As a residential redeveloper, what’s the most important aspect of your business? Not surprisingly, there is only one correct answer, but what it is may surprise a lot of people. More so than monetary gains or even lead generation, two thing hold more value to any real estate investor’s business than anything else: ethics and integrity.
In order to understand the important role both ethics and integrity play over the duration of a residential redeveloper’s career, you must first come to terms with their true potential. While these fundamental attributes are integral to the success of entrepreneurs, regardless of the field they choose, they are essentially a means to an end. Nothing, at least that I am aware of, is more capable of propelling your business into the upper echelon of your peers than practicing an inherent moral code.
It’s worth noting, however, that it’s not solely the act of demonstrating uncompromising ethics and integrity that will set your business apart from the rest, but also the genuine nature of your intentions. If for nothing else, the two are not mutually exclusive, but rather work in unison to reveal every business owner’s greatest asset: credibility. Only those that compliment their moral fiber with a genuine passion to help others should expect to see the results they desire — anything less could do more harm than good. People are more likely to diagnose your intentions as an illegitimate attempt to manipulate the masses if you neglect to practice what you preach.
I maintain wholeheartedly that uncompromising ethics and integrity are the backbone upon which every business should be built, and residential redevelopers are no exception. No real estate investment business, for that matter, is stronger than the one buttressed by a steadfast desire to do what is right. It’s worth noting that my own personal endeavors into residential redevelopment have been aided considerably by following a strict, genuine moral code: seek to serve and make every person feel significant. In my experience, nothing compares to the return on investment that coincides with ethics and integrity. The resulting affinity and brand loyalty that come about as a result are more valuable than just about anything else you can imagine as a business owner.
I can talk till I am blue in the face about how important ethics and integrity are to the success of a residential redeveloper, but the concept will be lost in translation for those that don’t know how to implement it into their daily routine. Ethics and integrity need to be habitual in residential redevelopment; they need to be present in every activity you carry our and with every contact you make. Not surprisingly, it’s a lot easier said than done, but those that are conscious of doing right by others will quickly find out that nothing will move their business forward faster. Let’s take a look at how a residential redeveloper can not only exhibit the ethics and integrity they need to succeed, but also how they can be sure to uphold himself or herself to a standard that will benefit everyone around them — including their own business.
Ethics & Integrity: A Residential Redeveloper’s Most Valuable Assets
Building off of what I already alluded to, ethics and integrity don’t only serve as a blueprint to sound business practices, including residential redevelopment financing, but they are also the only way to achieve your most valuable asset: credibility. It’s far from hyperbolic to suggest that the trust of your peers and those you choose to do business with is — and forever will be — your most precious resource. Remember, real estate is a people business; without a failsafe strategy to build connections, you are going to find the odds stacking up against you around every corner. That said, the only way to establish a truly genuine connection is through credibility, which — again — is the result of ethics and integrity. See where this is going?
As a residential redeveloper, it is in your best interest to not only practice ethics and integrity on a daily bases, but exude them. The bases of everything you do, from ordering office supplies to closing a real estate transaction, should focus on doing right by people. Again, real estate is a people business. Treat others they way you would want to be treated, and you will find that success will cross your path more frequently than ever before.
Take, for example, your typical real estate transaction. Instead of nickel-and-diming those you intend to do business with, consider negotiating a deal that is more attractive to everyone involved. While you may want to receive more money for your hard work, and rightfully so, the benefit of entering into negotiations with integrity may comeback to help you tenfold. Instead of receiving top dollar for one deal, you may gain the trust of a valuable asset worth doing business with down the road. Don’t let the shortsightedness of a modest gain blind you from realizing even greater potential down the road. One great contact with the right person is far more valuable than any deal you come across. If you can let your ethics and integrity shine through on every deal, finding success as a residential redeveloper will be a lot easier.
Think not only of yourself and practice humility; only then will you truly reach a level of credibility that supersedes any other marketing strategy you could have ever imagined. It’s entirely possible, for that matter, for the credibility you have built up to bring in more business than everything else you do combined.
A residential redeveloper needs to be comfortable enough with their own ethics and integrity to ensure it becomes second nature. Not surprisingly, the best in the business are those that have made their core values habitual. Instead of consciously making a point of promoting ethics and integrity, you need to get to the point where it’s a subconscious effort. In order to do so, I have compiled a list of what I like to call “Always & Nevers.” As the name suggests, these are things a residential redeveloper should do (and not do) every waking moment they are in business.
Residential Redeveloper: Always
If you want your business to exhibit an inherent degree of outstanding ethics and integrity, always do the following:
- Speak and act with integrity
- Be present
- Be genuine
- Be humble
- Believe in people’s potential
- Own the outcome
- Think and act like an owner
- Take good notes and document the success of others
Residential Redeveloper: Never
If you want your business to exhibit an inherent degree of outstanding ethics and integrity, never do the following:
- Speak negatively about anyone
- Treat a customer like a transaction
- Assume “fine” or “OK” is good enough
- Be entitled
- Judge a customer
- Pass the “bucket” or assume someone else is doing the job
- Prove the customer wrong
- Present a problem without a solution
The always and nevers are in no way exclusive to what I alluded to above, but instead complimentary to everything else that must be done to do right b by others. Think of them as more of a guideline to point you in the right direction. Of course there are more traits and characteristics you can implement on a daily bases, but these are a great starting point for any residential redeveloper. Take them to heart, and I promise your career will be much better off than it was before you placed an emphasis on such a practice. Above all else, even monetary gain, be sure to emphasize ethics and integrity — your clientele and your bottomline will surely be glad you did.