2. The Speed of Trust:
The One Thing That Changes Everything
Author: Steven M.R. Covey
3. Property management is a non transactional
leveraging recurring revenue rather than one off
sales. It is a business which depends on trust. With
trust you’ll have customers (or clients) for life.
Without trust, you may as well pack up and go
Andy Moore
4. Today we are going to talk about trust.
The first part of the presentation breaks down the 5
principals of trust and the effect plays in our every day
lives.
The second part is where we will dial in and see what
part trust plays in our own organization and industry.
5. There is one thing that is common to every individual, relationship,
team, family, organization, nation, economy and civilization throughout
the world — one thing which, if removed, will destroy the most powerful
government, the most successful business, the most thriving economy,
the most influential leadership, the greatest friendship, the strongest
character, the deepest love. On the other hand, if developed and
leveraged, that one thing has the potential to create unparalleled
success and prosperity in every dimension of life. That one thing is
known as “TRUST”.
“Nothing Is as Fast as the Speed of Trust”
6. Introduction…
• One thing that is common to EVERY individual, friendship,
relationship is that if you don’t have trust, everything falls
apart.
• Trust means Confidence
• When we trust people and/or organizations, we have
confidence in them – in their integrity and in their abilities.
• When we distrust people and/or organizations, we are
suspicious of them.
7. • In a high-trust relationship, we can say the wrong
thing and people will still understand us.
• In a low-trust relationship, despite precise
communication, people will still misinterpret us.
• Relationships of all kinds are built on and sustained
by trust.
• Trust in others depends on how much we trust
ourselves.
8. Trust can be broken down into 5
categories or waves.
• Self Trust
• Relationship Trust
• Organizational Trust
• Market Trust
• Societal Trust
10. 1 – SELF TRUST
Are you a Trust-worthy person…?
The whole idea is to become, both to
yourself and to others, a person who is
worthy of Trust.
Self Trust deals with the confidence we
have in ourselves – in our own ability to
commit, set and achieve goals; to WALK
OUR TALK and also in our ability to
Inspire Trust in others.
It essentially boils down to your own
credibility
11. 1 – Results
• What’s your track record? Expect to win.
• Start strong and finish strong.
2 – Capabilities
• Talents, Skills, knowledge, attitudes and style.
• Learn with the intent to teach others what you learn.
• Accept to learn from everyone at any level.
• Keep yourself Relevant.
3 – Intent
• Motive, Agenda, Behavior
• Do we genuinely care?
• Do we seek mutual benefit?
• Do we act in the best interest of others?
4 – Integrity
• Honesty
• Telling the Trust and leaving the right impression.
• Congruence (Walk the Talk)
• Show Humility and Courage to do what’s right.
The 4 elements of Credibility & Self Trust
12. Why do you think the
elements are displayed
like this on the tree?
16. RELATIONSHIP TRUST
There are 13 Behaviors of Relationship Trust which are divided into 3 categories.
• Communication
• Dependability
• Reliability
Each of the 13 behavior can be divided into Competence, Character or Both
17. • Communication
• Talk Straight: Be honest, call things what they are, clarify expectations
and don’t spin the truth. This displays……
• Confront Reality: Don’t bury your head in the sand. Share bad news as
well as good. Demonstrate courage, responsibility, awareness and
respect. This displays……
• Clarify Expectations: Based on the principles of clarity, responsibility
and accountability. Discuss them, validate, renegotiate. Don’t assume.
This displays……
• Create Transparency : Be open and authentic. “What you see is what
you get”. Don’t have hidden agendas. Based on the principles of
honesty, openness, integrity & authenticity. This displays……
18. Responsibility
• Demonstrate Respect: Show care and concern. Don’t fake caring.
Give acknowledgments. This displays……
• Listen First: Understanding, respect and mutual benefit (win-win).
Understand. Listen with your ears, eyes and heart. Don’t presume
you have all the answers. Seek first to understand, then be
understood. This displays……
• Practice Accountability : Hold yourself accountable. Hold others
accountable. This displays……
• Right Wrongs : Make things right when you’re wrong. Show
personal humility and don’t let your pride get in your way. This
displays……
19. Dependability
• Keep Commitments: Don’t break confidence. This displays……
• Show Loyalty: Based on the principles of integrity, loyalty, gratitude and recognition. Speak about people as if
they were present all the time. Don’t bad-mouth others behind their back. This displays……
• Deliver Results : Based on responsibility, accountability and performance. Before you make commitments,
make sure it’s realistic. Be on time and within budget. Make sure we know what “results” mean to the person to
whom we are delivering. Don’t over-promise. This displays……
• Improve: Based on the principles of continuous improvement, learning and change. Seek feedback and learn
from mistakes. This displays……
• Extend Trust : Based on the principles of empowerment, reciprocity and a fundamental belief that most people
are capable of being trusted, want to be trusted, and will do well when trust is extended to them. Opposite of
this is counterfeit trust. This displays……
• False Trust: Giving people the responsibility, but not the authority or
resources to get the task done.
• Fake Trust: Acting like we trust someone when we really don’t.
21. In LOW-TRUST Organizations
• People manipulate or distort facts
• People hoard information
• Getting the credit is very important
• New ideas are resisted
• Numerous “meetings after the meetings”
• Low energy level.
Organizational Trust (At work)
22. In HIGH-TRUST Organizations
• People are candid
• Information is shared openly
• People are willing to share credit
• New ideas are welcome
• Mistakes are tolerated and encouraged as a way of
learning
• High energy level
23. Can you provide examples of some low trust
organizations/companies?
How about high trust?
24. How leaders can generate Trust in the Organization?
• Ensure all structures and systems within the organization are in harmony
with the cores and behaviors.
• Create a culture of making of keeping commitments.
• Create a Mission and Values that reflect motives.
• Help people share a vision driven towards results.
26. Fish Discover Water Last
Fish discover water last because water “just is.” They are surrounded
by it. They don’t come to see the importance of water until it is
polluted or nonexistent. Humans often discover the essential nature of
trust only when it is
polluted or nonexistent.
Societal Trust
27. The overriding principle of high societal trust is contribution.
It’s the intent to create value instead of destroy it; to give back instead
of take. The benefits are often intangible but pay dividends when
you’d least expect it.
During the 1992 L.A. riots sparked by the Rodney King trial many
neighborhoods were burned and looted. Amazingly, all McDonald’s
remained untouched. When asked why, the people in the community
responded by saying they would not want to harm a company that
gives so much back to the community. McDonald's received a huge
trust dividend base on their contribution to society.
Societal Trust
28. Regardless of your political persuasion it would be difficult to argue
that we are in a political environment where high trust is on display.
What effect has it had on our country?
Societal Trust
29.
30. Is there a societal trust correlation between happiness and
trust?
What are reportedly the happiest nations in the world?
34. Market Trust
Market trust is how a company is perceived in the Market
place. The factors include; brand, reputation, capability &
experience.
As property managers we manage hundreds of millions of
assets.
Each deal results in the management of $100K worth assets.
So do you think Trust is important in property management?
35. Regardless of the industry, in the
last 10 years what development
has changed the way companies
behave?
39. Market Trust
Market trust is how a company is perceived in the Market place. The factors include;
brand, reputation, capability & experience.
According to ConsumerResearch.com
What are the two main factors that influence buyers decision making?
• Price/Value (42%)
• Reputation. Brands are judged based on people’s perceptions. (58%)
• Online reviews
• Word of mouth
• Professional referrals
40. Economics of Trust
Economists consistently demonstrate
that income levels and real growth
depend upon trust — trust greases
the wheels of exchange.
Andy Moore
42. Trust always affects two outcomes: speed and cost.
When trust goes down, speed goes down and cost goes up.
Consider the increase of time and costs associated with airport
security following 9/11, or the costs now associated in the Financial
industry following the introduction of the Dodd-Frank Act, which was
introduced to protect consumers following the 2008 Financial crisis
Economics of Trust
43. By contrast, Warren Buffett completed the acquisition of
McLane Distribution from Wal-Mart on the basis of a
two-hour meeting. The purchase price was $23Billion
and Walmart received their money within 29 days.
Because of high trust between the parties, the merger
avoided the usual months and millions for due diligence
and attorneys.
When trust goes up, speed goes up and cost goes down
44. From my own company’s perspective we see
first hand every day how trust plays a huge
factor in our success.
Can you provide examples for your
business?
45. 583
167
Hours per year without Trust Hours per year with Trust
Trust Makes All the Difference
10 weeks or a
350% Time
Saving
1000 calls
Consider a Maintenance
Coordinator fielding 1000 work
orders per year.
Without Trust, a maintenance call
could take 35 minutes input to
process/coordinate. 1000 x 35
minutes = 35000 minutes/60
= 583.33 hours or 14.5 weeks
With Trust , a maintenance call
could take 10 minutes input to
process/coordinate. 1000 x 10 =
10000 minutes/60 = 166.66 hours
or 4.1 weeks.
A difference of 10
weeks or 350%
46. Consider a potential renter relocating from another
country/state … unable to visit beforehand?
Percentage of property owners who you have never met?
If you manage vacation rentals, consider the amount of
money clients are depositing on the strength of trust?
47. As a result of the Trust we have successfully
negotiated significant real estate transactions on
behalf of our clients.
Upon finding suitable properties for investment It
has often taken only one phone call for a client to
buy in. These clients are not Warren Buffett but
they are prepared to invest hundreds of
thousands of dollars on our recommendation.
48. What information does your own website contain?
Pricing?
Ownership?
Staff Bios?
FAQ’S?
Reviews?
49. • Though it may be difficult, in most cases, trust can be restored and often even
enhanced.
• The path to restoration is to increase your personal credibility and behave in
ways that inspire Trust.
Are there differences in how Trust is lost?
• A loss of trust created by a violation of Character (integrity of intent) is far
more difficult to restore than a loss created by a violation of Competence
(Capabilities and Results).
Can Trust be restored after betrayal?
50. What to do if you are wronged?
• Don’t be too quick to judge
• Give others the benefit of the doubt
• Don’t assume it’s a failure of character.
• Whether we choose to trust in the future, we always
need to forgive.
51. “We judge ourselves by our intentions and
others by their behavior.”
Stephen Covey
53. Property management is a non transactional
leveraging recurring revenue rather than one off
sales. It is a business which depends on trust. With
trust you’ll have customers (or clients) for life.
Without trust, you may as well pack up and go
Andy Moore
