Reading Time: >4 Mins
Reading time for Bolded parts: 1 Min
The Millionaire Real Estate Agent is the thorough how-to guide to become a Millionaire Real Estate Agent. The book has key business principles that are applicable to all business. The simple writing style of best selling author Gary Keller distills countless hours of interviews with Millionaire Real Estate agents into a simple formula. This book is a must read for real-estate agents and business owners.
In order to make your life easier, I’ve distilled 4 important lessons and provided personal examples how I’ve implemented them.
Lesson #1. Leads. Listings. Leverage is a universal principle for achievement
“Why?” you ask. The answer is simple. The leads, listings, and leverage principle is the model against which you gain feedback for what works and what doesn’t work. In the arena of real estate, this principle is the key 20% of actions in that lead to 80% of the results.
Note, this principle applies outside of the real estate business. Let’s apply this principle to your dating life. Then apply it to a multi-level marketing business client I was coaching.
Lets say for example that your social calendar is frustrating low for prospective dates. Your solution to this problem so far is an indirect way of winning people over by learning how to cook. You rationalize this action by saying to yourself “If I learn how to do cool things I will have more dates!”
Sorry to say this method is ineffective since it is improperly sequenced.
Learning how to do cook will help keep people interested in you only after you have people to share your cooking with. But if you don’t open your mouth and talk to more people (i.e. generate more leads) no one is going to know about you.
Instead, focus on the essential of generating more “leads” then you have more people to enjoy your cooking expertise. Instead of vice versa where you are left wondering why no one is around for your cooking.
By focusing on generating more “leads” you are guaranteed to start filling up the calendar.
Another example, I was coaching a client in a Multi-level marketing business using the principle of increasing leads. He was frustrated since his business was running in all different directions. Within one day, I helped him focus on generating leads instead of getting caught in the weeds. With my help he doubled the amount of leads he was normally achieving! He will now be able to focus on conversion rates and systemizing his productivity!
All thanks to the little principle above. Speaking of systemizing let’s talk about systems.
Lesson #2: Systems are key to consistent outstanding results
“Systems are simply the repeatable processes that allow us to duplicate magnificent results easily.” (pg. 106)
The keyword here is consistent. Outstanding results can be produced once or twice is a nice parlor trick but when you systemize them and produce them at will that’s when your cooking with fire.
Reading the quote above lead to a personal “AH-HA” moment. For years I had been victim of inconsistent performance. Having an excellent performance one day and then having a mediocre performance another. Living in fear wondering if “I would be able to reproduce the excellent performance ever again?”
After reading “duplicate magnificent results easily,” it became apparent to me that creating personal systems to duplicate my excellent performance takes the “guesswork” out of excellent performance.
Gone are the days of haphazardly approaching something and hoping it would work. Instead I understand now, a systematic approach is better than a haphazard approach. Ergo, whether you are about to learn a new language or change your finances, take a systematic approach. The amount of time and frustration you will save is amazing.
An added bonus of systems is they become habits. For example, “When you get this down to a systematic level, then you’ve probably gotten it down to an automatic level.” Since you break a system down into repeatable steps the more you practice the system you do, the less you will think. Systems help move ideas from unconscious incompetence to unconscious competence. Talk about a win! To ensure you win, you must talk and learn about models (no, not the European kind!)
Lesson #3: Build from Proven Models
“The Model serves as a reference point that allows you to always know why you made the creative decision you made and where to return if your creativity proves unsuccessful.” Pg. 126
Have you ever tried to throw everything at a wall and see what sticks? I can totally relate. Unfortunately then you are attempting to recreate the wheel, instead of using what’s already in place.
A model serves as a reference point for you to build a solid foundation from. Now, you can learn more about the importance of models and “mental models” from books such as Seeking Wisdom From Darwin to Munger and The Personal MBA. What the Millionaire Real Estate Agent does differently is describe the “how” and the importance of working off models.
4 key models are associated with becoming a millionaire real estate agent: Economic, Lead-Generation, Budget, and Organizational Model. Leveraging these models will make you successful in Real Estate.
But the key here is to understand that similar models run our lives. There is an economic model, a health model, a career model, and an achievement model. Leverage them and succeed. (I recommend this solid economic Model for you here. Ramit Sethi-I Will Teach You To Be Rich)
Now that you know all this applicable information, lesson #4 is key.
Lesson #4: Identify and Avoid Sheer Folly
“Doing the research to determine how the money in your business should be spent and then not following it can be summed up in two words: Sherry folly.”
How many times in your life have you researched the details of something only to not change after you researched? You end up “should-ing” all over yourself.
Anytime you engage in researching and fail to follow through, you are engaging in “sheer folly.”
That is painful, particularly if you consider yourself smart or hardworking. Ask yourself the tough question How are you engaging in sheer folly in your life, if at all? How can you immediately act to change it?
In summary the four lessons are:
- Lesson #1: Leads, Listings, and Leverage is a universal principle for achievement
- Lesson #2: Systems are key to consistent outstanding results
- Lesson #3: Build from proven models
- Lesson #4: Identify and avoid sheer folly