In our recent report, “The 7 Success Secrets of Market Leaders,” we identified 7 characteristics exhibited by market leaders. Knowing how you compare to these best practices will help you grow your business. Last week, we addressed the sixth of these seven characteristics: all market leaders build infrastructure to support their growth.
The seventh, and final, characteristic that all market leaders share is
THEY INVEST IN THEMSELVES
Regardless of one’s current level of experience or success, investing in oneself is the greatest secret to becoming a market leader.
Market leaders rarely have significant expenses. Why? Expenses have zero return on investment. For example, the three largest “expenses” for a commercial real estate professional are most likely their office rent, their automobile, and their cell phone. Obviously, there are many more expenses, but this is simply the cost of admission and certainly not a ticket to consistent success.
3 specific areas all market leaders have found to have the greatest return
Market leaders continually invest in their teams (Market Leader Characteristic #6). Market leaders seek and secure great people, people who are smarter and better at the functions that the market leaders know they should not be performing. The best part is, this investment in people has an automatic financing plan of 12 months! With the right people, the market leader’s individual performance and ultimately, income grows exponentially, and far greater than the initial investment in his or her team members.
Market leaders understand the power of process and systems (Market Leader Characteristic #4). Automation and delegation is easily attainable with the correct systems. Market leaders invest in integrated contact relation management (CRM or Database) systems, prospecting platforms, and strategic marketing programs. Beyond simply investing in these tools, they proactively support their own and their team’s implementation and engagement in the use of these tools.
3) Personal Development
Market leaders understand that they are their greatest asset. It is their knowledge, habits, and skills that will move their career forward, not a fancy office or new technology. Market leaders recognize there is no finish line to success. They are driven to always improve, thus, they continually invest in themselves.
Investment comes in many forms, including:
- Continuing education in real estate
- Industry designations
- Securing a personal commercial real estate coach
Market leaders understand the significant return on investments – capital, and the return on their involvement – and their time (a concept shared by author David Nour). These investments, along with a quest for continued improvement, separate market leaders from the rest and keeps them in their dominant position.
Step #7 to being a market leader is invest in yourself.
At the Massimo Group, we work with our market leader clients, who have made the investment in themselves by engaging our commercial real estate coaching and/or consulting services. Their return on investment and involvement is reflected by the 85% average renewal rate in our programs. If you would like to speak with someone at the Massimo Group about how we can work with you to build your plan for greater success, contact us today.