Start your engines! What real estate agents can learn from Formula 1 Drivers
For tips on how to shift your business into high gear, look no further than the race track.
At first glance, real estate and professional racing may seem like vastly different fields. After all, Formula 1 drivers face high speed drama in glamorous locations around the world for the ultimate adrenaline rush. But look past the unique workplace environment, and you’ll see that race car drivers and real estate agents have more in common that you might expect.
As we approach the final race of the season on November 26 in Abu Dhabi, it’s the perfect time to reflect on how much you can learn from the high-performance world of racing. From the ability to think on your feet to the stamina needed for long-term success, we’ll show you how you can take your real estate career to the next level by incorporating the lessons of professional racing into your business. So buckle up, and let’s get started!
Precision and attention to detail
A Formula 1 engine is a mechanical masterpiece of cutting-edge technology and engineering, and racing teams spend more than half their budgets on the car’s engine. So race car drivers must pay close attention to their car’s performance to ensure that every aspect of the engine is running at high precision and efficiency.
Similarly, real estate agents have to pay close attention to the details of their business and the needs of their clients. This means thoroughly researching properties and understanding the unique features and potential drawbacks of each, while also being able to communicate this information effectively to build trust and credibility with your clients. In the market or on the track, high performance always means that every detail matters, no matter how small.
Speed and agility
It goes without saying that race car drivers must be fast. Formula 1 cars average speeds of 260 KPH on the track. But these cars aren’t designed for top speeds in a straight line, and it’s in the turns where the performance and efficiency really shine, as cars are capable of cornering at speeds of up to 300 KPH. To achieve these speeds, drivers must be able to streamline processes and react quickly to changing conditions on the track.
High speeds are critical to success for real estate agents, too. Not only are faster transactions the key to growing your business, but agents need to be responsive to clients and quickly adapt to their needs. This means being able to respond right away to inquiries from clients, scheduling property viewings when clients are available and being able to effectively negotiate and resolve deals fast. By being responsive and agile, you’ll close deals faster and keep your clients happy for referrals down the road.
While the early days of racing may have relied on stopwatches and clipboards, today’s Formula 1 is all about high tech data analysis – with between 150 and 300 sensors on each car generating the millions of data points they need to plan and execute a strategy to win the race. Using that data, Formula 1 teams start planning race strategy more than three months in advance, looking at previous results and conditions to try to predict what the race might be like.
A victory lap looks a little different for real estate agents, but strategic thinking is still what makes it achievable. This means developing a business plan, setting goals and objectives and effectively executing them. This could involve identifying target areas or customers, developing a marketing plan or creating a system for follow-up and client management. By having a strategic plan in place, you’ll be able to see your career progress.
While a lot of the focus is on the cars, Formula 1 drivers have to be remarkably fit. They need incredible amounts of strength and endurance to withstand average temperatures of 50° in the cockpits and the intense G-forces they experience when braking or cornering. What’s more, drivers must have the stamina to maintain their control and focus for hours on end.
At the same time, real estate agents must be ready to face the challenge of long hours and hard work required in the industry. This means being able to handle the stress of negotiations, dealing with difficult clients and the constant need to be available. By preparing for the demands of the job, you can build your endurance and better manage your work/life balance.
There’s an expression in Formula 1 that drivers win races in the turns, and not in the straights, because that’s when the unexpected can occur. True, people can make mistakes and accidents can happen, but it’s also the moment when a driver can gain an advantage. So drivers must assess the risk and take decisions that take advantage of the situation.
It’s no different in real estate. Agents have to understand that curves are a part of the industry, and look ahead to anticipate market fluctuations. They need to know when and where to focus their energy so they can quickly pivot to create the best outcome for everyone. By managing risks effectively, you’ll protect your business and position yourself for even greater advantages.
Teamwork and communication
It might be the winning driver who graces the magazine covers after a spectacular victory, but there is a team of several hundred people responsible for making sure the car crosses the finish line. To succeed, engineers, mechanics, administrators and drivers all need to effectively communicate and all work together towards the same goal.
Real estate agents must do the same, developing strong relationships with clients, colleagues and other professionals in the industry. This means spending time to get to know who you’re working with and building trust so that you can communicate your strategies and objectives effectively to make sure everyone is on the same page. By setting time aside to work on these relationships, you’ll provide a better experience for clients – and you’ll have the kind of bond with your colleagues that makes it all worthwhile.
Probably the biggest difference between real estate and racing is the way you see the competition. In Formula 1, drivers jockey for position against 20 other cars, but in real estate, you have the support of the entire RE/MAX family behind you – and your fellow agents are all cheering you across the finish line. As we gear up for the final race of the Formula 1 season, why not put these lessons into practice and shift your own career into high gear?
By pushing your performance with the mindset of professional racing, you’ll drive your achievement to even higher levels of success. You’ve got the green light – let’s go!