419: How to Use Science to Find the Right People for Your Real Estate Business w/Richard Davis, Ph.D

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 14 June 2024

⏱️ 57 minutes

🔗️ Recording | iTunes | RSS

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Summary

Real estate is a people business. You could buy several rental properties, but without the right people in the right roles, you’re going to be swimming upstream. Today’s guest has dedicated many years of study to this problem and is here to help you make better people decisions! Welcome back to the Real Estate Rookie podcast! The success of your real estate business largely depends on the people around you, from partners to property managers. Ahead of the release of his new book, Good Judgment, industrial-organizational psychologist Richard Davis, Ph.D joins the show to share his perspective on the crucial decisions that could make or break your real estate journey. Whether you’re looking to form investing partnerships, find good contractors, or hire property managers, this is an episode you won’t want to miss! Tune in as Richard talks about the five main personality traits and how they predict behavior. Along the way, he busts some of the myths surrounding emotional intelligence (EQ) and shares the most important questions you should ask someone to determine if they are the right fit for your team. You’ll even learn about the power of perceptivity and why it’s SO important for you to keep this “cognitive muscle” strong! In This Episode We Cover Why behavioral psychology plays a HUGE role in real estate investing How to make better people decisions in your real estate business KEY questions to ask potential partners, contractors, property managers, and employees The five main personality traits explained (and Richard’s take on them) Why emotional intelligence (EQ) is not a good predictor of behavior And So Much More! (00:00) Intro (01:17) What Is Behavioral Psychology? (08:26) The Emotional Intelligence “Myth” (14:22) Perceptivity & Good Judgments (23:44) “Power” Questions to Ask (34:13) Forming GREAT Partnerships (39:14) Richard’s New Book! (40:38) Find the Right Fit! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-419 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is real estate rookie episode number 4-19er.
0:05.7	People are in danger of losing the ability
0:07.9	to judge people since we are socially outsourcing online.
0:12.0	We all made people to help in our daily lives or businesses. So how can
0:16.0	we determine who is a good fit or even our own deficiencies to then better understand
0:22.0	what we need to make better business decisions.
0:24.9	My name is Ashley Kerr and I'm here with Tony J Robinson.
0:28.9	And welcome to the Real Estate Ricky podcast where every week, three times a week
0:33.2	we're bringing you the inspiration, motivation, and stories.
0:36.1	You need to hear to kick start your investing journey.
0:38.2	And today we have expert, Dr Richard Davis,
0:41.6	who's an organizational psychologist, CEO, and author who's worked with investors,
0:47.4	CEOs and so much more helping them make better people decisions in the highest level positions by understanding the science of human behavior.
0:56.2	So today we'll get to tap into his behavioral toolkit as we'll start to understand the science behind
1:01.6	personality, how to use it to make better business decisions,
1:04.7	and just imagine the impact it can have to partnerships, working with contractors, growing your team,
1:09.5	and even your personal relationship. So Richard, welcome to the show. We're super excited to have you on the
1:14.4	episode today. Thank you so much. It's great to be here.
1:17.2	Can you kind of share on a high level what exactly is a behavior psychologist and how does it benefit business and learning about it?
1:25.2	Well I am a psychologist like most people would know psychologist.
1:29.6	My background I have a PhD in psychology and I sort of focused on anxiety disorders back back when I was doing my research and so forth.
1:39.0	But basically there is a sub-discipline within the within psychology that the official term is industrial
	...

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