Michael Kramer, the CEO and founder of Freed by Real Estate, shares insights from his journey to managing over 400 units and advocating for financial freedom. He discusses mastering communication techniques in real estate negotiations, emphasizing empathetic listening and storytelling. Michael delves into transitioning from wholesaling to buy and hold strategies, and shares the emotional aspects of strategic investing. He also touches on the balance of parenting while running a business, highlighting effective communication and innovative time management strategies.
Michael Kramer highlights the transformative power of tactical empathy in negotiation, reshaping his business approach and personal interactions.
Listening and understanding other perspectives are crucial for effective leadership and negotiations, enabling productive dialogues and problem-solving.
Balancing family dynamics and business responsibilities requires clear expectations and communication to maintain strong personal relationships while achieving business goals.
Deep dives
The Journey of Negotiation
Michael Kramer shares his inspiring journey from a small town in Nebraska to co-authoring a book with renowned FBI negotiator Chris Voss. His initial exposure to Voss's negotiation techniques, particularly the concept of 'tactical empathy' from the book 'Never Split the Difference', transformed Kramer's previous beliefs about negotiation strategies. Through diligent practice and application of Voss's principles, he restructured his business scripts and began to integrate these techniques into everyday interactions, demonstrating their effectiveness in real-life scenarios. This approach not only led to his involvement in writing a collaborative book but also underscored the importance of implementing learned strategies consistently in order to truly master them.
The Power of Listening
A key insight from the podcast is the vital role that listening plays in effective communication and negotiation. Kramer emphasizes that true leadership and negotiation are characterized by understanding and empathy rather than simply dominating the conversation. He highlights the need to enter conversations with a mindset focused on understanding the other person's perspective rather than being wedded to one’s own ideas or outcomes. This shift enables more productive dialogues, leading to better relationships and collaborative problem-solving.
Navigating High-Stakes Conversations
Kramer discusses the dynamics of high-stakes conversations, particularly in the context of real estate transactions, where emotions run high and opinions vary. He explains Chris Voss's concept of approaching these discussions by expressing understanding and building rapport instead of forcing one's agenda. Using techniques like mirroring and labeling, which help distill complex emotions and facilitate clearer communication, makes it easier to navigate these challenging discussions without escalating tensions. The ultimate goal is to foster trust and collaboration to achieve mutually beneficial outcomes.
Family and Business Balance
The podcast delves deep into the complexities of balancing family dynamics with business responsibilities, especially within a family-run business. Kramer acknowledges the challenges of keeping professional expectations clear while interacting with family members, as emotions can complicate decision-making processes. He emphasizes the importance of establishing a playbook that outlines agreed-upon standards and expectations, allowing family members to transition between their roles as relatives and colleagues. By effectively communicating and maintaining those standards, they can ensure that personal relationships remain strong while meeting business goals.
Creating a Legacy of Value
Kramer expresses a profound commitment to building a legacy that protects his family's financial future, inspired by a personal tragedy involving his father's passing and the financial challenges that followed. His goal is to ensure that no family member experiences the fear of financial instability that he witnessed his mother endure. He aims to create an environment where future generations can thrive without the burden of financial anxiety, emphasizing the importance of being a steward of resources for the family. This vision fuels his ambition to strive for greater accomplishments while instilling values of hard work and ethical decision-making in his children.
Join us on another episode of Keepin it Real Estate with todays guest Michael Kramer the CEO and founder of Freed by Real Estate. With a portfolio of over 400 units he has dedicated his life to helping others achieve financial freedom.
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