Learning to be a leader in times of crisis

If you’ve seen the reports from the real estate world from the past several years, you might think everything is gloom and doom in the housing market. Between the 2008 recession, the pandemic’s effects on the housing market, and concerns over mortgage rates, it’s not uncommon to hear comments like, “This must be a hard time to be in real estate.” It’s true; it can be if you let it.

However, moments of crisis can be great opportunities to step up and show that you’re a leader. In our current real estate market, consumers express concern over buying a home because of mortgage rates. However, it’s actually one of the best times to buy. It is our job as leaders in the real estate market to educate these consumers and help them understand the realities behind one of the most significant decisions they’ll make in their lifetime.

Crises can be a way to show what kind of leader you can be. All it takes is stepping up to the challenge. Here’s what I recommend you think about if your industry is experiencing a rough patch.

As someone who has been in real estate for decades, I have experienced first-hand the ups and downs of the market. That means I’ve also gained an immense amount of experience and know the realities of real estate, because I’ve seen it change, shift, grow, and evolve. When you’re a leader in an industry, you have that insider knowledge that the average person doesn’t have. And that means it’s up to you to help people better understand what’s happening within it and to shape the story they need to know.

Storytelling is a great way to explain what’s happening in your industry. Make sure you clearly explain the problem, using facts and your industry insights to clearly explain what is happening to show you’re a credible resource. Be transparent about your customer’s pain points and explain what you’re doing to help solve the problem. Give them a reason to see that you’re the expert, and that they should trust what you’re saying. This will go a long way toward helping people see light at the end of the tunnel.

Be aware that in moments of crisis, your community needs to hear from you. That includes your team, potential and current customers, stakeholders, and anyone else who might have a vested interest in the situation. Work to communicate with them clearly to educate them and help them get the facts.

Some of the best ways to educate your community are through tried-and-true methods of communication. Speak with them face-to-face and be prepared to discuss what might be on their mind before questions arise. Consider sending out press releases or writing blog posts that can serve as educational tools. Use social media and email as part of your toolbox. You may even want to host events to show that you’re willing to tackle these difficult conversations and help them better understand what you know.

Your customers — as well as your team and those stakeholders I mentioned earlier — will have questions along the way. They need to know that you are readily available, present, and willing to hear their concerns. While I always believe it’s important to act with empathy as a leader, it’s critical to do so in a crisis.

The key is to listen and be transparent. When they are reaching out with questions, be open and don’t be critical. Answer the questions you can, and if you don’t know an answer, be honest, but try to find out and follow up. It’s a great idea to invite people to reach out to you directly so they know you are willing to have those tough conversations. Just make sure you’re available to them. If you’re getting lots of the same questions, that’s just a great idea for a blog post or piece of social media content that you can make to help ease the minds of your people.

I can attest to this fact: crises will come and go throughout your career. That’s why your knowledge and expertise are so crucial to overcoming them. As a leader, you are in a unique position to help find solutions to problems. That’s where planning, listening, and critical thinking can go a long way toward ensuring you are the type of leader who can move a business or industry forward.

As you experience setbacks, you’ll experience situations first-hand. You’ll hear questions and will see what people are going through. That means you’re equipping yourself to see solutions to genuine problems and will be able to guide your people through crises. And don’t go at it alone — bring in team members to assist you in the critical thinking process, remembering that anyone can lead, and they deserve the opportunity to be a part of the solutions you’re developing.

On the heels of COVID-19, I have no doubt many of us have gone through crises and have had to figure out how to adapt. What did you do as a leader? Did you have tips that helped you navigate the situation? Are there things you learned that will help you be a more decisive leader down the road? Feel free to share your thoughts in the comments below.

Jim Allen is a business leader and entrepreneur who has built one of the top-producing real estate groups in the Triangle. He is President of The Jim Allen Group, which is consistently named one of the top real estate teams in North Carolina and even North America.