Are you a real estate entrepreneur or a manager? You may not know this, but there is quite a difference between entrepreneur and manager. From personality traits to job roles and functions, the differences between an entrepreneur and manager are distinct across the board.
Successful real estate entrepreneurs are not always good managers. For one, they are very impatient. This is due to their competitive nature and strong sense of urgency, which is one reason for their success. Also, highly-successful real estate entrepreneurs posses a mild form of OCD (Obsessive Compulsive Disorder). They seem to obsess about everything.
Interestingly enough, these traits do work well for entrepreneurial success! Here’s a good example of a successful entrepreneur…
Steve Jobs, genius entrepreneur or manager? – He wasn’t known as a good manager
He was, however, one of the best entrepreneurs of our time
My experience as an entrepreneur and a manager
I’m an online service entrepreneur who understands the in’s-and-out’s of the real estate business in Mexico. As such, I know how to launch a business startup, make it viable and then grow or scale the business accordingly.
But admittedly, I’m not a good manager. I’m very good at managing myself, but I’m impatient with others and I’m a total control freak. I’ll try not to mention my temper – Oops!
I’m writing this article because I truly understand the difference between entrepreneur and manager. And, this applies to any real estate agent who wants to become a successful broker.
The difference between entrepreneur and manager
Most successful real estate brokers already understand the principles of management. They understand the theory and formulas required to build a great team. Some may even have an MBA or at least understand the principles taught in an MBA program. That means most successful real estate entrepreneurs have the know-how to manage.
Real estate entrepreneurs struggle to balance people skills with their strong drive to succeed. As such, they tend to be abrasive and offend others unintentionally. And while managing their growing team, they come across as overbearing.
Nothing can get in the way of their vision for success of their real estate brokerage. The bottom line is this: Real estate entrepreneurs can’t succeed if they’re spending their days managing people and the day-to-day operations.
Great example reveals the difference between entrepreneur and manager
A real estate entrepreneur is the board of directors combined with each and every stock-holder, all wrapped into one person. And believe it or not, NEITHER of those groups manage anyone. They call the shots, but they don’t implement them.
Misconceptions about real estate entrepreneurs
Obscurity is commonplace in the life of real estate entrepreneurs. Nobody truly understands them. People just don’t know why they work so hard for so many hours every day.
Building any successful business requires the kind of hard work that most people are simply unable or unwilling to perform. Unfortunately, that type of dedication is necessary to be successful in real estate, especially if your building a real estate brokerage.
Don’t work AT your brokerage
You, the real estate entrepreneur, don’t work “at” your brokerage. To explain, you work “on” your brokerage, pushing it forward and making it grow. That is such an obscure concept for most people to understand, which is why most real estate agents fail. As a broker, you must work harder and innovate more than anyone else. You’re it and you’re the key to success!
As the one who’s most preoccupied by how your company is doing, you’re on the clock 24 hours per day, seven days per week, and 365 days a year. You’re the one who takes the highest risk. And, you don’t even get holiday pay for Christmas. Real estate entrepreneurs are visionaries who are focused on growing a real estate business startup, not managing the daily operations.
How to address the difference
Typically when starting a new brokerage, you’ll perform most everything yourself. And that includes sweeping the floor! But as you turn your real estate business startup into a viable brokerage, you’ll start building your team. And if you hope to gain and keep top-selling real estate agents and high-quality employees, you must hire a good manager.
A manager is your buffer between you and your staff. Therefore, hire someone who can deal with your impatience and your OCD! Hire a manager that will translate your vision into something your team can understand and implement.
Find yourself a good right-hand person
Locating a great right-hand person is very important indeed. Very few competent people can tolerate working for an entrepreneur. Therefore, make sure you find someone with a personality that complements yours extremely well. They must understand your good heart, so your abrasive persona will roll right off of them.
Your right-hand person must be patient, level-headed, dependable and smart. If you find that person, your rewards will equate to steady, positive growth. But then, make sure you work on those interpersonal skills!