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As a real estate industry veteran and serial entrepreneur, I have weathered storms, faced failure, and enjoyed the glow of success. Through more than 50 years in business, I have distilled my experiences into lessons that I will share with aspiring entrepreneurs in my upcoming book, The Perfect 10.
In this book, I explore the essence of leadership and entrepreneurship based on my own journey as a co-founder of venture companies such as RE/MAX. This is not limited to real estate. It is about resilience, adaptability and the constant pursuit of excellence in all areas.
One of the key principles I discuss is the concept of the “Perfect 10.” Just as it’s difficult to get a perfect score in gymnastics, achieving excellence in business requires dedication, perseverance, and a commitment to continuous improvement. In my book, I shared how I used Net Promoter Score to measure customer satisfaction and strive for a perfect rating that reflects exceptional service and customer loyalty.
A RE/MAX open house sign is posted outside a home in Redondo Beach, California, on February 14, 2015. (Patrick T. Fallon/Bloomberg via Getty Images)
carve your own path
But beyond metrics, true success depends on leadership and adaptability. I have often referred to myself as a “street fighter” to emphasize the importance of grit and resilience in the face of adversity.
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In business and in life, you will face setbacks and challenges. The key is not to avoid them, but to face them head-on, learn and grow from each experience.
One of the important lessons I learned is the importance of surrounding yourself with the right people. Whether it’s hiring top talent or building a strong support network, success rarely happens alone. As I look back on my own journey, I attribute much of my success to the dedicated people who have supported me through the thick and thin.
In today’s world, the traditional path to entrepreneurship often includes a college education, an MBA, and years of industry experience. But there are others, like me, who forged their own path through the University of Hard Knocks rather than through university lecture halls.
As a college dropout, I found success not through degrees or 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 my first employee at his RE/MAX. This day we affectionately call “Founder’s Day.”
Know your strengths and weaknesses and maintain balance
Gail’s background in university education and marketing brings a level of expertise and professionalism that complements my entrepreneurial vision. Together, we have formed a dynamic partnership built on mutual respect, understanding, and a shared commitment to excellence. Eleven years after she founded 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 both businesses and personal relationships. We were able to understand each other’s strengths and weaknesses, share responsibilities effectively, and empower each other to succeed.
Learn from every success and every failure
Throughout my career, I have experienced both great successes and humiliating failures, each of which provided valuable lessons that shaped my approach to business and life. My greatest success has definitely been founding and growing 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 resistance from the industry.But we believed in the vision of starting a revolution real estate market, empowering agents and delivering unparalleled service to clients. Through sheer grit and perseverance, we have grown his RE/MAX into a global powerhouse with thousands of offices and distributors around the world.
But along with that victory, I also faced personal setbacks. My first marriage failed. A victim of the 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’s really important.
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As I focused on growing RE/MAX, I realized that I was neglecting the most important aspect 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 reevaluate my priorities and make some difficult decisions.
After my first marriage ended in divorce, I made a conscious effort to make time for my children, be involved in their lives, and repair the bonds broken by past mistakes.
It wasn’t easy and required a major change in mindset and behavior. But through dedication and perseverance, I was able to rebuild my relationships and create stronger, more fulfilling connections with my family.
I learned the valuable lesson that true success includes not only professional accomplishments, but also personal fulfillment and happiness.
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The future of the real estate industry
In today’s rapidly evolving business environment, adaptability is more important than ever. For example, the COVID-19 pandemic has forced businesses to pivot and innovate in ways they never could have imagined. Successful people were not necessarily the largest or most established, but they were the most nimble and resourceful.
As we look to the future of the real estate industry, we see tremendous opportunity for those willing to embrace change and innovation. Technology continues to reshape the way homes are bought and sold, creating new challenges and opportunities for brokers and intermediaries alike. Companies that can harness the power of AI, data analytics, and digital marketing will undoubtedly have a competitive advantage.
But among all technological advancements, I still believe the human element is the most important. Real estate is fundamentally a human business, built on trust, communication, and empathy. Our success as agents and brokers ultimately depends on our ability to understand and connect with our clients on a personal level.
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Looking back on my journey through real estate and entrepreneurship, I have learned that success is not defined by traditional metrics of education or pedigree, but by strength of character, resilience, and adaptability. I was made aware of this. From founding RE/MAX to solving personal challenges, each experience has reinforced the importance of embracing failure as a teacher, prioritizing the human element in all endeavors, and carving your own path. did.
Looking to the future, I am optimistic. the opportunity in front of you For those who have the courage to innovate, persevere and remain rooted in the values of trust and empathy.
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