The Millionaire Real Estate Agent (MREA) Book Club Guide

Transcription

1 The Millinaire Real Estate Agent (MREA) Bk Club Guide An MREA bk club is a great way fr agents t strengthen their skills and understanding f The Millinaire Real Estate Agent in a mastermind-type envirnment. Segmented int furteen sessins fr tpic discussin, this guide will help yu make the mst ut f yur bk club meetings. Sessin One Intrductin Reading assignment: pp Intrduce yurself and have thers intrduce themselves as well. Ask what attendees hpe t achieve frm attending the bk club. Intrduce the bk and tell them abut ur cmpany. Our missin: Careers wrth having, businesses wrth wning, and lives wrth living. The Millinaire Real Estate Agent (MREA) is ne f the ways we hpe t fulfill that missin. It s the best-selling career guide f all time. We like t think f the MREA as the blueprint fr a great real estate career, and ur MREA curses are the plans and specs fr getting yur business built. The imprtance f mdels befre creativity The fundamental mdel Leads Until yu have enugh t hit yur gals, everything else is a distractin. Listings Take less f yur time and prvide mre pprtunities t market yur business. Leverage When yu re ding all yu can, get help. Sessin Tw Six Mythunderstandings Reading assignment: pp Intrductin f new peple, aha s frm the previus sessin, and reintrductin f peple frm the last sessin Ken Blanchard tells us that the human mind and the cmputer share ne startling trait they bth believe whatever we tell them. We ve all heard the ld saying abut cmputers: Garbage in, garbage ut. The same thing is true f ur minds. The purpse f this meeting is t shed sme light n sme f the ideas that might be hlding us back and discuss ways t get past them. Walk thrugh the Six MythUnderstandings and talk abut examples in yur life when yu ve faced yur wn limiting beliefs. Encurage thers t share their wn challenges and hw they have vercme them Keller Williams Realty, Inc. 1

2 Sessin Three The Nine Ways an MREA Thinks Reading assignment: pp The Big Why Ask if anyne wrked thrugh their Big Why and wuld like t share. Invite them t take minutes and wrk n it. Share and discuss. Tapping int yur persnal mtivatin is the number ne way t get a career jump-started r back n track. We ften mistake a lt f activities as difficult (i.e., methdically calling past clients r writing five persnal ntes each day) when really they are just nt enjyable. Reminding yurself f the utcme what yu re ultimately in the game fr is a great way t push past yur inner resistance and int prductivity. Sessin Fur The Three L s and the Eight Gal Categries Reading assignment: pp The Three L s are abut fcus. They bring pririty t ur daily activities and tell us what s imprtant in ur business. Discuss the 80:20 Rule with the grup. This is a pwerful and fundatinal cncept fr ur cmpany. It s what pwers ur (discussed later in Net a Millin) and time blcking activities. Our parents always tld us t eat ur vegetables first; it s the same with ur business. It s leads first, listings secnd, and leverage third. The Eight Gal Categries are the dashbard f any thriving real estate sales business. Treat it like a business! Sessin Five The Fur Mdels Reading assignment: pp Intrductins f new peple and aha s frm the previus sessin Give an verview f each f the fur mdels. The utcme f this sessin is that everyne understands hw they wrk and why they are imprtant. Ask fr aha s and reflectins. This meeting is setting the fundatin fr the fllwing sessins where, tgether, yu ll wrk thrugh the individual mdels, s try t make sure everyne grasps the imprtance f fllwing the fundatinal mdels and that they have a basic understanding f them. This is Small Business 101 fr real estate sales prfessinals Keller Williams Realty, Inc. 2

3 Sessin Six The Ecnmic Mdel Reading assignment: pp Review the MREA Ecnmic Mdel. Get aha s and feedback. D they think it is pssible in their market? Red the MREA Ecnmic Mdel with yur lcal numbers (average sales price and average cmmissin). Use the mdel n p. 181 t wrk backward t the number f appintments per mnth. Nte: Prepare these numbers in advance and write them n a whitebard r flip chart. Yu might als chse t subsequently wrk the ecnmic mdel fr a big step n the path t MREA, say $100,000 in net incme and the appintments per mnth t achieve that gal. Sessin Seven The Lead-Generatin Mdel Reading assignment: pp Review the MREA Lead-Generatin Mdel. Get aha s and feedback. What wuld it take t build a database f Mets r Haven t Mets in their market t reach that gal? Hw many cntacts wuld they have t add t their database each day t reach that number? Yu might mentin the Daily Challenge f Ignite, which is abut making 10 new cntacts each day. Dne faithfully, that s 2,500 Mets added each year (10 cntacts x 5 days a week x 50 weeks = 2,500 Mets). Nte: Prepare these numbers in advance and write them n a whitebard r flip chart. Yu might als chse t subsequently wrk the lead generatin mdel fr a big step n the path t MREA, say $100,000 in net incme and the appintments per mnth t achieve that gal. Sessin Eight The Budget Mdel Reading assignment: pp The fundamental lessn f the MREA Budget Mdel is t treat it like a business! An easy way t keep it simple is the Rule. Thirty percent f yur grss revenue will g t cst f sales, 30 percent will g t expenses, and yu can bring 40 percent t the bttm line as net prfit Keller Williams Realty, Inc. 3

4 Hw many businesses can bast a 40 percent bttm line! Grcery stres perate n a 1 percent margin! If yur number deviates frm the rule, find ut why. Are yur fixed expenses t high? Is yur split with yur buyer agent t generus? And then, when yu knw why, ask if yu re happy with that. If nt, make the change. Sessin Nine The Organizatinal Mdel Reading assignment: pp The big questin agents have here is, When? The answer: When yu are ding all yu can d! Mst tp agents tell us that yu can d as many as 36 transactins a year alne with fcus and systems. Fr sme, it s less; fr thers, it s mre. Whatever the case, make sure yu have the sustained lead generatin t accunt fr this new and sizable fixed expense. A gd assistant shuld immediately translate t mre prductivity. They pay fr themselves, s dn t keep paying them if they aren t ding s. Briefly discuss Recruit-Select and the necessity t fllw the mdel fr making a great hire. The last things yu delegate: Lead generatin Lead fllw-up and cnversin Making presentatins Negtiating cntracts Yur assistant can facilitate these activities (e.g., create call lists fr yur prspecting) but yu still have respnsibility fr ding them (e.g., yu make the calls). The cmpensatin mdel n p. 209 is key. Many agents create cmpensatin packages that scale and end up seeing their net incme g dwn while their prductin ges up. Their life gets crazier while their incme is ging dwn. Dn t make that mistake. D-vers and takeaways are never fun. Begin with a big picture f hw big yur cmpany can grw and dn t let yur cmpensatin package undermine yur persnal incme. Sessin Ten Net a Millin (Leads and Listings) Reading assignment: pp The highlight f this sessin is likely t be 4. Weighing Yur Optins. Encurage discussin abut lead generatin techniques with which different members have enjyed success. Invite ideas but, as the facilitatr, try t always ask the hard questins: Are yu measuring yur success? Des this 2012 Keller Williams Realty, Inc. 4

5 really wrk cnsistently? Hw can yu make it autmatic? Can it be systematized? Remind everyne f why listings are s imprtant. It is easier t manage ur time with listings, we can d mre each mnth, and they allw fr many marketing pprtunities. Ask fr ideas n hw t market fr listings and prspect. Sessin Eleven Net a Millin (Leverage) Reading assignment: pp Intrductins f new peple and aha s frm the previus sessin Start a discussin abut hiring talent. When is it apprpriate? Wh is ding it nw r has befre? Share stries. Fr thse wh have assistants r staff, encurage a discussin and any aha s arund the R/T/C/K mdel (nw RSTLM). Hw are they recruiting talent? Are they training and cnsulting their hires? What are the challenges? Highlight the difference between Cul-de-sac and Capacity Talent. When yu hire Capacity Talent (wh can plus the psitin), yu just have t keep up grwth will happen. Standards and accuntability dcumenting what yu expect is a great way t keep yur standards present and shared in yur business. The mdel n p. 244 is wrth its weight in gld. When Gary Keller riginally created the Systems Manual fr running a Keller Williams ffice, he fllwed this mdel. Sessin Twelve Net a Millin (Mney and Yu) Reading assignment: pp Intrductins f new peple and aha s frm the previus sessin Fcus is intertwined with achievement in an abslute sense. The questin is hw t keep it. Encurage discussin abut hw we get distracted and what we can d t regain ur fcus. Walk the grup thrugh the Truth: If it s really in yur 20 percent, it has t be n yur calendar. Time blck fr whatever is imprtant and, as Gary Keller says, If yu erase, yu must replace! Life happens, but when it des, recapture the time yu had allcated t that task as sn as yu can Keller Williams Realty, Inc. 5

6 Sessin Thirteen Receive a Millin Reading assignment: pp When discussing Receive a Millin, it s a gd time t remind everyne abut their Big Why. What is it we get frm the MREA jurney? Dllars per hur is a great tpic t discuss. Very few peple put a value n their time. In ne Mastermind sessin, Canadian agent Rick Brash shared that his team charged an up-frnt, nnrefundable fee f $499 t buyers wh wanted t wrk with his team! There s smene wh knws the value f his time and has the validity t ask fr it. When agents get caught up ding things utside their 20 percent fcus, their dllars per hur g way dwn. Hw can we get leverage t d the mst dllar-prductive activities and keep ur fcus where it belngs? The three key hires is anther gd discussin tpic. The emphasis here shuld be n making a stand with each f these critical hires. If yu hire the right administrative talent, they will hire any ther administrative talent yu need and even replace themselves, if necessary. The same ges fr the lead buyer specialist and listing specialists. Sessin Furteen Putting It All Tgether Reading assignment: pp On p. 291 is a list f the five steps t achieving fcus. All f these are great discussin pints. Are agents setting their gals and putting them in writing? Are they time blcking s that the 20 percent that must happen gets dne? Wh brings accuntability t this prcess? Suggest resurces: KW MAPS Caches, the Team Leader r Prductivity Cach, a peer partner, etc. Whmever they chse, it needs t be a frmal arrangement where yu ve given the accuntability partner permissin t be hnest and frank abut perfrmance. Is their envirnment (ffice, team, family, spuse, etc.) supprting their gals? Are they taking care f themselves? The Energy Plan n p. 308 is a pwerful mdel. It s abut having a great fundatin fr every day and finding yur balance when it has been lst. Ask if peple will make cmmitments t taking care f themselves, as suggested. Visit KellerINK.cm fr mre infrmatin and additinal resurces Keller Williams Realty, Inc. 6