How to succeed in real estate

As president of one of the largest real estate firms in New York, Gary Malin oversees over 800 licensed real estate agents who cover 8,000 listings in over 4,000 buildings. The Citi Habitats executive says it's an interesting time to be at the forefront of the real estate industry in one of the fastest and priciest markets in the world.

"If you look at people's incomes, they are not rising proportionately to the purchase and renting housing costs, which have [seemingly] gone up infinitely," said Malin, a licensed attorney.

Here's how he and his staff are addressing this issue, along with some the management lessons he's learned over his career.

CBS MoneyWatch: You mentioned the issue of finding apartments for people who are still recovering financially in one of the most expensive real state markets in the world. What is your strategy?

Gary Malin: It's important for agents to be problem-solvers; it's about trying to understand what is important to someone and what they're able to be flexible with. For instance, is neighborhood very important? If you have to live in Manhattan, can you live in a walk-up if necessary or a non-doorman building, or on York [Avenue] versus Lexington [Avenue]?

MW: Speaking of tailoring your approach to the times, how has your corporate strategy adjusted to the popularity of sites like Craigslist?

GM: You need to provide information to your clients that they can't get online. Zillow, Trulia, Craigslist -- there are so many websites out there. And while technology arms clients with information, it only gives you the bones. The real estate broker puts the flesh on those bones.

MW: How would you describe your leadership style?

GM: The most important thing is being transparent in the manner in which you deal with people, and that means giving direct and honest feedback. People like to know where they stand, and giving them valuable constructive feedback is essential because you build trust that way.

MW: What is your greatest weakness as a boss?

GM: I'm impatient in the sense of wanting to get things done, and I think anyone who leads anything is impatient. I want to make things a priority, and sometimes your sense of urgency isn't the other person's sense of urgency. I try to take a step back and say maybe I'm missing something here. Just because I want something done tomorrow... maybe it can't be done tomorrow. If you trust people, you might not get the best work product just by having them push things through. I'm also quick to jump in and help solve a problem. If it's not an earth-shattering situation, you need to give people room to learn, grow and make their own mistakes.

MW: What are your goals for Citi Habitats?

GM: Over the last few years, we've made a significant financial investment to change our course. We've hired a firm to do a new branding and marketing campaign. And we've built new offices that we call offices of the future. We're looking at how tech companies do business in more communal areas, where people can congregate with iPads or laptops. We're also building a whole new listings database. I'm trying to break free of the past and look at how technology can help you, while realizing that real estate is still a people business -- never settling for what you are and keep building for what you want to be. And investing in our people, technology and faculties.