If we go by the definition of real estate management, it is amazingly simple. The real estate management the business of managing land and buildings, including activities such as keeping buildings in good condition and organizing the renting of property, but going by the question, I believe that you want to grow into a real estate management firm. Now that is a different story altogether.
To become a management firm, you must understand the management in its entirety. The real estate firm will eventually deal with people indirectly by keeping building in good condition and organizing the renting property. This in turn will create jobs and as you grow up you will require more and more people to assist you. This is called Labour. So, first thing you must investigate is division of labour. When physical tasks are continually repeated, the body learns to automatically perform the motions with minimal concentration or mental effort – he called this dexterity of the worker. Smith also recognized that dividing labour does away with time wasted moving between workstations, locating tools, putting on equipment, and learning/relearning tasks. Lastly, by performing the same tasks day in and day out, workers can envision and construct machines to aid them in their work and to make production more efficient. Adam Smith suggested that the division of labour contributes to nations becoming wealthy and prosperous. He described that by everyone in a society working in a job where they could become specialists, the benefits of the division of labour would arise and considerable excess output would be produced. When division of labour occurs in every job and industry in a society, excess production would occur throughout all areas of society. By then trading the excess output of workers throughout society in a common marketplace, all people could enjoy more goods and services at lower prices than if they had all worked independently for all they needed. Once You have dealt with this you will need to deal with efficiency of the labour force you have employed. From a multi-year study of workers at an assembly plant, known as the Hawthorne Studies, organizational researchers recognized the importance of paying attention to human needs and making workers feel valued. In a series of work-performance experiments, workers could give input to management decisions and permitted to interact with their co-worker’s (and thereby become members of a team). The experiments manipulated the hours of work and the timing and durations of lunch and rest breaks. Performance was studied across the entire series of experiments. Researchers found that performance rose across each experimental condition – even ones giving workers longer breaks and shorter work hours. Traditional organization theorists would never have predicted this finding. It would have been like turning off an efficient machine for part of the day and getting more output from it than if it had been left on for the entire day. The findings caused managers and researchers to question their assumptions and beliefs about organizations, efficiency, performance, and the importance of people in the workplace. Next what is important is the emphasis on people. Without people, organizations are simply empty buildings and unused equipment. It is people who give them life, purpose, and meaning. Healthy and vibrant organizations are those with healthy and vibrant workers. As learned from research and experience, organizations that promote feelings of growth, trust, recognition, affiliation, responsibility, appreciation, and self-worth tend to have healthy and vibrant workers. Starbucks Coffee is one company that does an exemplary job of putting an emphasis on its workers. They have built a successful company around the idea that their people are the most important asset of the business. The culture, values, policies, and reward systems are all designed to impart and reinforce the ideas that their workers, or partners, are the reasons for their success. Employees return the trust, respect, and appreciation shown toward them back to the corporation. Starbucks’ success using this business philosophy has been tremendous.
Once you have dealt with that, you must put everything in a systematic way. Systems are highly essential for success, unless everything is systematic success cannot be achieved in the long run. A system is composed of interdependent parts that are arranged in a order to accomplish a purpose. Our bodies are examples of systems. They are composed of different parts, or elements, that influence and are influenced by other parts of the system. The digestive system is sub-system of the human body, and a system unto itself. It is also a containing system, or super-system, of smaller systems. The mouth, for example, is part of the digestive system and is a system unto itself. Systems are related to complementary and dependent systems. Failure to perform in one element in a system can result in a cascading failure of the system and related systems. The failure of an organ in the digestive system can result in the failure of the entire system and then failure in all dependent systems until a person’s whole-body ceases to function. The similarities in definitions and concepts between organizations and systems provides added insight into ways to structure and guide organizations. Systems theory provides managers with a way to understand the concepts of differentiation, interdependence, structure, and complexity. Awareness and understanding of these principles will help managers work more effectively with suppliers, customers, and related departments and improve the ways they guide their people, units, and organizations. To become a good real estate management firm a strong and confident leadership is important. Unfortunately, many organizations also seem to run on the road to nowhere. Those without a clear purpose and goals, those without a vital and relevant mission, and those without people who aspire to accomplish new and interesting things are often heading nowhere. As with a ship that is pushed along aimlessly by the tide and wind, a directionless organization might find that it will eventually move away from where it started. Sometimes an aimless movement to “nowhere in particular” can result in good things for the organization. However, when the tide and wind are used in conjunction with a desired destination, navigation, course corrections, and an able crew, ships can be quickly and safely maneuverer to their destinations. Effective captains guide effective ships – they prepare their ships for the journey, they constantly monitor environmental conditions, they plan and follow navigable routes, and they assemble and work with able crews. Effective organizations need effective leadership to guide them “somewhere.” Leadership is about vision, direction, and movement. Effective leaders provide followers with destinations to which they aspire, and they work with their followers to reach them. When the journey to the destination seems perilous, leaders provide their followers with confidence and assurance. Effective leaders prepare their organizations for the journey and they constantly scan the environment for threats that might slow down or impede their journey and for opportunities that could move them along faster. They chart courses of movement appropriate for the abilities and limits of their organizations and they make periodic adjustments to their planned routes. Effective leaders also build effective work teams. They inspire team members to work toward desirable destinations and they work with followers to reach their goals. If your organization is one that aspires to “maintaining the status quo” or simply “going with the flow,” your organization may be on the road to nowhere – and that is not typically a place that organizations seek to go. To go “somewhere” in a purposeful and coordinated manner, organizations need leaders and leadership throughout their ranks – from executive-level positions all the way down to first-level positions. When destinations are reached, leaders guide their organizations to new and better destinations. Vision, goals, direction, teamwork, and continuous change are the ingredients of leadership and the keys to keeping organizations off the road to nowhere. In today’s culture, we many times use the terms manager and leader synonymously. However, as with colour, true analysis of the concepts can only happen when we have words to describe the different shades. In formal organizations, managers typically have formal authority – powers that reside in the position that they occupy within an organization. Leadership does not come from a position in an organization; rather, it is earned and given to someone by other organizational members. It is possible to be a good manager and not a good leader, a poor manager and a good leader, or both (or neither). Effective organizations require effective management and leadership.
In many cases, the individuals who advance through organizations do so because they are good managers and leaders. They can plan and organize and the abilities to work with others, to inspire, motivate, encourage, and communicate. The challenge for us all is to identify and develop our strengths and weaknesses as managers AND leaders. For organizations, the challenge is to identify and train current and future organizational members with the skills and abilities required of effective management and leadership. Leadership is an authority relationship. Authority comes from the power that one holds over followers or subordinates. In some cases, authority comes from the position that one holds in an organization, as described in the constitution or by-laws of the organization, and other times it is willingly given to the power holder by the followers. The power gained from others arises from being viewed as special in some way. Admiration, respect, charisma, expertise, and other personal characteristics can all add to perceptions of personal power and authority. Power and authority gained from the position that one holds is termed “position power” and that which is earned and gained in the minds of people is called “personal power.”
Next thing you would require is good self- monitoring. People who are high self-monitors have natural abilities to read and gauge social and environmental cues and to then adapt their behaviours quickly to fit unnoticed into new situations. They observe and quickly adapt to their behaviours to prevailing social norms, customs, rituals, dress, language, and patterns of interaction. In a relatively short amount of time, high self-monitors can seamlessly blend into new social contexts and become almost unrecognized as outsiders. Being a high self-monitor could be an advantage for people working in boundary spanning positions and those on the periphery of organizations – those that interact with customers, partners, suppliers, and clients. When it is important for organizational members to appear like those they interact with, high self-monitors have an advantage over low self-monitors, who tend to act in a consistent manner across all situations. Locus of Control is a personality dimension that relates to where individuals place responsibility for the causes of success and failure in their lives. People with an “internal” locus of control believe that the successes and failures they experience in their lives are related to the energy and effort that they invest in the activities. Oppositely, people with an “external” locus of control attribute the causes of success and failure in the tasks they undertake to forces outside of their control –they attribute outcomes to being in the right place at the right time or the wrong place at the wrong time.
Research shows that successful organizational leaders are those who accept responsibility for the successes and failures in their lives and learn and grow from their failures and successes. They avoid giving away blame for mishaps because they know that growth and learning can occur when they discover and fix their mistakes. Their perceptions of self-image and self-esteem are enhanced through the victories that come from successfully accomplishing things at which they may have previously failed. When asked about failing grades, they accept responsibility for the outcomes and humbly proclaim that they “earned their Fs” and then correct their actions and succeed in their tasks the next time around.
To become a Real Estate Management, you cannot be one-man army. Every member of your firm will be interdependence on each other. Organizations are defined as “social entities made up of two or more people who work together interdependently to accomplish common goals.” Organizational scientist James Thompson identified three forms of interdependence – pooled, sequential, and reciprocal. Pooled interdependence is characteristic of golf and bowling teams. Group performance is the “pooled” performances of the individuals on the team. Relay teams in track and field events are examples of sequential interdependence. Here, performance of one team member does not begin until the performance of another team member ends. Under sequential interdependence, time must be spent practicing the transfer of responsibility from one member to another. Reciprocal interdependence describes the basketball team. In basketball, players continually act and react to the actions of teammates and competitors. Play is constant and dynamic and requires individual players to work as a team to succeed. Baseball, football, volleyball, and other sports are hybrid-combinations of Thompson’s three pure forms. Next, we will investigate group size. It is natural to imagine that a bigger group of people can accomplish more than a smaller group. If you have ever moved a piano, you probably appreciated having others aid in the effort. The more people who add their strength to such a task decreases the average load that everyone has to carry. However, after a certain point, adding more people to the task becomes a hindrance to the performance of the group. People begin to get in the way of each other and to make the collective work of the group more difficult to coordinate. Each additional person added to a task will reduce the burden of the workers in the group, but the benefit gained from each new worker will be less than from the previous worker. For example, a third piano lifter will reduce the burden of each lifter from 50% to 33% of the weight of the piano (a 17% reduction). Adding a fourth lifter will reduce the burden from 33% down to 25% (a 8% reduction). Economists refer to this concept as “diminishing marginal productivity.” After a certain point, the added benefit of another person will not be worth the cost of adding another person. Nine eager piano lifters may choose to go on and move the piano themselves rather than wasting time waiting on a tenth, extremely late helper. The point to stop bringing on new workers is when the cost of a new worker exceeds the added benefit of the worker. Just as with baseball and piano moving, some work in organizations requires collective action. It is important for managers to identify the optimal sizes of their work groups. Too big, and the organization will waste human and organizational resources, too small, and the organization will lose out on performance.
After all this you must consider Social Facilitation as well. It posits that individuals perform differently in the presence of others than they do when they are alone. Knowing that others are observing them brings about a state of physiological arousal that causes people to act differently than when they are unobserved. That “charged” physiological state tends to energize people when performing physical tasks. Whether an individual uses that energy to enhance or harm performance is influenced by the nature of the task and whether the person is comfortable and confident performing the task. When people perform physical tasks with which they are extremely comfortable and confident, the energized state tends to enhance performance. In other words, when tasks are perceived as easy, the presence of others positively affects performance. Highly trained athletes probably set more performance records during important competitions than in the presence of only their coaches during practice. In an opposite manner, difficult tasks, new tasks, and tasks that people are uncomfortable and unconfident with, tend to negatively affect performance when conducted in the presence of others. Social facilitation also has a mental component. Performing in front of others brings with it an expectation that others will evaluate the observed performance. Questions such as: “What will others think about my abilities?” and “Will others view me as an asset or liability?” run through the minds of individuals when performing in the presence of others. Perceived positive evaluations enhance performance. Perceived negative evaluations will unnerve and distract the performer and subsequently harm performance.
Next come in line is Group think. Groupthink refers to the tendency for individual group members to suppress and not give voice to their individual thoughts and ideas in the presence of an idea that seems popular with the group. It arises when group members conform to the will of the group to avoid disagreeing with the group and creating conflict and appearing as bad team players. But as the paradox shows, sometimes the will of the group is not the will of any individual member. Managers and organizational leaders must understand and recognize the tendencies of individuals to conform to group pressures. In some cases, social conformity is desired and can be used to wrangle in wayward individuals, create a sense of belonging, and build group identity. In other situations, however, the processes of social conformity and groupthink can lead groups to derive less-than-optimal solutions to organizational problems. Work cultures must be created that value teamwork AND individual input and the questioning of solutions, procedures, and methods of operation. By doing so, organizations can reap the benefits of groups and maximize the power of their individuals.
Next comes another essential component in becoming a renowned real estate management firm is attention to culture. Cultures are defined by what people have in common. Common languages, customs, histories, heroes, traditions, religions, stories, beliefs, and values help define national cultures. The things that are shared by a group of people give it an identity. Organizations also have cultures and subcultures. The shared experiences, patterns of interaction, sense of identity, lingo and jargon, stories, customs, values, and histories common to organizational members all contribute to its culture. To ensure that a culture continues within an organization, it has to be taught to new members.
Cultures can have either strong or weak influences on the behaviours of organizational members. Strong cultures are widely recognized and supported by organizational members and can be part of the glue that holds organizations together. They help give a sense of identity to organizational members and help keep them tied to the group. Weak cultures are less widely shared and have less influence over the behaviours of members.
Organizational cultures can have positive or negative influences on members and their organizations. Positive influences occur when the culture supports the values and ideals of the organization and when it promotes the desired performance of the organization. Negative influences result when the culture encourages and values ideas and behaviours that are counter to those of the organization.
Last and the most important is the Goal setting. Goal specificity gives people exact targets and timelines against which to measure their performance. Accomplishing a series of small, incremental, and short-term goals gives the goal setter the ability to see movement toward the overall goal. Goals that are challenging are more motivating than goals that are too hard or too easy. Setting a fitness goal of being able to run a mile in four minutes might be unrealistically difficult for many resolution makers and eventually cause them to give up prematurely in frustration. Setting a fitness goal of being able to run a mile in 20 minutes is probably too easy for many people and would not drive people to focus, train, and significantly alter their behaviours to attain that goal. People do things that they believe in and find important to do. When goals are not accepted by the people who are responsible for meeting them, performance is less likely to occur than when people endorse and accept the responsibility for making them happen. If people do not accept ownership and responsibility for meeting their goals, they will be more likely to give up on them when distractions and difficulties arise. When people know how their current actions and levels of performance stack up against expected performance, they can sustain acceptable performance or make corrective actions to bring unacceptable performance back into line with expectations.
These are the way in which you can become a Real Estate Management. I have dealt with several individuals who are related to real estates and most of them agreed that the above methods are best suited to excel in real estate management industry.
Besides if you do have any questions contact me: https://clarity.fm/joy-brotonath
Hi! I hope you and your family are doing well.
I'm not sure how much you may have to invest in a time or capital sense, but with this as long as you have the time you can pretty much get around not having to use any of your money or credit to pursue this opportunity.
So it's called Wholesaling, I'm not sure if you're already familiar with this but it's basically reassigning properties for a seller to a new buyer that wants the property. It's that simple (once you find a seller and buyer of course) but that's where your time would need to be invested. There are databases online that give access to the type of properties you'd be looking for to help make the job easier and you could also drive around and see houses for sale and inquire about those if they're for sale by owner.
There are many key things to look for when dealing with real estate but it's worth it if you can invest the time. You could earn anywhere between $5-10,000 when closing deals and you'd do that 2-3 times a month once you get the hang of things.
I can tell you more about it, request a call if you have any follow up questions.
I hope this helped!