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As a real estate industry veteran and serial entrepreneur, I have weathered storms, faced failures and basked in the glory of success. Over my more than 50 years in business, I have distilled my experiences into lessons that I now share with aspiring entrepreneurs in my upcoming book, “The Perfect 10.”
In the book, I delve into the essence of leadership and the entrepreneurial spirit, drawing on my own journey as co-founder of RE/MAX, among other ventures. It’s not just about real estate; it’s about resilience, adaptability and the relentless pursuit of excellence in any field.
One of the key principles I discuss is the concept of the “Perfect 10.” Much like the elusive perfect score in gymnastics, achieving excellence in business requires dedication, persistence and a commitment to continuous improvement. In my book, I share how we used net promoter score to measure customer satisfaction, striving for that perfect score that reflects exceptional service and client loyalty.
A RE/MAX open house sign displayed outside a home in Redondo Beach, California, February 14, 2015. (Patrick T. Fallon/Bloomberg via Getty Images)
Forge your own path
But beyond metrics, true success depends on leadership and adaptability. I have often referred to myself as a “street fighter,” emphasizing the importance of grit and resilience in the face of adversity.
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In business, as in life, you will face difficulties and challenges. The key is not to avoid them but to face them head on, learning and growing from each experience.
One of the most important lessons I’ve learned is the importance of surrounding yourself with the right people. Whether it’s hiring top talent or building a strong support network, success is rarely achieved in isolation. As I reflect on my own journey, I attribute much of my success to the dedicated individuals who have stood before me through thick and thin.
In today’s world, the traditional path to entrepreneurship often involves a college education, an MBA and years of industry experience. And yet, there are those, like me, who forged their own path – a path that led through the College of Hard Knocks rather than university lecture halls.
Leaving college, I found success not through degrees and diplomas but through grit, determination and a willingness to learn from every experience. One such moment occurred in the early 1970s, when I hired Gail as our first employee at RE/MAX – the day we affectionately refer to as Founders Day.
Know your own strengths and weaknesses to find balance
Gail, with her college education and marketing background, brought a level of expertise and professionalism that complemented my entrepreneurial vision. Together, we formed a dynamic partnership built on mutual respect, understanding and commitment to excellence. Eleven years after founding RE/MAX, Gail and I exchanged vows and officially became life partners.
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One of the key lessons I learned from my partnership with Gail is the importance of balance and mutual respect in business and personal relationships. We understood each other’s strengths and weaknesses, allowing us to share responsibilities effectively and empower each other to succeed.
Learn from every success, and every failure
Throughout my career, I have experienced tremendous successes and humbling failures – each offering valuable lessons that have informed my approach to business and life. Without a doubt, my greatest success lies in the creation and growth of RE/MAX, which is a testament to the power of vision, determination and teamwork.
When we started RE/MAX in the 1970s, we faced skepticism and opposition from the industry. But we believed in our vision of revolutionizing the real estate market, empowering agents and providing unparalleled service to clients. Through sheer grit and persistence, we turned RE/MAX into a global powerhouse, with thousands of offices and agents around the world.
However, amidst the triumphs, I have also faced my share of personal struggles. My first marriage ended in failure, a casualty of my relentless pursuit of success and the demands of building a business empire. It was a painful lesson in the importance of time management and prioritizing what is really important.
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As I poured myself into growing RE/MAX, I realized that I was neglecting the most important aspects of my life – my family. My children were growing up without me, and my marriage was crumbling under the weight of my ambitions. It was a wake-up call that forced me to reassess my priorities and make some tough decisions.
After my first marriage ended in divorce, I made a conscious effort to carve out time for my children, to be present in their lives and to mend the broken bonds of my past mistakes.
It was not easy, and a significant change in mindset and behavior was required. But through dedication and perseverance, I managed to rebuild my relationship and create a stronger, more fulfilling connection with my family.
I learned the invaluable lesson that true success encompasses not only professional achievements but also personal fulfillment and happiness.
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The future of the real estate industry
In today’s rapidly evolving business landscape, adaptability is more important than ever. The COVID-19 pandemic, for example, forced businesses to pivot and innovate in ways they never imagined. Those who prospered were not necessarily the biggest or most established, but the most agile and resourceful.
As I look to the future of the real estate industry, I see tremendous opportunities for those willing to embrace change and innovation. Technology continues to reshape the way we buy and sell homes, presenting new challenges and possibilities for agents and brokers alike. Those who can harness the power of AI, data analytics and digital marketing will undoubtedly have a competitive advantage.
However, in the midst of all the technological advances, I believe that the human element remains crucial. Real estate is essentially a people business, built on trust, communication and empathy. As agents and brokers, our success ultimately depends on our ability to understand and connect with our clients on a personal level.
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Reflecting on my journey through the real estate industry and entrepreneurship, I am reminded that success is not defined by the conventional markers of education or pedigree but by strength of character, resilience and adaptability. From founding RE/MAX to navigating personal challenges, each experience has reinforced the importance of forging your own path, embracing failure as a teacher and prioritizing the human element in all endeavors.
As I look to the future, I am optimistic about the opportunities that lie ahead for those who dare to innovate, persevere, and remain rooted in the values ​​of trust and empathy.
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