15.2: Part II- Legacy
- Page ID
- 36420
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\(\newcommand{\avec}{\mathbf a}\) \(\newcommand{\bvec}{\mathbf b}\) \(\newcommand{\cvec}{\mathbf c}\) \(\newcommand{\dvec}{\mathbf d}\) \(\newcommand{\dtil}{\widetilde{\mathbf d}}\) \(\newcommand{\evec}{\mathbf e}\) \(\newcommand{\fvec}{\mathbf f}\) \(\newcommand{\nvec}{\mathbf n}\) \(\newcommand{\pvec}{\mathbf p}\) \(\newcommand{\qvec}{\mathbf q}\) \(\newcommand{\svec}{\mathbf s}\) \(\newcommand{\tvec}{\mathbf t}\) \(\newcommand{\uvec}{\mathbf u}\) \(\newcommand{\vvec}{\mathbf v}\) \(\newcommand{\wvec}{\mathbf w}\) \(\newcommand{\xvec}{\mathbf x}\) \(\newcommand{\yvec}{\mathbf y}\) \(\newcommand{\zvec}{\mathbf z}\) \(\newcommand{\rvec}{\mathbf r}\) \(\newcommand{\mvec}{\mathbf m}\) \(\newcommand{\zerovec}{\mathbf 0}\) \(\newcommand{\onevec}{\mathbf 1}\) \(\newcommand{\real}{\mathbb R}\) \(\newcommand{\twovec}[2]{\left[\begin{array}{r}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\ctwovec}[2]{\left[\begin{array}{c}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\threevec}[3]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\cthreevec}[3]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\fourvec}[4]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\cfourvec}[4]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\fivevec}[5]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\cfivevec}[5]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\mattwo}[4]{\left[\begin{array}{rr}#1 \amp #2 \\ #3 \amp #4 \\ \end{array}\right]}\) \(\newcommand{\laspan}[1]{\text{Span}\{#1\}}\) \(\newcommand{\bcal}{\cal B}\) \(\newcommand{\ccal}{\cal C}\) \(\newcommand{\scal}{\cal S}\) \(\newcommand{\wcal}{\cal W}\) \(\newcommand{\ecal}{\cal E}\) \(\newcommand{\coords}[2]{\left\{#1\right\}_{#2}}\) \(\newcommand{\gray}[1]{\color{gray}{#1}}\) \(\newcommand{\lgray}[1]{\color{lightgray}{#1}}\) \(\newcommand{\rank}{\operatorname{rank}}\) \(\newcommand{\row}{\text{Row}}\) \(\newcommand{\col}{\text{Col}}\) \(\renewcommand{\row}{\text{Row}}\) \(\newcommand{\nul}{\text{Nul}}\) \(\newcommand{\var}{\text{Var}}\) \(\newcommand{\corr}{\text{corr}}\) \(\newcommand{\len}[1]{\left|#1\right|}\) \(\newcommand{\bbar}{\overline{\bvec}}\) \(\newcommand{\bhat}{\widehat{\bvec}}\) \(\newcommand{\bperp}{\bvec^\perp}\) \(\newcommand{\xhat}{\widehat{\xvec}}\) \(\newcommand{\vhat}{\widehat{\vvec}}\) \(\newcommand{\uhat}{\widehat{\uvec}}\) \(\newcommand{\what}{\widehat{\wvec}}\) \(\newcommand{\Sighat}{\widehat{\Sigma}}\) \(\newcommand{\lt}{<}\) \(\newcommand{\gt}{>}\) \(\newcommand{\amp}{&}\) \(\definecolor{fillinmathshade}{gray}{0.9}\)Legacy is what we leave behind for future generations. It is a way to leverage our success “paying it forward” and to continue our influence as a leader. Legacy refers to our positive impact that outlives us. It can refer to a financial windfall, an improvement to the community, or simply life lessons left for others. How could a real estate professional create and leave a legacy that will continue to help others thrive years to come? Imagine yourself in the future, 5, 10 or 20 years from now, after building a successful real estate career, doing something that will still have a positive impact many years hence.
The Importance of Legacy
Building a thriving business to leave for heirs, who will inherit a steady source of income, is a common example. Picture yourself in the future… You have worked hard for many years to build your real estate business. Now, as the president of your firm, you have clients that depend on your expertise and your company is operating smoothly. Retirement is looming, and It’s time to let others carry on the everyday business operations. Because you have designed a succession plan, you have others who are prepared to step into the leadership role. Perhaps you have designated your children, family members, or business partners to carry on. Or, maybe you decide to sell your business for a profit and later donate the proceeds to family or a philanthropic organization. Whatever you decide, your company vision will live on as the agents continue to serve their clients, help the community, and earn profits for themselves. And, the time to start thinking about this is not in the distant future; it’s now.
Building Your Legacy
“You can’t take it with you.” At some point, humans die and have no further need for monetary funds or physical “stuff.” While accumulating a lifetime of money, wealthy people often become philanthropists by donating their money to worthy causes. Can you think of any charities, churches, or non-profit organizations deserving of funding? How would large donations help these organizations serve the community? How many more people, animals, or environmental causes could be helped by the good work these nonprofit organizations are doing, and could your financial donations be put to good use? Maybe creating a scholarship fund or an endowment at a local college that would benefit students financially would contribute to the future health of the real estate industry. As an added bonus, you can name your scholarship any title that honors or memorializes someone who was instrumental in making a difference in your life.
Another type of legacy is leaving real estate assets, rather than monetary funds, to loved ones. Real estate investors may consider buying an income-producing property for their children or grandchildren. Meanwhile, income properties employ workers who are trained to handle repairs, painting, electrical, and plumbing. Besides the long-lasting financial benefit, a sense of pride comes with renovating and developing rental properties, helping families by delivering to tenants a safe, secure home.
Joining a professional organization is an effective method of giving back to consumers, the local community, and the real estate industry. A real estate professional serving as an officer, director, or committee member of the local REALTOR® Association, for example, can build a longtime legacy of service to the industry. Most service positions are not compensated, so this type of volunteer activity, often known as a “labor of love,” is based on passion for the real estate profession. Long-serving leaders are recognized with awards and honored for many years; more importantly, they have the opportunity to be on the ground floor of changing and improving our industry for the better.
Practice Zone
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Living a life of purpose involves creating meaningful, impactful experiences. You are ahead of the curve simply because you took the time to learn more about your future career. You can start building a plan for your legacy by asking yourself one or more of the following questions:
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Strategies for building a lasting impact
If you have answered the questions in the “Practice Zone!” section above, you have completed the first step toward building your legacy. Your answers to those questions will help you determine how to create a lasting impact. A next step is to incorporate journaling into your daily routine; give the journal a title, such as “My Impact Journal,” or “Legacy Building.” Writing in a journal is beneficial for mental health, and it will help you get your thoughts in order.
As technology increases in the real estate industry, innovators are leading the way with new inventions, apps, systems, and processes. Creative pioneers are those who find and fill needs in the industry. For example, is new software needed to help agents receive and process offers? Do home buyers need an app to help them locate houses for sale? Leaders who develop new products can become famous for their ideas and innovation in the real estate industry. They may also be honored with awards or recognition. Finally, their products will be known for decades as their products fill needs in the industry.
Books, audio podcasts, multimedia videos, training classes, and other materials are information products that can last well into the future. Think about a textbook or guide that you reviewed recently – the author could have written it years ago, but today you are benefiting from the knowledge gained. Books and other published information products, whether printed or digital, reflect the author’s legacy.
A last, but important type of legacy is investing time and energy in other people by way of mentoring or teaching. A mentorship is a professional relationship of a mentor working closely with an apprentice to help develop skills over a period of time. Mentorship can be a formal or informal arrangement and is often unpaid. Teaching is another way of influencing people’s lives in positive ways for many years. Consider becoming a teacher or a trainer for a long-lasting impact for generations to come.
Practice Zone
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Think of something you can build as a legacy. Develop a plan to make it happen. |