By Kelly Quigley, REALTOR® Magazine
Aesop & the CEO: Powerful Business Insights from Aesop’s Ancient Fables by David Noonan (Nelson Books, 2005)
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Remember the story of “The Hare and the Tortoise,” or the one about “The Goose and the Golden Egg”? Maybe you heard them at bedtime as a child or read them in school as you learned about morals and proper behavior. In this book, nearly 50 of these old tales are reintroduced for adults—the audience Aesop originally targeted when he wrote the stories in Ancient Greece. Each brief fable is followed by an account of how it applies to the business world, with examples from well-known figures such as Oprah Winfrey, Bill Gates, and Rudolph Giuliani. While not specifically targeting the real estate industry, the book provides fun-to-read lessons that ring true for anyone whose job relies on negotiation, marketing, leadership, and communication. Those simple bedtime tales are more applicable to your work than you may think.
Tips From the Book:
- Test your assumptions to make sure they’re grounded in reality. “The One-Eyed Doe” fable provides a valuable lesson about the dangers of making assumptions. When your business plan is based on critical assumptions about the marketplace, consumer behavior, or your competitors, you need to go forward with plans that are flexible enough to account for significant changes in business conditions or you can put your success at risk. If one or more of the assumptions turn out to be false, your plan may no longer be feasible.
- When negotiating, never be too eager to come to terms. As the fable “The Lion in Love” teaches us, true negotiating power comes from being able to walk away at any time. If you’re too eager to reach a deal, the other party will sense it and you will lose leverage. When you are willing to walk away, you can make better decisions because not as much is at stake.
- Good managers praise publicly and criticize privately. In order to build mutual trust and positive rapport with those you manage, the fable “Jupiter, Neptune, Minerva, and Momus” teaches us that it’s important to keep criticism confined to private situations. By reprimanding an employee in public, you will cut into their job satisfaction and you may lose a good worker.
By Kelly Quigley, REALTOR® Magazine
Trump Strategies for Real Estate: Billionaire Lessons for the Small Investor by George H. Ross (Wiley, 2005)
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If you’re a fan of the NBC’s reality TV show “The Apprentice” you’ll know the author of this book as Trump’s right-hand man on the show. But Ross plays an important role off-screen, too, as Trump’s business and legal adviser, which gives him authority to write a book on strategies that have made Trump billions. Ross also has negotiated deals on behalf of many other real estate tycoons, and the pointers he provides are customized for those doing small-scale investment projects, such as buying an apartment building or renovating a fixer-upper. Tips include some you’d expect to find in a book with “Trump” in the title—such as “use enthusiasm to inspire others,” and “be willing to pay a premium for location.” But there also are practical and unexpected tips on topics like mastering telephone negotiations (see below) and making presentations that impress. Case studies illuminate the main points of each chapter and prove to be interesting reads on how deals large and small get done.
Tips From the Book:
- Take landscaping seriously. Even small investors should hire a competent landscape designer. Designers can create a landscape that reinforces the impression of desirability without the necessity of costly maintenance. A piece of sculpture or a small fountain could make a problem area more attractive and turn a ho-hum garden into a showplace.
- Learn to listen in phone negotiations. The key to mastering telephone negotiations is listening. When you answer the call, ask the caller: “What’s the purpose of this call?” Then relax and listen carefully. If you don’t talk, the other side will in order to fill the awkward silence. Once you have the information you want, tell the caller you’ll call him or her back. This gives you time to craft a proper reply.
- Spend money where it can be seen. To make your property stand out from everything else on the market, add small but impressive upgrades—especially in the bathroom and kitchen. Use Corian or Avonite countertops, high-end appliances, and attractive lighting fixtures. These features will make your property memorable in the eyes of the consumer. However, give thought to your anticipated income and make sure you don’t lose focus on the bottom line.
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