Are You On Track To Be Wealthy? Two Successful Entrepreneurs Share The Most Important Skill To Have

David Osborn and Paul Morris are the two largest franchisees at Keller Williams Realty International. They have more than 7,500 realtors working in their offices selling more than $14 Billion in annual sales. In their new book Wealth Can’t Wait: Avoid the 7 Wealth Traps, Implement the 7 Business Pillars, and Complete a Life Audit Today! Osborn and Morris offer their approach to building a successful business and building wealth. There is a lot of information packed into the book, and yet it remains an engaging and accessible read. (My favorite takeaway is the notion of "gradually, then suddenly" — how small but positive decisions cascade into meaningful results over time , even if it initially doesn’t appear that anything is happening.)

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Even if you are not planning on starting a business or working in real estate specifically, there are many helpful strategies and tips for the employee. I was happy to sit down with Osborn and Morris to gather further insights:

Caroline Ceniza-Levine: Your book highlights the importance of hiring the right people in order to grow your business and wealth. What do you look for when you hire?

Paul Morris: I ferret out if someone has an accountability, not victim, mentality. We are where we are because of what we do. I ask for your life history since high school, your career and geographic moves – what did you learn, what did you like and dislike. I ask questions with no particular right answer to hear how you think.

David Osborn: I look for three things: 1) you are a self-starter, whether you are an executive or an admin; 2) I look for intelligence and whether you have made good decisions; and 3) I look for integrity.

Ceniza-Levine: You run successful businesses and probably get pitched all the time. How would a job seeker get on your radar?

Osborn: A referral from someone we respect is the best way — I look for integrity, and people with integrity tend to know other people of integrity. If you can’t get a referral, get my attention another way — read my book. That’s what I would do to get into someone else’s attention span. Finally, persistence matters — try six or more times. Then I’ll see that you really want this .

Ceniza-Levine: Your book names selling as the most important skill to have. What if you are not in a client-facing role? How would you develop selling skills?

Morris:  As a law associate (one of Paul’s earlier careers), you’re not expected to get clients but the law partners are your clients – treat your boss and colleagues as your clients.

Osborn:  Kids are natural salespeople – when they ask for a cookie, they’ll ask eight different ways when they hear No. Develop your communication skills. Communication is your most valuable asset.

Ceniza-Levine: Paul, you changed careers multiple times before launching your current business. What worked for you and what advice would you give to aspiring career changers?

Morris: I spent two and a half years as a law associate, and I saw a hard-working associate, who I thought was more talented than me, get passed over for partner. I didn’t know if I would make partner, and I knew I couldn’t do a desk job forever. I started my shift with parallel tracks. I never burned bridges. While I was a lawyer, I invested in real estate with a 50/50 partner. I went out on my own as a lawyer, and during the same period, I invested in a Keller Williams office in LA. When that office earned more than my law firm, I moved to that full-time. I’m still career shifting now. Do the best you can with what is available to you. Each move is part of an overall process.

Ceniza-Levine: Everyone loves to hear about real estate! What can you tell us about the market?

Osborn: Real estate always has opportunity. But we’ve had a good market for six to eight years now, so do more due diligence. You can’t predict the top – it could be years from now — but every day brings you closer to a bad market. (When it’s a bad market, every day brings you back closer to a good market.) Take less leverage, don’t overextend, and be more particular.

Morris: There is always a market within the market. Buy the worst house in the best neighborhood. Be more careful. Be pickier.

My favorite takeaways from our conversation?

• Referrals help, but you can get people’s attention cold with persistence and targeted extra attention.

• You don’t have to be in sales to use critical selling skills in your day-to-day — your colleagues are your clients. Like a child asking for a cookie, find eight different ways to ask

• Change careers by pursuing parallel tracks in the area you’re interested in. Keep your day job while you invest or launch something new.

• Be selective in good markets — every day of a good market brings you closer to a bad one.

For more information on Wealth Can't Wait or authors David Osborn and Paul Morris, see their book page.