What Skills From Corporate America are useful in Real Estate?
Aug 27, 2021I mentioned in my previous blog before how terrifying the career change from Corporate America to Real Estate is. However, I'd like to give you a fresh new perspective on why you should feel confident and optimistic about this change. The truth is, there are a lot of skillsets from corporate America that will make you successful in Real Estate. These things that can give you a more strategic advantage over your colleagues. I know a lot of people who transitioned from Corporate America who are more successful in Real Estate Today.
So here are the top skills from Corporate America that are useful in Real Estate:
1. Strategic Planning
I did strategy in strategic planning at a very high level in healthcare and got so used to having a plan when I transitioned to Real Estate. This is how I function. I need to know where I'm going, how I'm going to get there, and when I'm going to be there. That is why I legitimately made up a five-year strategic plan so I will know that I am constantly evolving every single year.
I did strategy in strategic planning at a very high level in healthcare and got so used to having a plan when I transitioned to Real Estate. This is how I function. I need to know where I'm going, how I'm going to get there, and when I'm going to be there. That is why I legitimately made up a five-year strategic plan so I will know that I am constantly evolving every single year.
I did a SWOT Analysis one time and when I spoke to some agents, they were asking why am I doing all that? All they ever think about is to just get out there and sell. But, this is just how my brain works. It becomes jumbled and it will not function unless I have a plan. Because I am really good at making a strategy plan, I broke out my old healthcare powerpoints, and I translated that knowledge over to Real Estate.
2. Setting up an Operational and Budget Plan.
I came back and set up an Operational Plan and a Budget Plan. After all, what's the point of having a strategic plan if you're uncertain about how you will thrive after one year? Using my Strategic Plan as a baseline, I committed myself to make it operational so I can be strategic and also financially responsible.
I came up with an Operational Plan and then set a budget for that Operational Plan to work. I legitimately broke out the old A3 Methodology so I can start working on my Operational Plan for the entire year.
Next, I had my monthly goals of what it is that I needed to operationally build up. I also had my marketing plan of what I really need to do. So marketing is a big lever, then I had public relations and postcards the whole nine yards of everything that I needed to do to make that work once again.
3. Researching Skills
While I had a plan going on, I had to figure out the best approach for the business. I cannot stand not knowing and not understanding something. I don't want to be dependent upon someone else to really get what I need to do. Like a student who is hard bent on learning the tips of the trade, I would stay up late at night to research what I need to do, and how to have the best website. During the day, I would call up leads. I would really put the work in and the research led me down a path of coming up with some really good ideas of how I could market better and faster than anyone else. Once I had this planned together, I started doing what I called, "Rapid Tests of Change". which means putting the plan to the test to see if it works. If not, I would keep on adjusting and fine-tuning my processes until my systems are working perfectly.
4. Delegation
I have mastered the art of delegation back when I was still in the healthcare industry. This is one of the things that made me very successful. I was able to operate and run
a team and getting a group of people to work towards a common goal. I was really good at this. The only problem with real estate is, there was no team nor any squad to put together. This is what I had to do. I had to go ahead and figure out who was on
Team Chatman. I don't actually mean bringing people to my company. I am actually referring to my lenders, my new construction folks, my title company.
Basically, I went around and started interviewing all the best people out there and I figured out who would put time and energy into me. I went out to figure out who was going to be the best people to work with. These people need to tell me the truth and what I actually did well and what I did not. Because I didn't have the right eyes. I still had the eyes of an administrator at the time. I relied on these people to check on me and help me grow my skills. When I came across people who are not willing to do that, I couldn't put them on my team.
5. Branding
Branding is everything in Real Estate. But for me, my mindset for branding was, I was so used to work for this big company that I couldn't get away from that. And to say, I still can't get away from that, that's how I built Chatman Realty Group. As a Real Estate Agent, I had to think about the future of this company for it to keep running long term. I also thought about my five-year plan, and I wanted some of the aid that had my name stamped on it so that it could be a legacy left for my children. My main point is that, work for a branding strategy that resonates with you as a person, and what your company stands for.
6. Soft Skills
Sure, I had awesome DISC Results but I didn't have any soft skills so I can sell a single house. What can I do? I went to training because I want to be a good salesperson because this job is about sales. The more training I had, the better understanding, I gained about human psychology, and reading people's body language.
Sure, I had awesome DISC Results but I didn't have any soft skills so I can sell a single house. What can I do? I went to training because I want to be a good salesperson because this job is about sales. The more training I had, the better understanding, I gained about human psychology, and reading people's body language.
7. Negotiation skills
I was a masterful negotiator in terms of health care because I have negotiated with insurance companies, doctors, and other people. I do negotiations at various levels with a lot of people to get us to a yes and find a place of win-win. So I knew that this is going to be a skill that I could bring to the table. I need to be able to negotiate with vendors who are trying to sell us stuff because so many people always try to sell something. This is how I get better deals. And so I put my negotiation skills to
the test and I've always been able to come out on top of that. Don't be afraid to negotiate with a vendor. They need your business. Make them earn it. Period.
8. Process Maps
Real Estate is just littered with processes all over the place. The whole thing is just one gigantic process: from selling a house to buying a house, you name it. However, I don't see Process Maps in my industry. This really bugged me and so I was always wondering, what do I need to do next? I got out one day and started Process Mapping Everything. When I did that, my mind just clicked and I knew what to do next. I knew how to do things and how to influence different situations like helping my buyers and sellers, and even clients from New Construction. I legitimately have a process map for
anything that comes in. For instance, when a lead comes in from a certain type of lender, or perhaps from Realtor.com or Zillow, Open Houses, you name it, I have a Process Map built for everything.
In my team, these process maps serve as a game plan for when a certain type of lead comes in. We know all the things that we need to do to process that lead just by following the process map.
9. Fixing my Accountability issue
My accountability issue was killing me because I didn't know how to keep myself accountable at that point in time because I didn't have a manager to check my stuff. Moving from being an employee to being now your own balls can be so tough. That is why I leaned very heavily on the next skill.
10. Creating a Visual Workplace in Metrics
I started drafting the metrics on a whiteboard because I had to figure out what was my
standard workflow. Once I figure out what my standard work was, and the outcome, I practiced what I learned from a Lean Six Sigma Standpoint: The Process Engineering Standpoint.
Once I have the strategic plan and the operational plan in place, I had to hold myself accountable so I came up with the daily, weekly, and yearly metrics - the whole nine yards. If I do these things here, this is what's going to make me successful to the point that I know how many contacts I need to make in a day. This is why I don't stop calling and trying to make those contacts every single day. I make those contacts. I know I have deals coming. I really got scientific about my work. The whiteboards are my Real Estate Command Center. This helps me track how many people I'm calling, and how our strategic plan is going? In that way, I don't miss a single beat in my business. Did you know that I did the exact same thing to my iPad?
I had to take this office with me everywhere I go, and so I put up tools and started creating spreadsheets and things so I could really start taking it with me on my iPad. I legitimately have Real Estate A3s to ensure that I am working on what i need to do in my day.
I hope you can incorporate the skills that you learned from your previous corporate job and use them to your advantage in Real Estate.
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