three. If we don’t get to the other 17 it’s okay, but we have to solve the top three that we all agreed on.
Leaders must order their lives according to these three questions:
1. What is required? What must you do that nobody else can do for you?
2. What gives the greatest return?
3. What brings the greatest reward?
You’re probably the only person in your business that can go after listings and run meetings. As a leader, you should be working in the areas of your greatest strength. Aim to get out of your comfort zone and enter into your strength zone.
A good rule of thumb is that if something else can be done 80% as well as you can do it, then delegate it to another person. It will probably take them longer, but they will be able to emulate the quality that you put out. In order to manage your business more effectively, you have to be able and willing to let go of those small tasks that hold you back.
I was once flipping multiple different houses, and all I wanted was to make a profit off of them. I had a guy working on them, and I just told him to make them look nice but keep the costs low. I didn’t have to tell him what colors to paint the walls or the backsplashes - I just let him do it. One reason was because I really didn’t care and the other reason was that I really didn’t have the time. You have to let go of those kinds of things as you’re scaling up.
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