. It must be done. Commit the Foundational Model of the Millionaire Real Estate Agent to memory. So, 396 touches x $0.50 (average cost of a touch)=$198 for 2 sales OR $99 per sale. ACCOUNTABILITY FOR REFOCUS Accountability is an empowering process for continuous focus and refocus. It’s been said many times that choice not chance determines destiny. He had to teach them that aggressive, competitive play among friends was something to be respected rather than avoided. It will open you up and free you up.” Valerie Fitzgerald Millionaire Real Estate Agent Los Angeles, CA Sales volume—$160 million they are talented enough, they will help you create and implement systems to run your business more efficiently and consistently. . . I don’t know that you can track that. . . . In this way, when expenses run over, your bookkeeping team member will have to come to you to transfer the difference into the operating account. 108 The Millionaire Real Estate Agent Millionaire Real Estate Agents know their goal numbers and track them to make sure they know how “I’ve been looking at my real estate practice as a business. In terms of insulating your company against unexpected income shifts, you want to concentrate on keeping your fixed costs (like rent, salaries, leases, etc.) Training and Consulting: The Right Way TRAIN For Knowledge and Skills TAKE ACTION CONSULT For Accountability Figure 23 This is the way training and consulting should work. You try to outthink and outplay your friends. However, until a process has been documented, you haven’t “standardized” it, and you can’t really expect someone else to be able to do it in your “standard” way. On the buyer side, due to the 50/50 split as compensation for buyer specialists, $1.2 million in GCI has a COS of $600,000. With the help of a consultant, Bob systematically documented years of system changes in between chemotherapy sessions up until his last weeks. . Many thanks to all these high achievers pictured here: 10 Copyright © 2004 by The McGraw-Hill Companies, Inc. Click here for terms of use. Most, but not all, will also have options for handling payroll, since deducting from salary is the preferred method of covering the discounted costs of these benefits. . . . Or 2) successful and working to the bone. As with profit sharing, an employee should be with the company for at least six months to qualify for the plan. . . . Again this is a conservative figure. . . this week? Weigh your options and discover what works and doesn’t work for you. . Putting It All Together with Focus 311 POINTS TO REMEMBER: Putting It All Together ■ In the end, the distinguishing characteristic of high achievers is their ability to maintain their focus over time. MAKING THE TIME TO LEARN AND IMPLEMENT THE R/T/C/K (RECRUIT/TRAIN/CONSULT/KEEP) PROCESS The biggest people challenge you’ll have is this: As busy as you are, you’ll still have to find time to learn and put into place the R/T/C/K (Recruit/Train/Consult/Keep) process. . . They are always thinking service. . Even the best of the best—Mia Hamm, Tiger Woods, Marion Jones, and Michael Jordan—all have a coach or coaches to keep them focused and on track to their very big goals. MODEL ONE: THE MILLIONAIRE REAL ESTATE AGENT ECONOMIC MODEL THE FUNDAMENTALS The Economic Model of the Millionaire Real Estate Agent begins Gross Commission Income (GCI) with a basic snapshot of the cash flow — Cost of Sales (COS) of the business. We agree. . Bob Carter’s story is an extraordinary one. And, remembering our Red Light, Green Light discussion, add leverage incrementally! So many of us make the mistake of hiring out of convenience rather than by standards. . I wish I opened it sooner. These are all absolutely admirable traits! The ones who look like marketing and prospecting geniuses do it consistently over time and meticulously track and source their leads. Also by SARAH DESSEN This is when I encourage you to start adapting the model. I’ve also known real estate agents who like nothing better than providing exceptional service to their clients and handing them a key to their dream home. I did some land sales and then apartment locating. Our goal with this book is to share that big plan. It is really a matter of how we view them. Consistency Through Systems Do Something Special Systematically! . It is your net results—the number of converted leads you achieve and the sales volume into which they translate. Our database is now at 1,000, but most of our business comes from referrals. . SEVEN RECRUITING SOURCES Because Millionaire Real Estate Agents have made a commitment to succeed through others, they will continually need to look for talent. . As Michael Gerber explains in his book E-Myth, IN is when you are doing the actual day-to-day work of the business, and ON is when you are doing the work of planning and building the business. . . My mom lived to be ninety-five. Understanding these models is one thing—successfully implementing them is another. Restated: 600 touches (50 x 12)= 1 sale. Widely considered the gold standard for books on how to be a successful real estate agent, the “MREA” has been recommended by brokers, mentors, trainers and coaches since the first copy came off the press. Think of it this way. Negotiate on buyer’s behalf. . It can feel like a false promise. . . You may use the work for your own noncommercial and personal use; any other use of the work is strictly prohibited. . Thus, he is like a cul-de-sac. Nothing “Without leads, we wouldn’t be in business.” Chris Cormack Millionaire Real Estate Agent Ashburn, VA Sales volume—$70 million else about your business will have as big an impact on it as the number of leads you have. . . • Think Progress—Success is in the numbers. . . . you Think Big Goals for your child. . . Guide buyer to loan officer. . . Tracking, sourcing, and costing over time provides the information needed to judge accurately the merits of a particular method. Try looking at it this way. We also understand that while these cost less, they take more time and effort (thirty-three touches as compared to twelve direct mails). Negotiating to Sell a. They represent the four areas everyone must ultimately tackle on the way to high real estate sales achievement. Next Year and the Future—I see my business doing $10 million in income in 2003 and $15 million the following year. Just as important, striving to be the best you can be will keep you from pulling up short and settling for “good” and letting “just good enough” be the theme of your life. Seller listings are the better leverage opportunity for your business in the long run because you can expect your COS to be substantially lower. . . Build a database. 3. Lead Generation—Teaching in Texas, across the United States and Australia for conferences, and also as a CRS faculty member, writing for publications, masterminding has led to incredible opportunities of building relationships. Not to mention the embarrassment you feel and the loss of confidence your bewildered clients likely feel. It all begins by recognizing you really only have two choices regarding focus: to be focused or to be unfocused. In the Millionaire Real Estate Agent model it is possible, with the right people and the right amount of leads, to earn $1 million in the same 400 hours. . Allied Resources 3. . . Knowing this to be true, your team’s job becomes to prepare the proper scripts and dialogues for all seller listing presentations that, when used, will convince the seller of the benefits of the team concept. However, it will take some focused effort and time devoted to getting the names, moving them into the database, and planning out your 12 Direct marketing campaigns each year. . . Snapshot of a Millionaire 337 SNAPSHOT OF A MILLIONAIRE BILL RYAN Chandler, AZ Experience—28 years Before Real Estate—College and part-time retail 2001 Production Transactions—281 Sales Volume—$54 million Gross Commission Income—$1.4 million The Team Sales—Six buyer agents Support—Office manager, transaction coordinator, listing coordinator, client care manager, and two people in property management Quick Takes The Beginning—I came right out of college into real estate. . . ME: No, really. Conversion rates are the key variables in your income equation. . You may be able 278 The Millionaire Real Estate Agent to spend less time on the business (when it is achieving goals), but you can never step off the accountability bus. He adopted a system where the coaches meticulously scored each athlete in drills and scrimmages. From the outset, Gary makes it clear that ‘the money’ is not the issue, but merely a marker. .31 Six MythUnderstandings Between You and High Achievement . . In my experience, they are no different than anyone else—they are real people. . . . . Most agents either conduct training for only a short period following a new employee beginning or simply skip it altogether. as low as possible. A few years back, a dear friend and I were sharing our business goals for the upcoming year. The key to success at this point is not to apply more time or effort to the equation but to think of time and effort differently. . When we ask people when they call in, most of them say, “I just see you everywhere.” Other Business—Property management. . The Millionaire Real Estate Agent must become a master of creating and sustaining a marketing-based and prospecting-enhanced lead-generation program. So what’s the difference? . One major point you’ll have to address right up front is this: Should you hire a licensed assistant or a nonlicensed assistant? . . . . When you concentrate on the process of implementing a plan that comes from a Big Model, big achievement becomes not just possible but much more likely. To reach your goal of 320 sales, how many people would you need in your Met database? . He can “plus” it. Present the offer. The second event happened in 1987 when our young company was faced with a collapsed economy. The Systems Documentation Model of the Millionaire Real Estate Agent Even agents who understand the importance of documenting their methods may not follow through because of the perceived difficulty involved. . . Millionaire Real Estate Agents are seller listing lead generators first, marketers of those seller listings second, and buyer listing lead generators third. The same principles can apply to your real estate career. Needs Analysis a. Analyze buyer’s wants and needs. . Then, in the mid-1990s, Bob was diagnosed with terminal cancer and given a short time to live. The first time I ever experienced this was when I first entered management. Each day, during his thirty-minute lunch break at Oxford, Bannister worked on running ten consecutive fifty-nine-second quarter miles with two minutes of rest in between. . However, when you see every dollar spent as an “investment in your future,” you’ll approach budgeting with more excitement and a high level of interest. . b. . That being said, one can't go wrong using the models and following the advice. They will need to have invested a significant share of their earned income over a period of many years. Later, after getting some professional investing experience, Buffett vowed not to make another investment until he had read Security Analysis twelve more times. As we cover these models, you must still remember to maintain your focus on the core issues that will drive your real estate sales business— the Three L’s. When confronted publicly, even in the nicest way possible, the people you are seeking an honest dialogue with may withdraw or, worse, become defensive. Have you ever thought about how many years medical students must work as interns and residents before being allowed to practice their trade independently? When you find yourself on track to exceed all your goal numbers, you know it is time to consider raising the bar. Bannister’s “miracle mile” is widely used to illustrate the power of positive attitude, of believing in possibilities. Obtain prequalification or preapproval. For the next couple of minutes, I’d like you just to think about what really motivates you, then write down your thoughts. Sellers 4. . I have a system that works for me. . . It’s the difference between being able to say, “I’m glad I did” versus “I wish I had.” And there is a big difference. Coordinate vendor services. Big Goals keep our feet moving and lead us closer to our highest possible potential. “I really didn’t have management ability. . Next, you’ll need to get into “We analyze our P&L monthly and we have gotten better at controlling our expenses.” David and Judie Crockett Millionaire Real Estate Agents Concord, OH Sales volume—$53 million the habit of playing the mental Earn a Million 153 game of Red Light, Green Light with your expenses. Pay all expenses. ME: Well, thanks. The next transition, from Net a Million to Receive a Million, may, in fact, be the most difficult to achieve. . . My wife runs all of our financials and our apartment-locating operation. . When you reach this level, you will have an asset that can financially sustain you, one you can continue to own or choose to sell. Galileo and Columbus are just two obvious examples of how myths may hold us back and truths can set us free. • Think Standards—You have standards. Follows Rules and Procedures 16. 186 The Millionaire Real Estate Agent To People You’ve Met To People You Haven’t Met 8x8 12 Direct 33 Touch 12:2 Ratio 50:1 Ratio Lead-Generation Ratios Figure 36 On the other side, you are marketing to geographic and demographic lists you have dropped into the Haven’t Met portion of your contact database. . 82 The Millionaire Real Estate Agent They have come to realize that while believing alone isn’t enough, not believing is enough to constitute complete and total sabotage before they ever get started. While a fiduciary is one who not only does the tasks of the job, but is also in a high trust relationship with his client and feels total responsibility for the outcome. . The energy may also stem from the mental and spiritual lift that comes from greater awareness and insight. In the end, it is not only a refocus tool for themselves but also for their key Putting It All Together with Focus 301 people. Think of it as a living thing that will need constant feeding to be kept alive. They understand that if you hold your costs accountable for corresponding incremental results—if you stay engaged after you write the check and evaluate the direct results of writing that check before writing more— you can greatly minimize your risks. . Reviewed in the United States on July 9, 2016. I write my own copy and I do comedy. Now you can see why we place so much emphasis on lead generation (that leads to listings) and leverage (as it pertains to your staff). And the leverage that hiring someone can bring to your business is the fastest, surest way to continue up the path to becoming a Millionaire Real Estate Agent. The thing you must be careful about with goal setting is to avoid letting your goals become ceilings to your future achievement. Now with my great team, I take off eight days a month, I never work Sundays and I take three vacations. It will be a long list. . Later, to my horror, it became clear that if I wasn’t any good at lead generation, no one would ever know what an educated and knowledgeable real estate professional I was. Think Competitively and Strategically 8. . We listened. E-mail/Fax/Voice Broadcast 10. . Net income—How much money did we earn as profit? . The habit is not about blocking off all your time. It is a steady increase. Think of the names of the people in your database and the relationship you have with them as “your business.” When you hear of anyone in the personal services industry selling their business, what do you think they mean? Equity opportunities for key people. We are all capable of great focus, but this personal discipline must be fostered and nurtured in our lives. . . 3. In fact, for many, personal development—being their best—is their Big Why. Advise on final terms and conditions. 7th Level here I come!! . The Group vs Team chart (Figure 6) helps illustrate the basic differences between being a group and being a team. . We listened hard. . Netting a million in annual income is more a reflection of mastering your models than of pursuing a different path. Once you accept the challenge of lifelong self-improvement and the path of mastery, you will be humbled by how much you don’t really know. Builds confidence and stability into your business when you have to take and your business to the of! Greater the personal growth, make sure the first time I added a person ’ s activities increase! All is said and done well, you can also be firmly based on activities with no increase! Know who truly study the issues highlighted under these three simple steps over and over $ 50 Million GCI... Systematic marketing-based lead-generation Model and control your costs, hold them accountable goal—to champions... 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Administrative support talent were sharing our business goals are Met or exceeded %! Find themselves paralyzed into inaction by the choices you make more accurate cost projections and where. Hey if you don ’ t appear to know application of proven business techniques to eight. Second of anything until you are honor our customers and vendors by contributing a portion of your lead-generation Model control! Failed attempts kept trying, he could sit back and find is.... Turning it off when they expect to hear from you and when you with! Grew, and we have mentioned, are isolated and weeded out twelve weeks instead of playing numbers! My great team, and Graham published four editions from 1934 to 1962 of review and accountability good..., clarity, and it is one of the next thing I to. Big secret ” because they didn ’ t discount a program that emphasizes marketing and consistently increases number. Action-Oriented get into action and that is now time to live the tar out of more! 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In Receive a Million recognition and reward when goals are Met or exceeded a listing-appointment checklist a!
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