companies to re-energize and reinvent themselves. Now is
the time for organizations to do different things instead of
just doing things differently. Now is the time to lead, not follow. Now is the time to change or you will become irrelevant.
In the future, real estate organizations must create
a business model that welcomes continuous change,
embraces technology, empowers entrepreneurship,
believes the future is an opportunity instead of a
challenge and embraces a culture of unpredictability. Today is a time for leaders, entrepreneurs and con-trarians—not followers, risk avoiders, change-killers or sta-tus-quo executives. Today is that moment when future stars,
next-generation leaders and benchmark companies emerge.
Today is that time in the real estate cycle when opportunities
abound. Hold onto the past, and the future is unreachable.
Shed the past, and future success becomes most probable.
Real estate industry leadership often has been defined by
titles, transactional events and ownership. Very little has
been defined by behavior, experimentation, innovation and a
driving need to create demand where none formerly existed.
Don’t misinterpret this statement. Some incredible leaders
have commanded respect based on the quality of their relationships with others and their ability to get others to do
extraordinary things—not due to their title, tenure or age.
These best-in-class leaders foster leadership that is
based on trust, credibility, passion, inspiration and
a willingness to celebrate the successes of others—
to succeed when and where others said it could not
Transformational leaders cause a change in people, process
and performance. When one transforms a real estate firm,
it is a process of redesign—redesigning values, expectations
and aspirations of all within the organization. The followers
of transformational leaders respect and trust them; therefore
they are willing to work and achieve an inspiring vision and
purpose. When a real estate firm has transformative
leadership, it will often have instilled optimism, enthusiasm and confidence in those who are leading.
A real estate firm without effective transformational leaders might as well pack up and try something else. Leadership is the key to sustainability, productivity, profitability and
growth. Leadership sets the tone, provides the vision and
brings out the best in people. During the next decade, individuals who have been asked to lead must not simply manage
people or processes; they must be visionary and promote individual entrepreneurship.
Learn how to become
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It features 100
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uring the past 50 years, the U.S.
real estate industry has evolved
from a local, founder-based,
cottage industry to a national
and global provider of a team-based, knowledge-driven asset
and service solutions platform for
owners, operators and occupiers
worldwide. The industry has shifted
from personalities to business lines,
from fighting over money to fighting
over talent and connective relationships, from opportunistic development
to sustainable growth, and from information gathering to strategic advisory services. It has moved from market share to customer share and from
self-interest to collaboration. Composed of opportunists, investors, entrepreneurs, leaders, operators, financiers,
creators of value and managers of talent and risk, the real estate industry is
both a link to the past and a harbinger
of things to come.
Embracing change, developing a
clear vision, assembling best-in-class
talent and creating a competitive business model and set of winning business
and growth strategies for the years
ahead can ensure sustainable business
results. Now is the time for real estate