The word "leader" usually brings to mind someone who is a leader of a group or an industry. We might also picture someone who is leading the way in business or in sports. The leader in golf would be someone like Tiger Woods, while Apple is the leading brand in portable music devices.
However, there's a lot more to leadership than just someone who's leading a group, a business, or leading in sports. People usually give orders when they're trying to lead a group of people, or they may do underhanded things to trick people into following their lead.
Thanks to the more shady types, people learn to be careful around "leaders." They're not interested in letting someone trick or take advantage of them.
Again, there are different types of leadership, but the only worthwhile and long-lasting styles don't involve tricks and distrust. If your followers get a whiff of any kind of deceit, you'll lose all your credibility and the power that goes with it.
To inspire trust in your followers, you need to have integrity. You have to give them every reason to believe you do what you say you'll do. You don't just talk the talk: You walk the walk.
One of the most common ways leaders hurt their reputation is by making promises that they can't deliver on. It's important to be careful about what you say.
People won't be turned off by someone who is cautious with promises. They know you'll only make commitments you keep. Since they can trust that you won't back out of your promises, they will be better followers as a result.
For example, if you were to promise a subordinate that you are going to give them a raise next year that is a problem.
A raise is often out of your hands, particularly if you don't know how well the company is going to do this year. It's better to think about approaching the subject of a raise in regards to your followers meeting sales goals.
Sometimes it can be very inconvenient to keep your promises. Nonetheless, even if they are inconvenient, it will only benefit you to keep them. If you ever find yourself in a situation where you need to back out of your commitment, you'll need to apologize and find an acceptable compromise.
All types of leadership can benefit from incorporating integrity. Leaders who demonstrate integrity are a lot more successful.
Different Types Of Leadership
Some investors choose to invest in run down properties. They buy for a low price and hope to sell for a higher price once the necessary improvements to the house and yard are made. Many investors choose to do the repairs themselves, saving on labor costs. Others hire contractors to do the work. Either way, it is expected that the cost of repairing the home will increase its value. The new value is anticipated to exceed the original cost plus the cost of repairs. If the owner can rapidly sell the property, he/she can recoup their investment, make a profit and move on to another real estate purchase.
Other investors purchase properties that are vacant and require little repair to make them marketable. These houses can be resold or rented out. Here the owner has made the decision that the investment will be reimbursed over time. The monthly rent on the property must exceed the owner's monthly payment on the loan. In the case of property rentals, the owner assumes responsibility for maintaining the property. He/she will act as the landlord, collect the monthly rent, make any necessary repairs, and handle the paperwork for obtaining tenants. If the owner does not have the time to invest in being the landlord, he/she can pay another person or real estate agency to act on his/her behalf. This saves the owner time and aggravation but it costs money to pay the substitute landlord a salary. This has to be figured into the rental price. Thus the monthly rent should be the monthly cost of the loan plus the monthly cost of maintaining the property plus the cost of the landlord plus a profit for the owner.
Sometimes an investor may choose to buy an apartment building or condominium complex and rent the individual units out. Here the formula for determining the monthly rent should be the monthly cost of the loan divided by the number of units for rent plus the monthly cost of maintaining the property plus the cost of a landlord plus a profit for the owner. If any units are vacant, the owner must make up the difference in the loan payment owed that month. This can be quite expensive if the units remain vacant over time or the number of vacant units grows in number.
There are times when the housing market has slid. This is called the bubble effect. Prices go up until, at last, they burst like a bubble and begin to decline. This can be a serious problem if you have all your money tied up in real estate. If you were depending on your new property to earn enough equity to make you a profit and the value of the property fails to increase or decreases, you may be in financial trouble. Make sure in advance that you can make your monthly payments. You should not depend entirely on the equity to make your payments. Financial experts suggest that, if you don't have to sell the property and you can make the payments, don't sell. Wait it out and see if property values rise again.
Financial experts say that an informed consumer will know what is happening in the market place and be prepared for it. Instead of borrowing again to meet the downturn in real estate, they recommend that you cut back on your expenses where you can. Use the extra money to step up payments and reduce the amount of the loan.
Both Joandra Evaline & Joe Goertz are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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