College dropout turned real estate tycoon shares lessons in entrepreneurship and life
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As a veteran in the real estate industry and a serial entrepreneur, I’ve weathered storms, faced failures and basked in the glow of success. Over my more than 50 years in business, I’ve 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 entrepreneurial spirit, drawing from my own journey as the 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, perseverance and a commitment to continuous improvement. In my book, I share how we used a net promoter score to gauge customer satisfaction, striving for that perfect rating that reflects exceptional service and client loyalty.
RE/MAX open house sign displayed outside a home in Redondo Beach, California, Feb. 14, 2015. (Patrick T. Fallon/Bloomberg via Getty Images)
Forge your own path
But beyond metrics, true success hinges on leadership and adaptability. I’ve 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 setbacks and challenges. The key is not to avoid them but to confront them head-on, learning and growing from each experience.
One of the critical 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 by 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. Yet, there are those, like myself, who forged their own path – a path that led through the College of Hard Knocks rather than university lecture halls.
As a college dropout, 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 fondly refer to as Founder’s Day.
Know your own strengths and weaknesses to achieve 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 a shared commitment to excellence. Eleven years after the establishment of 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 business and personal relationships. We understood each other’s strengths and weaknesses, allowing us to divide responsibilities effectively and empower each other to succeed.
Learn from every success, and every failure
Throughout my career, I’ve experienced both towering successes and humbling failures – each offering valuable lessons that have shaped my approach to business and life. My greatest success undoubtedly lies in the creation and growth of RE/MAX, 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 our vision of revolutionizing the real estate market, empowering agents and providing unparalleled service to clients. Through sheer grit and perseverance, we turned RE/MAX into a global powerhouse, with thousands of offices and agents worldwide.
However, amid the triumphs, I’ve also faced my share of personal setbacks. 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 truly matters.
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As I poured myself into growing RE/MAX, I realized 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 difficult 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 wasn’t easy, and it required a significant shift in mindset and behavior. But through dedication and perseverance, I was able to rebuild my relationships and forge 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 critical than ever. The COVID-19 pandemic, for example, forced businesses to pivot and innovate in ways they never imagined. Those who thrived were not necessarily the largest or most established, but the most agile and resourceful.
As I look to the future of the real estate industry, I see immense opportunities for those who are 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 edge.
However, amid all the technological advancements, I believe that the human element remains paramount. Real estate is fundamentally a people business, built on trust, communication and empathy. As agents and brokers, our success ultimately hinges on our ability to understand and connect with our clients on a personal level.
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In reflecting on my journey through the real estate industry and entrepreneurship, I’m reminded that success isn’t defined by the conventional markers of education or pedigree but by the strength of character, resilience and adaptability. From founding RE/MAX to navigating personal challenges, each experience has reinforced the importance of forging one’s own path, embracing failure as a teacher and prioritizing the human element in every endeavor.
As I look to the future, I’m optimistic about the opportunities that lie ahead for those who dare to innovate, persevere, and remain grounded in the values of trust and empathy.
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New York Times best-selling author Dave Liniger is the co-founder of RE/MAX, the Denver-based global real estate franchise and the author of “The Perfect 10.”
