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Things Every Broker Can Learn From Elon Musk

By Mike Alder Filed in: Real Estate Technology
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Elon Musk is an American entrepreneur, inventor and investor who is now considered one of the world’s foremost future-thinking entrepreneurs. Best known for his role as CEO at Tesla Motors, Elon is regarded as one of the most inspirational thought-leaders of our time and a success driver in the world of tech innovation.

Unlike technology, the real estate industry can be fairly slow to evolve. Brokers have employed tried and true methods for the past 50 years. Although there have been small improvements with the use of technology, like smartphones and the Internet, the processes have largely remained unchanged.

As leaders in real estate, imagine what could be accomplished if we were to employ the same approach and tactics to our brokerages as Elon Musk has applied to technology? Here are the top things every broker can learn from Elon Musk:

Shoot for the moon with a powerful vision

The most effective leaders are able to share a powerful vision for the future and influence others to get on board. Articulating your vision with your team sets the stage to move your brokerage in the right direction. Maybe you have some big ideas about revolutionizing the way agents buy and sell real estate in the same way Musk envisioned changing the way people commute with the Hyperloop. When you believe in your vision and put everything into the practice of attaining it, you have a recipe for achieving the impossible.

Blend strategy & tactics to attain goals

The value of an idea lies in using it – and an idea is only as good as its execution. Applying an Elon Musk approach to leadership means having the ability to innovate AND execute well. If you’ve got the vision down, it’s time to make a plan as to how you will move toward it. Work with your team to set S.M.A.R.T goals and track your progress. Write them down, set a deadline, put in some action, measure and accomplish.

Challenge the Status Quo

As mentioned, the real estate industry has been the same for a long, long time. However, industry disruptors know that you have to operate outside the box to shake things up. What if you were to upset the predictable and the comfortable by disregarding the way it’s always been done? Radical change is scary because it upsets the status quo, and sometimes radical ideas will fail. But remember: Failure is feedback. In the pursuit of creating SpaceX, the first commercial company to build a rocket and successfully deliver supplies to the international space station, Elon Musk faced delays in design and testing along with many other obstacles that pushed him a few years behind schedule, but he did not abandon the project. Don’t be discouraged by set backs in the pursuit of your vision. Simply evaluate, adapt and try again.

“Failure is an option here. If things are not failing, you are not innovating enough.” – Elon Musk

Collaborate to create opportunities

Brokers are no strangers to networking, so this should come naturally. Reach out to people you admire, make connections with the best of the best. As a college student, Musk cold-called interesting people that he would like to meet. This led to a meeting with a top exec and a summer internship that would eventually be the driving force for Musk’s development of PayPal.

Collaboration can provide unlimited opportunities to grow and create. Even people outside of real estate have just as much to offer as industry experts. Who knows what someone in an entirely different profession can offer you? Teaming up and combining expertise can prove to be a step toward achieving greater innovation.

Invest in growth & continual learning

Effective leaders like Elon Musk are constantly generating new ideas. To do this you need continual sources of inspiration. You don’t need to invest millions like Musk did getting Paypal off the ground, but consider the return on what you can afford. Attend seminars and conferences or consider sending your team to industry training sessions or workshops. Do you have the tools you need to be the most effective? Look at investing in systems that will improve sales and productivity. Investing in growth means investing in continuing education and the right tools for your brokerage.

The biggest take away from all of this is: have confidence. If you want to grow your business and build a brokerage that will dominate in your market, you have to believe that you can and follow through with practical action. We need more thought-leaders in real estate, more game-changes and industry disrupters to take the status quo and turn it on its head. So get out there and start making history.

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Check out our resources below for more real estate best practices and insights:

eBooks:

How-To Guide: 5 Simple Steps to Close 4X the Deals

Blog Posts:

Low Risk, High Return Growth Strategies for Real Estate Teams

7 Habits of Highly Effective Brokerages

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