You might know what that acronym means and lets hope it does not apply to you.
Why successful ideas fail in business
Mentor – Jacob Aldridge – Co-Founder of Real REACH
- “I’m just too good”
- Show your vulnerability
- Be real and authentic
Kevin Turner: Good morning, I’m Kevin Turner. Today’s show presented in association with Property Tree from Rock End, Prentforth, Lock In and Dew. You can listen online anytime. In face, subscribe and you’re going to receive advice about bonus shows that we offer and bonus videos as well. Find us at Facebook and Twitter as Real Estate Uncut.
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Announcer: More thoughts now from this week’s mentor.
Kevin Turner: I heard a saying many years ago and it, I actually had to ask what it meant and when I found out, I was horrified that it’s so true. Fig jam. I won’t tell you what it means, if you don’t know what it means, I’d suggest you go and ask someone who does, rather than me tell you.
But Jacob Aldridge is my guest today and that’s actually what we’re going to be talking about. I’m just too good is one of the reasons why this is his file. Let’s expand on that Jacob, good morning!
Jacob Aldridge: Good morning Kevin, and yes you are. You are very, very good and fig jam could very well be my personal motto and I look forward to some of the listeners dropping me an email and agreeing with me on that. But it’s a killer in business. You know, most principals when they go out and start a business, especially once you’ve been running it a little while, you know how the business runs. You’re good at what you do, whether that’s the sales, or potentially a property management background.
You normally start a business because you’re good at the business of real estate, but as the business grows, you become a bottle neck in that business. If every decision has to run through you because you’re the best at that, then you’re going to hold the business back from the necessary growth. And you know, not only is that potentially going to kill your business or shut down great ideas from being executed in the business, it’s also going to tyre you out. You’re going to be completely overworked. You’re going to be one of those principals who’s doing 10 hours a day, seven days a week, because you have to make every decision and you can’t build a business that way.
Kevin Turner: Yeah, I’ve met many a business owner, no no sorry, I’ve met one or two business owners who genuinely believed that they were understanding that they needed to get smarter people around them to build their team. And they prided themselves on that fact, but when it was really boiled down, they just didn’t do, they didn’t, as far as they were concerned, it was either my way or the highway. But they just simply didn’t realise it Jacob, it’s dangerous.
Jacob Aldridge: I remember sitting there with one business owner years ago and having this conversation and you know, I asked her for an example of why she wouldn’t delegate the stationary order to the receptionist and she said, well I did that once and she ordered the wrong pencils. And I said well, you know, there’s a system there and yes, surround yourself with smarter people. To people like you and I, Kevin, that’s easier than it might be for others, but even if they’re not as good…
Kevin Turner: What are you saying? You’re saying we’re dumb? [crosstalk 00:02:56]
Jacob Aldridge: I might be.
It took you a while to pick up on that.
Kevin Turner: Yeah, it did man. I was a bit slighted, but I am a bit slow on those things. Anyway, keep going.
Jacob Aldridge: Even if they’re not as good as you at that task, they’re never going to learn if you keep looking over their shoulder or micromanaging or taking the decisions. So you know, a great example in a lot of real estate businesses is running some of the training.
And I know plenty of principals that sit there on a Monday night and they start stressing. They’re like, I’ve got to run this training session in the morning, what am I going to talk about? How am I going to cover it?
And I sort of say, you’ve got agents in this business and maybe they’ve never run a training session before. Maybe they’ve never facilitated a sales meeting, but give them a heads up. Don’t tell them the night before, but tell them next week can you run a training session on this topic? And they’re not going to be as good as you the first time they do it, maybe not even the fifth or sixth time they do it, but they’re going to develop their skills. And they’re going to take that off your plate. They’re going to release you to do more valuable things with your time in terms of growing the business.
Kevin Turner: You know I’ll pull you up on that. You said they might not be as good as you, it might take them six, they might actually be better than you.
Jacob Aldridge: Well…
Kevin Turner: At doing it.
Jacob Aldridge: And I think that’s one of the things that actually stops a lot of business owners. We joked about the fact that I’m too good, but I think that now a lot of principals worry that maybe they’re not. Maybe there’s other people in their business that might be better than them. And I say, if that’s the case, embrace it. Run with it. Build a business alongside those people, don’t keep shutting them down because that’s the only way to guarantee that they will actually walk out the door one day.
Kevin Turner: Do you think sometimes we like to think that we have to be the smartest person in the room? You know, we have to know all the answers, when sometimes it doesn’t hurt to say look, I really can’t answer that for you. I’ll try and find out.
Jacob Aldridge: That’s a really insightful observation Kevin. I think that’s something that does scare a lot of business leaders who feel a bit lonely at the top and they don’t want to show that maybe they’re a bit vulnerable or they don’t know anything or everything at least.
And yeah, you know what teens these days particularly, and we talk a lot about different generations and millennials, you know coming into real estate offices. They want their leaders to be real, to be authentic.
Kevin Turner: Yeah.
Jacob Aldridge: And so if you were to lead a kemp with your hand up sometimes and say you know what, and you say, I’m going to go and look into that. That’s a great question. I don’t have all of the answers, then you’re actually building a real relationship with your team. Instead of being a little bit aloof and in the corner office.
Kevin Turner: Remind [inaudible 00:05:22] once again, you’re gonna get all of these insightful comments from Jacob and his team inside Real Reach, it’s a programme that’ll be launched very, very soon and you can get on the list of finding out when that happens simply by subscribing to that series we’ve been developing for the last couple of months. If I had my time again, some great comments Jacob, too coming from some of these people we’ve spoken to over the months. And it’s really been an interesting series.
Jacob Aldridge: Oh, it absolutely has. This is one of the great initiatives that I’ve had the pleasure to be somewhat a part of is “If I Had my Time Again,” and really learning from some real principals and their real stories and that’s that authenticity we’ve just been touching on.
Kevin Turner: Hmm.
Jacob Aldridge: The fact that these people shared the reality of their business experience helps those of your listeners who are in business or are thinking of going into business, that to get in there and do it themselves.
Kevin Turner: And you can tap into that series right now, there’s buttons all over. Just click on that and we’ll start advising you when each one comes out. We generally release one a week. Jacob, we’ll talk to you again tomorrow morning. Thanks man.
Jacob Aldridge: Look forward to it.
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James Xavier: How wise is the Dah lei Llama. He said remember that not getting what you want is sometimes a wonderful stroke of luck. I’m James Xavier, have a great day.
Kevin Turner: Thanks Jim. That’s it for today. Thanks for your company. Look forward to catching up again tomorrow morning.