The Three Key Hires of a Millionaire Business

One of the great business truths is that it doesn't take a lot of people to make a lot happen. Yes, by the time your business reaches the 7th Level, there will be a lot of people involved. But in any well-organized company of any size, the leader has only to focus on a few key personnel who make all the rest happen. We call this the Three Foot Rule, which demands that we make sure everything within our reach (usually three feet) is magnificent. Applying the Three Foot Rule to your organization...

Hire Talent

The fundamental principle guiding any hiring decision you ever make is this Always strive to hire talent. We say someone is talent when she is a superb match for the criteria you have established for a particular position. By this we mean her natural abilities, skills, experience, and aspirations all line up around the job description and give them every reason to succeed at a very high level. This allows you to judge people against clear criteria instead of judging them as people. A candidate...

The only way to get at these We focus now on lead tracking

' nnmhrtrp if trio 7 T7Aiir min conditions, the effectiveness of your presentation, the quality of the leads, and the consistency of your follow-up. Our extensive research and experience can guide you to some solid benchmarks As a result, we have increased our speed of response and our percent of conversion. David and Judie Crockett Millionaire Real Estate Agents Concord, OH Sales volume 53 million numbers is to track your lead-generation efforts carefully and get a firm grasp of your...

Snapshot Of A Millionaire

Before Real Estate Professional bartender (fifteen years) Transactions 356 Sales Volume 113 million Gross Commission Income 3 million Sales His partner Jennifer and eight buyer agents Support Office manager marketing director, two transaction coordinators, a listing coordinator, and a full-time courier The Beginning I was a bartender for fifteen years. I went to one year of college. I knew the only way I could make a lot of money without a great deal of education was in sales . . . some larger...

Take Action

This is the way training and consulting should work. You train someone initially to understand the job, learn the skills, and develop the systems required to do the job at a high level. He then starts taking action. Every week, you meet with him to review his goals, priorities, and weekly tasks, and to hold him accountable. As necessary, you'll also be making sure he gets the additional training he needs to continue his growth and improve his ability to excel at his job. Just like you, your...

Introduction

The greatest truths are the simplest, Everyone is on track to be a millionaire. I'm certain that given a long enough time line, everyone would reach the million-dollar-income mark. This approach is called the Methuselah Method. According to tradition, Methuselah was the oldest man who ever lived. It is believed he lived 969 years. Now, I'm convinced that even if he were the worst money manager of all time at some point he was considered a millionaire by the standards of his era. Unfortunately,...

The Accountability Process

Basically, accountability is a process you do with someone else. It's hard over time to hold yourself accountable to tough goals. To be effective, it relies on your ability to accurately track your activities and the results you get. If you open up your dictionary to the word accountability, you'll see that it is derived from account, which means to furnish a justifying explanation. It means to answer for. Accountability is about defending your activities to an objective observer. It is funny...

Doing the Math

Working backward, after adding back in COS and operating expenses, you will need approximately 2.4 million in GCI to net a million dollars in personal income. Here is a snapshot of the simplified version of the Economic Model There are two primary sources of income driving your GCI seller listing sales and buyer sales. Of these two, seller listing income is Figure 29 the most important. Seller listings provide the greatest opportunity for net income they are a marketing platform and a key...

The Three Key Areas of Your Organizational Model

We've identified three key aspects of your Organizational Model that can make a big difference in your chances for success. The first area is about acknowledging when you need help and then seeking the right kind of help. No matter what you might think, the first person you hire should always be an administrative assistant. Second, you need to hire T-A-L-E-N-T. Hiring talent is the key to gaining leverage in your business life. Lastly, you'll have to learn to train and consult with your staff....

If you are consistent and build a great team around you it snowballs

Sherry Wilson Millionaire Real Estate Agent Purceville, VA Sales volume 102.6 million Progress is about quantity and repetition. Success is in the numbers. David Bayles and Ted Orland in their enlightening book, Art & Fear, tell the story of the ceramics teacher who divided his class into two groups One would be graded solely on the quality of their work and the other would be graded solely on the quantity of their work. He was very straightforward about his grading criteria. The group...

The Fundamentals

The Economic Model of the Millionaire Real Estate Agent begins with a basic snapshot of the cash flow of the business. At its simplest, the Economic Model looks like this All we've really done is just break the expenses category we presented earlier for the average agent into the two expenses of the Millionaire Real Estate Agent cost of sales and operating expenses. Now, to help make sure there are no misunderstandings going forward, the four elements of our model are defined as follows Gross...

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. Writing a manual is something they've never done and usually appears to them to be very difficult. It's not difficult, it just takes time time that could be spent listing and selling homes. The truth is that documentation does require some patience, persistence, and organization. That's why we advocate that you enlist the help of your first hire...

Authors

Gary Keller is founder and chairman of the board of Keller Williams Realty International. In addition to writing, teaching, and consulting, he continues to provide strategic direction for Keller Williams and his other companies. Gary established Keller Williams Realty with partner Joe Williams in 1983. The company began franchising in 1987 and expanded to Canada in 1999. From 1995 to the present, Keller Williams Realty has become one of the fastest-growing real estate companies in the United...

Staying Focused on the 20 Percent

I call five people in the first hour of right back int0 it t0 advise, the day rnd 1 do lead foUow-u.p the consult, or simply make an second hour. The rest of the day is for executive decisi0n. It will appointments with sellers and buyers. increasingly become a chal- Millionaire Real Estate Agent lenge t0 stay focused on the San Jose, CA cornerstones of your business Leads, Listings, and Leverage. The busier you get, the busier you get this is a truth you will definitely come up against. One way...

Mythunderstandings

Over the course of my life, I've come to believe in the wisdom of Dr. Karl Menninger, who pointed out that in his experience fears are educated into us, and can, if we wish, be educated out. The Millionaire Real Estate Agent models we reveal in this book embody basic principles that we believe are fundamental to real estate sales success at a high level. They represent the core activities that must be successfully and consistently done before massive sales...

Came from the insurance business so I know how to build a client base that brings repeat business

Russell Shaw Millionaire Real Estate Agent Phoenix, AZ Sales volume 50.6 million systematically execute. Once you've got the model, your entire focus becomes implementing the model. A series of systems you can follow will make this quite simple for you to do. You just need to do it To operate your database model, you first need to realize that you'll be trying to generate leads from two groups (1) people you have met and (2) a targeted group of people whom you haven't met. We refer to these...

Think Without Fear

Focus on the fear of failure, you're cooked. When you can't see the possibilities for and the potential rewards of success because the fear of failure has blinded you, it is time to There is no failure. You win or you learn. Either one is okay. stop for a moment and reflect. If you are a possibility thinker, Millionaire Real Estate Agent that means you believe you can Big Bear Lake, CA do this it is possible. But to do this, you will have to do something. You'll have to take action. If you take...

Info

Figure 1 Mega Agent Mastermind Group, Day One Figure 1 Mega Agent Mastermind Group, Day One Front Row Patty Ancona, Judy Johns, Betsy Scheffe, Chris Cormack, Mary Charters, Krisstina Wise Anderson, and Terri Brenkus. Second Row Melissa King, Terri Pescatore, Rae Wayne, Steve Scheffe, Peggy Richey, Jo-Ann LaBuda, Nikki Ubaldini, Linda McKissack, Jim McKissack, and Marie Zic. Back Row Steve Johns, Aaron Lancaster, Dave Johns, Jeff Pantanella, Marc Nicholson, Andy Allen, Mike Mendoza, Martin...

Preface

If I have seen farther than others, it is because I was standing on the shoulders of giants. Several years ago my son, John, and I were driving and listening to a book on tape. In the story, a shepherd's son has come of age and goes out to spend his first summer alone tending the sheep in the hills above the village. One night, he awakens to the sound of a wolf howling nearby. The night is black and he is seized by fear, but he dutifully grabs his rifle and races out into the darkness to...

How to sell real estate at our level

Unlikely to be a serious issue until We tell them they are on a Super you hire your first assistant. The Bowl Team. We expect the best. trouble most of us have is in com- Millionaire Real Estate Agent municating our standards and Ashburn, VA then enforcing them. When real Sales volume 70 million becoming employers and having a staff, they're often stretched to the limit and need help badly just to handle their current load. Because of that, they're often so grateful just to have help that they...

Building a Twenty Lane Highway for Your Future

How you think in the beginning really matters. Having learned this early in my career when I faced an uncertain future brought on by the late 1980s shift in the real estate market, I vowed to make thinking my first action step. And I was immensely rewarded. One small example of how thinking first changed my actions was in how I started answering my telephone. I had the ambition of building a large real estate business but had only two local real estate offices and no...

Hiring Capacity Talent vs Culdesac Talent

The biggest mistakes we make are to hire too quickly and take too long to fire. You really can't change people. Allan Domb Millionaire Real Estate Agent Philadelphia, PA Sales volume 135 million Although it would be natural to assume that talent is talent, you would be mistaken if you thought that. Talent is not just talent. As you begin to hire more than one person for your team, you will soon discover that there are broadly two types of talent capacity and cul-de-sac. Capacity talent is...

Before You Work to Earn

Let's go back for just a second to our mountain-climbing analogy. If becoming a Millionaire Real Estate Agent is like climbing Mount Everest, then let's consider the first stage, Think a Million, as Base Camp. I can't emphasize enough that the quality of the preparations you make here will largely determine how high you will be able to climb. How well you prepare can also save you from some unwanted and unintended consequences that could lead to real setbacks. Many top sales producers report...

We have documented all our systems and put them in our operations manual We run it like a business

David and Judie Crockett Millionaire Real Estate Agents Concord, OH Sales volume 53 million and Leadership D is hard to find, but when present, the agent has the best of both worlds Strong momentum from their Business D, powerful drive from their Leadership D. In our industry, the main challenge for real estate agents is bringing Business D to the organization. Many high-achieving agents have difficulty making this happen and aren't comfortable depending on systems and tools to move their...

The Positioning Battle

One of the great ahas I took away from reading the marketing classic Positioning The Battle for Your Mind, by Al Ries and Jack Trout, was the idea that the human mind is an inadequate container. The basic idea they share is that under the constant bombardment of advertising and marketing, the human mind becomes saturated by brands and can hold only a finite number at any one time. Ries and Trout cite the work of Harvard psychologist George A. Miller when they assert that the maximum number of...

Making the Time to Learn and Implement the RTCK Recruit TrainConsult 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. If you are going to hire someone, learn to hire the absolute right person for the job. Someone who can do the job, solve difficult problems, and think at a high level. If you're going to hire a truly talented person, you'll also need to learn how to train and consult her to be effective. And if you're going to hire,...

Listings make the business and signs are our best source of leads

David and Judie Crockett Millionaire Real Estate Agents Concord, OH Sales volume 53 million 1. Seller listings mean marketing opportunities a) You get to put your sign in the front yard (and maybe directional signage, as well). b) You get to market the listing through direct mail and e-mail, etc. c) You get to advertise the listing through newspapers, magazines, the MLS, your website, etc. 2. You have more control of your time. There is usually not the sense of do-it-right-now urgency with...

O

CURRENT Tasks and Functions of the Job FUTURE Tasks and Functions of the Job CURRENT Tasks and Functions of the Job This individual would have great capacity to PLUS the current job and grow with your business. This individual would have great capacity to DO the current job really well. The thought I want you to consider is this Capacity talent might plus or improve the job, or someday even replace you on many additional tasks and functions you currently do. Cul-de-sac talent won't be able to....

The Hiring Path of the Millionaire Real Estate Agent

So many agents make the mistake of seeking sales support first, usually buyer agents. As we've asserted before, salespeople are not by and large particularly talented at creating and implementing systems, nor are they the best people to identify and employ the proper tools for your business. In essence, agents who hire a buyer agent first have hired someone who is poorly suited for at least half of his job. In our experience, an agent should first hire administrative help. This allows the agent...

Profit Sharing

Profit sharing is a great method of supplemental compensation. Magical things can happen when your staff is as focused as you are on net profits. They tend to do without unnecessary expenses and police themselves on spending. However, what profit sharing absolutely requires is open books. You will need to disclose the books fully on a regular basis. If this makes you uncomfortable, then you should consider other options. While profit sharing can happen on a monthly or quarterly basis, we...

Unstable

In The Millionaire Real Estate Agent I will present to you a set of models. They are based on the actual experiences of the very best in our industry. I strongly encourage you to accept what they have learned to be true and then, by applying these models, use their successes as your own launching pad. Once you've implemented these models and feel you have a thorough understanding of them, I encourage you to innovate around them to see if you can improve the results. That's implementation before...

The Budget Model of the Millionaire Real Estate Agent

There are two key areas of expenses This is the cost of acquiring the income and includes the salary and commission of a listing specialist and the commission of buyer specialists. Total Cost of Sales** 29.2 700,000 This is the cost to generate leads and run the business. Key categories here are The Big Two (Salaries and Lead Generation) make up 72.6 of Operating Expenses Salaries 41.1 Lead Generation 31.5 9 Occupancy 6.8 Phone 3.4 Supplies 3.4 Education 3.4 * Reflects percentage of annual 2.4...

The Opportunity of the 7th Level

As we discussed earlier, as your business grows you will discover seven distinct and separate levels you can progress to or move through, depending on your goals and If you don> t treat it like a it your ability to master your current level. These levels are really seven potential won't become a business. Now that I have a real business, I work because I want to, not because I have to. Bill Ryan models of people leverage. Millionaire Real Estate Agent At level one, it's just you Chandler, AZ...

Your Strategy Generate Leads and Move People into Your Inner Circles

Our business comes from referrals and reputation, but we still do a lot of marketing. We mail to our client base quarterly and to our farm area monthly. Jill Rudler Millionaire Real Estate Agent Westerville, OH Sales volume 58 million Let's briefly walk through this strategic model. The General Public is just that the people out there whom you haven't met and who don't know you. You will use a large variety of prospecting (you find them) and marketing (you attract them and they find you)...

Mail to my database of 7000 every month and I try to make 100 pastclient calls a day I also do my own PR I give the

Allan Domb Millionaire Real Estate Agent Philadelphia, PA Sales volume 135 million actively can give you the leverage you'll need to generate a large number of leads. Then, you might ask, why do prospecting at all You will continue to do a certain amount of prospecting because this is your way of keeping your business in an active vs reactive state. By regularly prospecting, you will continue to keep your hand in proactive customer-creation activities that will be critical to your ability to...

The Eighth Goal Category of the Millionaire Real Estate Agent Personal Education

If there is one thing that our experience has shown over the years, it is that Millionaire Real Estate Agents are always focused on personal development. For themselves, they attend seminars, seek out consulting relationships, and require their staff to do the same. They are always looking for ways to improve how they and their staff operate professionally and personally. Your personal education goal category will show up in your thinking as 1. What knowledge do I need to learn What skills do I...

When Your Money Works for

Like so many other kids, my first real job was mowing yards. I canvassed the neighborhood with my signature flyers (with the tag line You Grow It I Mow It) and quickly had eight or nine yards to mow, edge, and trim each week. Well, summer rolled around, and our family had a weeklong vacation planned, so I recruited a friend down the street to take over my business while I was away. My friend was eager to help, and had let drop several times that he'd be happy to take over any yards I was tired...

Your Role and Responsibilities

The role of the Millionaire Real Estate Agent in a 7th Level business is very clear. It is the same role that every successful business owner has accountability. You're never released from this responsibility until you decide to sell the business and pass the mantle of accountability to the next owner. At the end of the day, the buck stops with you. It is your business, and you are accountable for its financial success. You may be able to spend less time on the business (when it is achieving...

Millionaire Real Estate Agent

You have to track your numbers Millionaire Real Estate Agent Chandler, AZ Sales volume 54 million It's the fourth quarter, quick, what's the score, who has the ball, and how much time is left Don't you expect everyone on your favorite football or basketball team to know these simple facts Of course you do. Everyone expects the players on her team to know the key information about the game at any point during the game and after. You're in business, you're treating it like a game, and you're no...

People need to stop wasting focus on what they could have done and focus on what they can change now

Tom Landry, Chuck Noll, Bill Walsh, and Jimmy Millionaire Real Estate Agent Johnson share the record aoem AZ for having the worst firstSales volume 50.6 million history they won only a single game. They also account for eleven of the nineteen Super Bowl victories from 1974 to 1993. One of the secrets to great success is to change your perspective on failure. You see, everyone experiences failures before they ultimately succeed. Some let their failures stop them. Some keep...

Affirmation

A long time ago, someone taught me to say, If it's to be, it's up to me. When I first heard it, I thought it was a great action affirmation. However, over the years, I've played with it a little bit and tried to center it more on personal faith than simple action. For a while I'd ask, If it's to be, why not me But as I would say it to myself, I still felt there was still some doubt persistent in the message. Now, I simply say, If it's to be, it will be me. We'd encourage you to adopt that as...

Lead with Revenue

The key to budgeting and spending is to subscribe to one critical discipline Lead with Revenue not expenses The basic idea is to try to spend only money that your business has generated. Or, to put it simply, make money before you spend it. The beauty of the real estate sales business is that the actual cost associated with getting a single buyer or seller listing is really quite low. With a proportionally small investment, you can generate revenue in your real estate sales business that will,...

How To Write Mvvbp

You, as the owner, help your best people grow and meet the standards you have set. In the end, people accountability is how you help them take your business to the highest level possible. While we have already outlined the methods for achieving accountability weekly meetings and the consultative interview and the system for quantifying goals and standards the goals to action worksheet , what you must take away from this section is an understanding and acceptance that people accountability will...

At first my motivation was money Now God and family come first I like my lifestyle

We hope you've got a good idea of what your Big Why is. Chances are you wrote Jack Gross Millionaire Real Estate Agent Bethlehem, PA Sales volume 132.1 million discuss later in this chapter, long ago, I discovered the magic of business goal categories. Each year I simply choose the next achievement targets in each category rather than re-creating the whole system. For me, business goals are part of a larger personal strategy designed to push me to my limits and make me grow....

The Millionaire Real Estate Energy Plan

Early in my professional career, I discovered a simple program to harness energy for my life and pull me through the day. It is deceptively simple, but it is also one of the most powerful things I've ever done in support of my goals. Having a steady supply of positive energy is invaluable for the entrepreneur I call it the Millionaire Real Estate Agent Energy Plan a big plan for big energy There are five areas in which I need energy. Most likely, they are much the same for you. I need spiritual...

The Millionaire Real Estate Agent Three L S

Listings are the high-leverage, maximum-earning opportunity in our industry. Conventionally, your income from having a listing sell is no different than closing on a similarly priced home for a buyer. What separates the two is the amount of time necessary to work them. In our experience, a highly productive individual can personally obtain fifteen to twenty-five seller listings per month. The same agent would be hard-pressed to sell homes to seven or eight buyers a month for any prolonged...

Sticking to the Budget Model and Controlling Your Costs

One of the hardest tasks you will have to address is sticking to your Budget Model. Unless you have owned other successful businesses or are If we work hard to make it. . . agents with formal business we need to work doubly hard to keep it.' Millionaire Real Estate Agent may be challenged in this Phoenix, AZ area up front. Budgeting is Sales volume 60 million not so much a matter of specialized professional expertise as it is about a little know-how, some experience, and some discipline. It is...