Name: Lorraine Beato
Title: Real Estate Consultant
Organisation: Lorraine Beato International
Lorraine Beato is a nationally recognized force of nature in the world of real estate. More than 25 years of experience as a REALTOR, Investor, appraiser and consultant have imparted a rare depth of expertise in her field. Whether she's negotiating a sale or renovating a historic home, her clients value her for her sharp mind, warm demeanor and unstoppable work ethic. PRior to becoming a licensed REALTOR and Loan Officer, she traded mortgaged backed securities for Merrill Lynch on Wall Street. The same business acument that brought her success on the trading floor serves her well today as she advises investors and analyzes complex transactions from multiple angles. After her time on Wall Street, Lorraine learned the intricacies of the appraisal process as an appraiser in Westchester County, on of New York's most affluent counties. As a result, she's never faced an appraisal issue with any of her listings in her career.
Today, Lorraine fosters community by building a strong network of real estate-focused professionals. Cleints and investors alike rely on her sharp eye for cost and value in an ever-changing market. Other real estate agents value Lorraine as a trusted mentor. She's the founder and leader of WIRED - Women Investing in Real Estate Dominate, an organization that empowers women in real estate to achieve their real estate investing goals and live life on their terms.
Through Lorraine Beato International, Lorraine is an advocate and consultant to descendants of immigrants from Portugal who have inherited properties. Many need help to go through the probate process or need help deciding the best way to sell or renovate the property to keep their family's legacy just as she did.
Thank you to the 2,000 leaders who’ve generously done the 7 Questions on Leadership!
I hope Lorraine's answers will encourage you in your leadership journey. Enjoy!
1. What have you found most challenging as a leader?
I would say that for myself, it would be to delegate tasks and responsibilities effectively. I tend to be a control freak and often don't have the patience to train someone when they don't "get it" by the second go-around. However, it's important to team members and empower them to take on important roles otherwise, there is no way to really scale your business.
2. How did you become a leader? Can you please briefly tell the story?
I actually didn't become a leader on purpose! I became a leader when several years ago, I started organically posting information in a very large real estate investing facebook group and people from out of state started reaching out to me. They started calling and direct messaging me saying they wanted to work with me because I was constantly helping others and explaining to them why their deals didn't work, or the numbers were off, or if someone was going to private lend their funds - what they needed to do to ensure they protected their investment. I'll never forget one call I had where the investor said - you're posting so much great content and advice organically, you're the person I want to work with. I remember asking - what is organic content? Mind you this was several years ago! I became the go-to real state professional in the group not only for my state but for others as well. I had people contact me from all over the US and helped many who wound up in bad deals get out of them with as little of a loss as possible.
3. How do you structure your work days from waking up to going to sleep?
I will be the first one to say that I don't have a structured day - I am just not wired that way. If I have set appointments, that's one thing and those don't move or get rescheduled. I prefer a more fluid day because being in the real estate industry, things can change in a matter of moments and I am one of those people who want the ability and flexibility of tending to a client or a situation as it arises. I do hit the gym 3 days a week and the first thing I do in the morning when I am making my coffee is grab my phone and check e-mail, text messages and then I hit social media and check any DM's. Dinner is also pretty much a set time and I stop answering calls at 9pm unless I am in the middle of a transaction. At 9pm, I am on the couch watching my real estate reality tv shows (yes, don't judge because I don't watch them like most people) as I scroll and engage on Instagram and Facebook to build my audience and continue to educate if someone has a question I can help answer or I am learning from someone else. I consume a lot of content and am always interested in seeing other perspectives. I am a night owl so bedtime is usually somewhere around midnight - plus I do work with some people in other states and countries where there is a time difference.
4. What's a recent leadership lesson you've learned for the first time or been reminded of?
The most recent, just a few weeks ago was that it's important to truly listen to someone, take a step back and try to be as impartial and unbiased as possible. It's important to listen to all the information and then take the time to make a true and accurate assessment of a situation and not let emotions take over.
5. What's one book that has had a profound impact on your leadership so far? Can you please briefly tell the story of how that book impacted your leadership?
The book Who Not How which helped me put my challenge above in perspective. As I mentioned, I am not great at delegating and it helped me better understand how to leverage other people so that my time can be freed up to focus on more revenue generating activities and make me more efficient. It also really helped me hone in on my strengths and weaknesses and that I don't need to learn how to do everything - it's best to focus on what I know and do really well and let others who are experts in their fields to their thing.
6. If you could only give one piece of advice to a young leader, what would you say to them?
Don't ever let anyone tell you that you can't do something. Find what it is that you are passionate about and go all-in - perfect that craft and never stop learning. I tell everyone - the day I stop learning is the day I die.
7. What is one meaningful story that comes to mind from your time as a leader, so far?
Give people some grace. We don't always know what is going on in someone's life when they either don't respond to you or snap at you. You may be the first person they encounter after a situation they just went through. About 5 years ago I was in the middle of a deal and the other real estate agent wasn't the best at responding overall. However, this time we were up against a contract deadline and I had zero communication for several days - that was unusual. I finally reached out to the managing broker because I needed a response and resolution. The managing broker was grateful that I had called him because the office was scrambling trying to get a hold of all the agents he had been working with. Tragically, the real estate agent I had been working with was killed in a deadly motorcycle accident that prior weekend. I will never forget that life lesson ...