We recently wrote a blog about how remembering why you became a real estate agent can lead to more success. One of our assertions was that if you became a real estate agent to make money, and that’s it, you won’t be as successful as the real estate agent who’s motivated to help people.
Why? The perception that real estate agents aren’t required. As Mike Cuevas wrote, “Lack of value is the industry’s (real estate’s) problem right now.” It’s really a perceived lack of value, not an actual lack of value.
Cuevas goes on to write that he believes this perceived lack of value is do to how we, real estate agents, view ourselves. If we view ourselves as real estate business owners, we’re much more likely to be successful than if we view ourselves as real estate sales people.
Although Cuevas isn’t wrong, we’d like to take it a step further. Real estate agents shouldn’t just view themselves as business owners, they should view themselves as CEO’s with the most shares in their businesses.
Why Real Estate CEO’s Instead of Real Estate Business Owners?
There’s a difference between viewing oneself as a real estate CEO and viewing oneself as a real estate business owner. Business owners most definitely care about customer service, how their businesses are perceived by the public, and other things the CEO’s care about. The overlap is obvious.
But, there’s one difference that separates the CEO from the business owner. The business owner must only answer to herself. She’s not only where the buck stops, she is the buck. Whatever decision a business owner makes is, theoretically, the right decision because a business owner mustn’t worry about anyone questioning his or her decision.
Business owners don’t have the same checks and balances as CEO’s have. That’s the kicker. By realizing that you’re a CEO real estate agent, you create checks and balances that hold you to a specific standard.
Where do those checks and balances come from and how do you think of yourself as a real estate agent CEO?
Per Investopedia, a CEO is:
“A chief executive officer (CEO) is the highest-ranking executive in a company, and their primary responsibilities include making major corporate decisions, managing the overall operations and resources of a company, and acting as the main point of communication between the board of directors and corporate operations”
In this scenario, you, the real estate agent are corporate operations. You’re also the chairman of the board of directors, but you’re not the entire board like a business owner. Who else is on your board of directors? It could be a several people. It could be your spouse, your kids, a friend, a mentor, or, yes, even a client.
Client’s make great board of directors. The goal of a CEO is to communicate operations with the board. To get feed back from the board. To make decisions with the blessing of the board.
Wow…sort of sounds like what you do every day as a real estate agent, right?
Practice thinking this way, that you’re the CEO and your client are on your board. You’ll be amazed at how open communication becomes. You’ll also be amazed at how well you connect with your clients.