Why Emotional Intelligence Is Key To Success In Real Estate

In today’s real estate world, it’s not advisable to ignore others and think you can accomplish great things alone.

As technology becomes an integral part of everyday life, it’s easy to neglect the human touch. From automated social media posts to autonomous cars, there is very little we will have to do manually as we race into the future. But the human trait that will remain crucial to success is our level of emotional intelligence. This is widely considered one of the most essential commodities and valuable skills for the new age of business generation.

People with a high emotional intelligence quotient typically have increased self-awareness. When you understand that your feelings are neither right nor wrong, but are simply an unavoidable and intrinsic part of being human, it becomes easier to see a situation from another person’s perspective. In times of crisis, having a clear grasp on why and how people react when they feel insecure gives you a major advantage. Instead of reacting emotionally to their reaction, you have the awareness to take the time to process developments and decide what to do, if anything. Instead of defending your position, you can reason and compromise. So much time and energy are wasted when there is a lack of emotional intelligence on either or both sides. This is why it’s crucial to develop your emotional intelligence, or EI.

When you’re tuned into the people around you, you intuitively know how and when to respond. When a response is ill-timed, a situation can become awkward or inappropriate and both or all parties can become confused. Even worse, a person may become angry or frustrated and blame others for the situation. This is a common trap many get caught in. But those with high EI understand that less is more. There are numerous instances when holding your tongue, no matter how badly the urge to speak, is a better choice than getting your point across. Words can always wait to come out of your mouth, however, you can’t retrieve them once they have been dispatched. Consider your response before speaking or you may regret it.

Having a strong sense of EI also enables you to behave with integrity. Instead of being a “yes person” and going along with the crowd, you have clear boundaries and preferences. Your values dictate your decisions and when you operate in accordance with them, it naturally creates a sorting system that tends to turn off the people you don’t mesh with and attract the ones with whom you are a good fit. 

Developing Your EI

A great way to develop your EI is to watch and listen to people. Pay attention to how they move. Are they fast-moving and always in a rush, or are they slow and ponderous? How do they talk? Are they clear and concise, or scattered and prone to talking over you? What about their appearance — are they neat with tidy nails and pressed clothes or are they unkempt with wrinkled clothes?

When you put yourself in others’ shoes in an effort to understand them, versus interpreting and drawing conclusions solely from your biased point of view, patterns emerge. You begin to understand why people act as they do. When you have a greater understanding of what makes people tick, it’s easier to respond with compassion even when you don’t agree with their viewpoint. People will want to be around you more and will volunteer more information when you listen to them and they don’t feel judged.

In life and business, a high quotient of emotional intelligence gives you a major advantage because good relationships are at the heart of every endeavor; this is especially true in the real estate industry. When you display empathy and learn to speak other people’s language, difficult relationships and situations often transform, as if by magic. “Problems” vanish and “impossible” people disappear, to be replaced by a better version of themselves.

How you interact with people determines how they show up. You can only ever see someone from your perspective, but by expanding your EI, your ability to see what’s going on behind the various masks people wear deepens. As a result, you become better equipped to allow people to express who they are, and they begin to trust you and open up more freely.

EI is a fundamental part of creating productive relationships, which are key to a successful real estate business. So, it’s worth every moment you invest in developing yours.

The Power Of Self-Education In Real Estate

Many brokers are technically savvy but don’t have the personal touch that is so critical for dealing with people. We are all different but we can all benefit from deepening our knowledge and developing our skills through self-education and reading.

For some, it makes sense to continue formal education, but for most professionals already working a full-time job or running a business, reading is an inexpensive and simple way to develop oneself. If you’re not much of a reader, I recommend that you begin by reading books that interest you. Forcing yourself to read a book that doesn’t appeal to you will make it more difficult to embrace reading as a daily practice. It’s easier to develop the habit of reading consistently when you’re enthusiastic about your book choice. You can start with smaller books, of which there is no shortage in the business and personal development genres. These authors know that professionals are short on time, so a great book doesn’t have to be a long book. 

It requires discipline to make yourself read a book that doesn’t grab your attention immediately, and trying to pull yourself through a long book that doesn’t interest you won’t set you up for success. This is not to say you won’t benefit from reading books you find dull. I’ve read books by dozens of authors whose writing didn’t appeal to me. But reading them was still worth my time. I always extract at least one jewel from every book. You may even choose to read only particular sections of some books because you want specialized information and the entire book isn’t relevant. It all depends on the genre and topic.

As you immerse yourself in reading, you’ll also discover books you don’t want to put down and can’t wait to get back to reading. As a result, your world may begin to transform from the inside out. You might experience “aha” moments that spark a new understanding of the subject matter.

How do you know which books to read? It can be overwhelming when faced with thousands of books to choose from. In my experience, the best way to find great books is to follow the authors who have already inspired you. You’ll likely start to see a pattern in the books you read and the people who write them. When you’re interested in someone’s business or opinions, you may find that you’re also interested in the topics of books they read. Also, once you become a dedicated reader, you may naturally talk to others about the books you’re reading and, in this way, receive word-of-mouth recommendations. 

I recommend that you maintain balance in your reading selection. Real estate professionals are considered to be entrepreneurs. We determine our own hours and we get paid based on our results. Keeping abreast of trends and projections is critical if you want to be at the top of the field.

But, to develop a broad range of knowledge, I encourage you to read a diverse range of subjects, such as psychology, self-help, communication, history, autobiographies and spiritual texts. Personally, I like to read at least one real estate book per quarter, to keep up with current industry developments.

If you’ve been trying to read more and not succeeding, chances are you’ve got a pile of books waiting for your attention at home. Here are my top tips to carve out the time to either start or scale up your reading routine.

• Cancel cable TV.

• Limit mobile and all device usage.

• Block out time in your schedule each day.

• Incorporate reading into other activities by listening to audiobooks.

The point is that you may be born with a great mind, but even great minds require cultivating. Success typically doesn’t happen overnight; it takes time and dedication. Twenty years is a magic number when we talk about anyone noteworthy hitting their ultimate goals. In the process of pursuing success, they tend to influence their industries. This is not a coincidence. Being focused on learning what’s relevant to achieve your goals makes evolution inevitable. The trick is to give yourself the best environment for success to occur.

Eight Tips For Working With A Mentor To Increase Your Real Estate Success

Mentors, if respected and utilized properly, can help you succeed in the real estate business and prevent you from making mistakes that they have encountered along their own path. Having a proven mentor can pay you back in ways that money can’t buy. In several instances, the advice of a great mentor can provide is priceless. If the relationship is respected and cultivated, your potential opportunities could be increased exponentially. Below are some helpful tips for working with a mentor or trying to find one.

1. Choose a mentor who is in your area of the real estate industry and who has a proven track record. You need to partner with someone who knows what you are going through and what you are going to face.

2. Make your mentor your top priority. In some instances this may mean canceling or postponing a meeting, but I advise that you do it. A good mentor can provide more value to you than many of the meetings on your calendar, which can be rescheduled. When they make time to advise and educate you, always make yourself available.

3. Be respectful of your mentor’s time and knowledge. Reach out first rather than expecting (or asking) your mentor to call you, and avoid objecting to your mentor’s guidance. Remember their time and knowledge is being offered to you and accept it graciously.

4. Listen to every detail of the advice your mentor shares with you. Record your conversations if they agree to it, take notes and learn from listening. A good mentor’s advice and opinions are nuggets of pure gold.

5. When your mentor asks something of you, try to go above and beyond. In the real estate world, you may be asked to provide the best comparable or gather more information on a deal. Always find a way to exceed your mentor’s expectations. Accept the challenges your mentor sets for you as opportunities to grow. Embrace the challenge and know it’s for your betterment.

6. Take it upon yourself to stay in touch with your mentor. Good mentors are typically extremely busy, so consider it your job to keep up communication, whether through text message or email. These methods make it simple to maintain continuous contact and keep yourself in your mentor’s thoughts, which is priceless. 

7. Don’t ask your mentor to involve themselves in something that you are not willing to stand by or that may be a risk. Your word is your bond, and it’s well worth noting that it can be destroyed in an instant. Before you bring any kind of business dealing to your mentor, make sure it’s well-vetted. Even after that, make sure everything is fully transparent and they have the opportunity to see the whole picture. If you wouldn’t do the deal yourself, then don’t take it to your mentor.

8. Have skin in the game. A good mentor respects your ability to get involved. It shows you are truly in and ready to go down with the ship! You gain much more respect once you enter this realm.

If you want to grow your real estate business faster than your competition, then having a mentor is an essential part of your development. Having a proven mentor to advise you can open up opportunities for more deals. It’s not a lie when people say that the people you surround yourself with are big contributors to your growth. Knowing this, why wouldn’t you want to bring a highly successful mentor into your life? There is no cap on the number of mentors you can have, but if you are lucky enough to find one who is dynamic, one tends to be enough.