Domas Dargis, CEO of real estate development company Eika, says he learned the most important business lessons early in his career – during the 2008-2009 financial crisis: “It was very important then to make decisions quickly, to adapt quickly to the changing situation. I realized that all standard business rules can be rewritten.” He says he sees the current market situation as an opportunity to build a good foundation for the future, even if the financial results in the short term are not encouraging.
– When it comes to the real estate market, many are now saying that there is a slight stagnation period and that demand is expected to recover, which we need to prepare for. In such a case, isn’t it difficult to find motivation when you know that you may have to wait longer for the results of your work?
– Every market situation is a time of both challenges and opportunities. The slower real estate market has opened a window for us to enter the huge Polish market. While investors from the West are cautiously monitoring the changed situation, we can act actively and make acquisitions. Also, the slowed down construction market allows us to successfully negotiate lower construction prices and better conditions. Yes, the financial results will not be pleasing in the short term, but we will have a good foundation for the future.
– What kind of work routine do you follow? As the head of a large company, is it possible to set rules for maintaining a work/life balance, or do you have to accept that it’s a 24/7 job?
– I notice that the larger and more complex the business I manage, the more important discipline is. Without time planning, I would probably spend all my time working. However, I am a father of many children with fatherly responsibilities, so with rare exceptions, I devote evenings and weekends to my family. This forces me to constantly improve the management structure of the Eika group so that I spend my time effectively and where I create great value for the company.
– How do you start your day – what is the first task or perhaps ritual you undertake?
– I have discovered a very useful ritual to start my morning outside the office. I have a favorite cafe with great coffee, where between 8-9 am I prepare for the day – I read important news, market research, and go through the investment proposals I received. I also write letters – I rarely have time to sit down at the computer during the day.
– Many people in important positions have to deal with the challenge of information overload. Do you also face this? If so, how do you deal with it?
– I haven’t found a good way to filter incoming emails yet, maybe a personal assistant or artificial intelligence would help. It’s easier to manage the flow of social networks and news portals – I turned off the so-called “push notifications” and only check the news when I have a free minute.
– What is your relationship with social networks – do you spend a lot of time on them?
– I am not an active social media user, but I check Facebook and LinkedIn every day. I especially like LinkedIn professionally – there is a lot of quality real estate content here.
– How important do you think a manager’s image is to a company’s success? Do you pay attention to it yourself?
– I may surprise you, but I know many examples of successful companies whose managers are not well-known people. However, the real estate and construction business has a tradition of socially active managers and owners. The “Eika” group is also inseparable from the Dargiai family, many of the family’s values coincide with the business philosophy of the group of companies. However, when it comes to image, the most important thing is to “walk the talk” and this must be a deep belief in what you are doing, and not actions dictated by the strategies of public relations specialists.
– Do you feel like you are under a lot of stress? How do you manage it?
– As we grow our business, we naturally face more and more challenges, the risk of mistakes increases, and sometimes we experience several crises at the same time. All of this increases the risk of stress, but stress itself is an internal state that you either experience or avoid. Active physical activity, communication with family or friends, and a hot sauna help me to “escape” stress.
– What human qualities are most important to you when choosing employees? What, on the contrary, do you not tolerate?
– The values of the Eika group are honesty, responsibility and improvement. We are looking for people who would be guided by these values in their lives. Honesty and responsibility are the basis of everything, but business growth, development, people’s hunger for innovation, and the desire to improve processes, services and products are very important to us. And we do not tolerate dishonest people. We have had to say goodbye to employees who demonstrated good results but behaved dishonestly towards colleagues or customers more than once.
– What are the most important lessons you have learned as a manager and what do you wish you had known when you started your career?
– I learned the most important lessons early in my career – during the financial crisis of 2008-2009. At that time, it was very important to make decisions quickly, to quickly adapt to the changing situation. I realized that all standard business rules can be rewritten. Also, at that time, very young (24-25 years old), I learned the basics of risk management and effective management. Risk management and effectiveness are still in the DNA of our business today.
– They say that being a manager is a very lonely job. Do you agree with that? What is your view on relationships with employees – is it possible to be friends, or is it still important to keep your distance?
– I try to maintain open, sincere relationships with my employees. I don’t try to be a “buddy”, but I don’t create distance. I think it’s important for both me and my colleagues to communicate directly, as it is and what we think. Then we save a lot of time and at least on my part, respect arises. Being open, openly admitting mistakes, and not being afraid to express your opinion to your manager is a big challenge – I respect and value such people.
– What do you think a modern business leader should be like?
– A modern leader must, first of all, respond very quickly to constantly changing changes – be it a pandemic, a geopolitical crisis, climate change, fluctuations in financial markets, or constantly changing regulations. At the same time, despite the constantly changing conditions, a leader must form clear goals and mobilize the team to achieve them. I believe that the best results can be achieved by choosing clear directions of activity and becoming the best in those areas.