So, you want to be a successful real estate investor? What if you had the opportunity to pick the brains of one of the most successful in the business?
We are talking about Joe Fairless a real estate investor controlling over $650,000,000 worth of real estate.
I recently had the privilege of listening to Joe share his 7 leadership laws and thought I would share them here.
Joe stresses the fact that these laws are also
practical things that you can do to be a more effective leader.
He makes the point that being a leader and thinking in terms of leadership principles that you will live by is vitally important.
It’s important because, as he says, “if we are not leading then we are being led and we have to be careful about that.”
So what are Joe’s own personal leadership laws that he has learned and that he lives by every day?
Joe Fairless First leadership law – Be your word
When you do exactly what you say you are going to do, surprisingly, it really stands out.
This was definitely put to the test for Joe when his first ever syndication deal went south and yet he still honored the returns that he had promised to his investors. He did this even though it was very tough for him.
True leaders are their word and it works out very well in the long run. He gained the long term loyalty of these investors at that testing time.
Joe makes the profound observation that these long term relationships are far more important than any short term transaction could ever be.
He presents the following practical challenge, it is to be your word for one day, then reflect on that and how you did and then do that the second day and the third day and that habit will really set you up for success in the long run.
Joe’s Second Leadership Law – Care for others
Any time that he does a presentation, Joe puts a note for himself at the top of his notes. My Investors need this, it is for their benefit. Then he writes down exactly why it is for their benefit.
So the suggestion, before you speak to or present to others, is to think about, what do we have in common and why do I really care?
The reason is that people will not care about what you have to say until they know that you care about them. This will come across when you have taken the time to think carefully about why this information is of benefit to the one you are addressing.
Joe’s Third Leadership Law – Care for yourself
In other words, take the time to invest in
yourself. Make a strategy and write you’re your specific goals about personal
development. Do this on an ongoing basis.
When you focus on ways that you want to individually improve on, then you will be able to genuinely help others.
Like the safety demonstration when you travel by plane, put the oxygen mask on yourself first and then you will actually be able to help others.
Joe’s Fourth Leadership Law – Know What Your Desired Outcome Is
When talking to others Joe will often ask them at the outset, what is your ideal outcome from this conversation?
He says that ‘when we go into something knowing what our ideal outcome is in advance; it allows us to be efficient with our time.’
This approach might be a bit daunting because what if sometimes you do not achieve that outcome?
That is why it’s always good to think in terms of a 50/50 goal. Only 50 percent is achieving the desired outcome and the other 50 percent is learning from failing to achieve that goal.
Joe’s Fifth Leadership Law – Maintain perspective
Joe recommends that we keep in our minds and understand
that your worst day is somebody else’s best day. For example, your worst day
might be the day another person gets told they are now cancer-free.
This is a very practical mindset because if we see the bigger picture it allows us to continue to be open to solutions to our problems because we do not become overwhelmed by them.
Always ask yourself if there is a silver lining to the problem, Joe mentions Tony Robbins who advises, ask yourself, “what is great about this or what is not perfect yet?”
This helps you keep things in perspective and may lead to your creating opportunity out of adversity.
Joe’s Sixth Leadership Law – We Are All on This Journey Together
Anything he does or anyone he speaks to, whether pitching to accredited investors or simply ordering a subway sandwich, he thinks of himself as being on the same team with everyone he communicates with.
He tries to identify, what is our mutual purpose together? When you go back to this foundation, he says, and then you will almost always be able to move forward together.
Joe Fairless Seventh Leadership Law – Leaders Document Their Success and Challenges
Joe believes that there is no such thing as a bad deal but there are only challenges.
He has done a daily, personal journal for several years and he shares that it’s great to look back and see where he has made progress and where he hasn’t.
This way he has been able to make adjustments in his strategy where necessary. If he sees that he’s been saying the same thing for a long time and not progressing then he knows he needs to do something different. He might need to make a change in his strategy.
The way he does it is, he simply has a password protected word document and he just puts bullet points.
As he says, it captures the feelings you have in the moment and enables you to capture your progress or lack thereof.
These are Joe Fairless 7 leadership laws.
Joe confidently asserts that by putting these leadership laws into practice you will develop great relationships and you will be successful.