8 Tips For A Successful Career In Real Estate

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If you’re involved in real estate, you might have goals you’re looking to achieve, or next steps you want to take in your career. For those just graduating, it can be hard to know the best place to start. During my 25 years in the industry, I’ve learned how to build habits that can lead to success. It involves a combination of leadership, teamwork, and time management, along with a desire to constantly learn and be creative.

Follow these strategies to build a career you’re passionate about in real estate:

1. Lean into Mentors

When you’re just starting out in real estate, it’s often more important to work with the right people who can help you learn. Even if the compensation is lower in the beginning, you’ll gain insight that you can apply to uplevel your career over time. This often includes finding great mentors who are open to sharing their strategies and showing you how they work from day to day. I still keep in close contact with the first mentors I had early in my career, Bob Knakal and Paul Massey.

2. Look for In-Person Interaction

While remote working is commonly accepted, I still think there’s no substitute for face-to-face communication. During my early years in real estate, we operated on an open floor plan. This gave me the chance to see how the experienced members of the team operated. Today, I still carry that theme and have my team collaborate with in-person interaction.

3. Cultivate the Right Team

While accolades can help build credibility, behind every success is a great team. That’s been the case since the beginning of my career, and I continue to focus on collaboration today. I like to find a team that is complimentary and can elevate one another.

If you lead by example, you can set the tone for the entire team. They’ll watch how you navigate challenging situations and will follow as you look for solutions. You can learn more about leading a team in a conversation I had with MaryAnne Gilmartin, founder of MAG Partners, on the podcast “The Insider’s Edge to Real Estate Investing.”

4. Be an Eternal Optimist

Your mindset and outlook on life is so important if you want to be successful. In nearly every aspect of real estate, there can be risks and disappointment. You can spend a lot of time and effort on a deal, sale, and if it doesn’t work out, it may seem like a loss. I always work to keep a positive attitude, as it can take many “no’s” to get to a “yes.”

5. Make the Most of Your Time

I get up before 5 a.m. every morning to work out, and continually look for ways to maximize each minute of the day. I learned early on that time is your most valuable asset, and to be successful you’ll want to manage it effectively. If you’re not sure how you spend your hours, try carrying a stopwatch and marking out what you do, and when, during the day. It will help you find areas where you could become more efficient, or tasks that could be outsourced so you can focus on the work that’s most valuable.

6. Take the Leap to the Next Level

If you’re working for an institution and want to branch out on your own, I always suggest looking at the change as an investment. For instance, if you’re at a big developer and want to start your own fund, it can be unnerving to think about moving away from a predictable income stream. You might be able to accumulate enough savings to cover your initial months of expenses while you work on your own. Or you could set up early investors who are ready to support your fund. Ultimately, it takes a leap of faith to go on your own, though if you view it as an investment in yourself, it can be easier to create a long-term return.

7. Be a Lifelong Learner

I didn’t even know about real estate when I graduated from Colgate with a degree in English. I applied for a position at Massey Knakal and they gave me a job (I was actually their second pick—which I cover in the Introduction of the book “The Insider’s Edge to Real Estate Investing.”). I spent the first months learning about the industry and becoming an expert in a particular neighborhood. I still look for ways to keep learning every day. Whether it’s about how to build a team, leverage technology, or a new project that is developing, there are ways to continually increase your knowledge, and that can give you an Insider’s Edge.

8. Be Ready to be Creative

One of the parts I love most about real estate is working with the different players involved in a deal, ranging from investors to nonprofits, family offices, and small business owners. There are often complexities that need to be negotiated to make the transaction happen, and I enjoy looking for ways to find a solution. When the deal goes through, it can be an all-around win for everyone involved.

Gaining success in real estate can be a journey that involves time, dedication, and the right attitude. By leaning into mentorship, looking for in-person interactions, and cultivating a strong, supportive team, you can set a solid foundation. Managing your time and being willing to take calculated risks can help you uplevel your game. If you continue to learn, you’ll also have the chance to keep growing, and ultimately have a rewarding and successful career in real estate.

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