4 books that changed my perspective when it comes to the South African property industry

All my life I have been a lover of learning and self-improvement. Not a fan of the schooling system and the discipline of university, I have fallen in love with so many free online courses and books that teach me new things about my industry. If a book does not grab you, put it down - forever. For every book that doesn't grab you, there are 10 more that will. There are a few books that have had such an impact on the way I see and do things in the property industry. It is my pleasure to share these titles with you.

Am I Being Too Subtle - Sam Zell

Sam Zell is a pioneer in property.  He made his money investing in undervalued real estate properties and holding them for the long term.

"Skin in the game"

One of the most repetitive phrases in his book is "skin in the game." He is a firm believer of committing your own capital into any project you decide to get involved with. I really resonate with this. People feel a sense of unconditional commitment when their own money is invested. I always use the controversial cash bar as an example. If you attend a wedding and it's an open bar, you will find half full drinks draped all over the venue the next morning. This is because people do not place a value on the drink if it's been paid for by the bride and groom instead of them. Now if it were a cash bar, suddenly you would see people putting a value on their drink. If after one sip they were not happy with their choice of beverage, my bet is that they would slurp it up and finish it because they paid for it with their own money. When people put their own money into something, they care about it.

Shem-tov - a good name.

This is the Hebrew word that refers to maintaining a good reputation. When I read the book Snowball Effect, Warren Buffet described Shem-tov perfectly when he said "It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently."

Making my Marc: Lessons from a life in property - Marc Wainer

The South African Maverick, Marc Wainer taught many lessons in his book. He constructed some of the most iconic deals in Property (such as the sale of Canal Walk to Hyprop) and he founded the multi-billion rand Redefine property portfolio.

While some of these lessons are familiar in other books, what made them resonate with me was how relatable they are within the South African context. As a South African business woman, I could feel the message he was trying to get across because I eat, sleep and breathe his industry.

Negotiate the fees upfront

One of his many impactful life lessons is negotiating the fees up front. Marc learnt this the hard way when he brokered the deal for the sale of Canal Walk shopping centre. He was so chuffed that he not only sold the building for R1.155 billion - he also got it for R50 million cheaper than the mandate. 

When he went to claim his commission, they denied his request for R4 million because he failed to confirm his commission up front. The lesson? As uncomfortable as it is talking about money before a deal materialises, if you deal with your fees up front - everybody knows where they stand. 

Rethinking Real Estate - Dror Poleg

This book is relevant during this pandemic period now more than ever. With all the covid-changed consumer behaviours and new technology affecting the commercial property industry, this book provides the latest perspective on how Real Estate businesses can evolve and adapt. His perspective is refreshing, insightful and invaluable.

Customers are becoming more demanding and they have the choice to choose their Landlord. Landlords are no longer number one because they have the best building in town, they are competing with one another when it comes to how they operate, how they nurture their Tenant relationships and how they incorporate new technology into their business.

This book is a fantastic eye-opener for how you should be directing your real estate business towards the future. More traditionalist Landlords might not see the value here. At Ask Ash, we work with over 200 listed and private commercial property Landlords nationwide, we can already see which companies are viewing themselves more like an operating business. Similar to any other operating business, such as a restaurant, where adaption to new tastes and preferences of the modern customers takes top priority. These real estate companies are at the forefront of attracting new customers, nurturing those relationships and retaining them.

The Soul of Sorbet - Ian Fuhr

Ian is another South African Businessman who I find remarkable. The fact that he was able to revolutionise the beauty industry in South Africa is fascinating because he did not start with a passion for beauty, rather people. Sorbet is a successful chain of over 200 franchised beauty Salons. Ian knows how to build a business, people, culture and community. The lessons in his book are easy to implement for any business no matter what sector you are in.

Something I really enjoy about Ian's thought process is his approach towards the culture and citizens in his community. The employees are the most valuable assets of the business. Their passion and performance is what makes the Soul of Sorbet culture and the by-product is customers who are complete evangelists for the brand. Ian's way of work is something that every customer service business in South Africa could take note of. South Africans are used to a low-level standard of service no matter what the industry. As a commercial property broker, I strive to provide our customers with a consistently high level of customer service that will result in customer loyalty. I am not offering anything unique product wise because my competitors are marketing the same commercial properties as our brokerage. Our competitive advantage is our intense focus on serving the customer.

"The purpose of work is to serve"

I love this concept and I love to serve my customers. Ian puts a high value on the ability to make a difference in someones life and that truly is possible through your work. You can touch lives in a positive way. Property businesses, managing agents and Landlords are all transforming into customer service businesses. More and more, space is being seen as a service and an experience. That experience should impact the user positively and add value to their lives.

If you've read a business book recently that changed your perspective or made you think differently, please share it with me. I am always open to book recommendations: [email protected]

Cheers,

Ash

Need some commercial property advice? Pop me a direct message on LinkedIn!

I usually respond within a few hours and look forward to making strong, lasting connections. I can’t wait to work with you.

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About Ash

Ash Meyers, Commercial Property Broker at Ask Ash, is an educator when it comes to the commercial property landscape in South Africa. She has almost 10 years of experience in commercial property leasing and works with over 250 listed and private commercial property landlords nationwide. You will be enchanted by Ash’s personalised level of customer service, speedy communication, efficiency and her ability to construct favourable property deals.