February 21, 2016

The One Thing Book Review

The One Thing Book By Gary Keller and Jay Papasan

 

This post will be a review of The One Thing– The Surprisingly Simple Truth Behind Extraordinary Results by Gary Keller and Jay Papasan.  I will give a brief background on the book and what led me to this review, followed by the 3 biggest lessons I learned from it.  Lets get right in to it.

As a Keller Williams agent, Gary Keller and the concept of The One Thing are not new to me.  I know many of you in the real estate industry, regardless of your brokerage, are familiar with Gary Keller and Keller Williams in general.  The interesting thing about The One Thing is this is NOT a real estate book.  Yes, the theories can be applied to real estate, however, they can be applied to any industry, and thus this makes for a great business read in general.

The first time I read this book, I did so with complete bias.  I heard it being talked about amongst colleagues and how the top agents were using it to dramatically increase their businesses.  Being growth-minded, and slightly (evil grin) competitive, I wanted to take my real estate business to new levels as well, so I purchased a copy for myself to read.  I was so intent on applying the knowledge in the book to my real estate business, that I took in every word to see how I could apply it to my business, and business in general.  It wasn’t until the second time I read it for a mastermind session that I picked up on the fact that this book is a blueprint for your life.  By adopting the concept of The One Thing to every important area of your life, you could dramatically increase the your health, relationships, and spiritual pursuits as well.

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February 14, 2016

Your Mindset = Your Reality

Your mindset is your reality

Your mindset = your reality.

Your mindset decides for you whether or not you will book an appointment today.  Your mindset decides for you whether or not you will take that listing today.  Before you get in your car to go to the office, subconsciously, your mindset has decided for you whether today will be an extraordinary success, or if you will have an average day, like most people will.

What type of day do you want to have?

If you want to be average, like the majority of the agents out there, don’t spend too much time thinking about your mindset.

Oh, you want to be a rock star??

Well then, let’s spend some time focusing on mindset, and how to make sure your mindset creates a rock star reality for you.

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February 7, 2016

Who Are The 5 People You Are Surrounding Yourself With?

You Are The Average Of The 5 People You Surround Yourself With

Who Are The 5 People You Are Surrounding Yourself With?

 

Have you ever heard it said that you are average of the 5 people you surround yourself with most?  I believe it was Jim Rohn who first made the statement…at least he is who usually gets the credit for it!

Think about it for a moment.  In fact, grab a pen and paper, and write down the names of the 5 people you surround yourself with.  Now, next to each name, write what you think their average annual income is.  Go ahead and calculate the average of those incomes.  Is it pretty close to how much you make?  Kind of scary, isn’t it?

Now the big question is…are you happy with that number?

Is it what you wanted out of life?  Or is it short of your expectations?

Take a closer look at that list of 5 again.  Are these 5 people making you stretch to reach their level of success, or are they holding you back?

What is your definition of success?

Is it just income?  Or does your definition of success encounter other areas of life as well?

For me, success equates to more than just income.  I am a believer in what I call the 5 Building Blocks of Life…Health, Relationships, Finance, Business, and Spirituality. When you are firing on all cylinders in these areas, your life goes from good to AMAZING!  From mediocre to METEORIC!  It’s when you Grab Life Big!  Let’s take a closer look at each of the 5 Building Blocks:

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January 31, 2016

Why I chose Keller Williams Real Estate

Keller Williams Real Estate Career

Keller Williams Real Estate

This post will cover why I chose Keller Williams Real Estate as the company I wanted to align myself with.  In retrospect, there were many reasons.  Some were crystal clear, and some were intuitive.

I will outline the major reasons here and touch on who this company is a good fit for, and who might not benefit as much from it.  No company is the be-all end-all that is a great fit for everyone, and Keller Williams is no different.  The best way for me to approach this is by doing a pros and cons list.

PROS:

Entrepreneur Based:  I owned (or was a partner in) my own businesses for 18 years prior to being in real estate.  Everything from pizzerias and a bar/restaurant, to a small record production company and a title company.  When I decided to go into real estate, I needed to be somewhere that didn’t feel like I was in a corporate setting.  The “cubicle life” is not for me.

I interviewed at another very prominent company (which will remain nameless) prior to Keller Williams.  I sat with the manager and one of his pitches were that the company would provide me with my first set of business cards, and a few signs, while at KW, I was on the hook for most of my expenses.  WHOOPIE! $25 worth of paper in return for a bigger piece of every commission check I ever brought in.  This was AFTER I mentioned I ran my own businesses for 18 years, but more on this later.  This company was pushing how they were the biggest corporate company and as such, I would benefit from their buying power, etc.  This was AFTER I said I didn’t want to feel like I was in a corporate run company.

Training:  Hands down, Keller Williams Real Estate offers the best training for both beginner and experienced real estate agents alike.  In fact, Gary Keller has said we are a training company thinly disguised as a real estate sales company.  KW teaches you not just how to sell listings and help buyers, it teaches you how to run a business.  It teaches you to put the client ahead of your own commission.  Keller Williams teaches you the importance of making sure all parties come out ahead in a transaction.  We learn how to utilize the best techniques with today’s technology.  We learn how to prospect, so that we can always generate business, no matter how the economy is doing.

Most importantly, Keller Williams teaches us about leverage and systems.  The single greatest principle I have learned from Keller Williams is that the purpose of business is to fund the perfect life.  For me, this means a location independent lifestyle.  This wouldn’t be possible if I only focused on my individual sales income.  KW has taught me how to leverage myself and others, to build a true business.

Better Commission Split:  Everyone at Keller Williams is on the same commission split.  Regardless if you sell 1 house or 100 houses a year, we all start at the same level, and all have the ability to get to 100% commission, every year.  The way it works is Keller Williams works off a cap.  When ever your anniversary date rolls around (the date you started at the company), your commission split resets at 70% to you and 30% to the company.  As soon as you earn $70,000 GCI (gross commission income), you go to 100% commission for yourself.  This continues until your next anniversary date, at which time it resets.  So for example, my anniversary date is October 3rd.  If I earn $70,000 GCI by the end of January, then any property I sell from February 1st until next October, I get 100% of the commission.  Note:  the $70,000 GCI is based on my particular office’s cap of $21,000 a year.  Some offices are higher, and some are lower.  A lot of that depends on the location of the market center.

Masterminding:  I am so fortunate to have many of the top producing individual agents and teams in my market center.  We regularly get together to mastermind different aspects and new challenges that we as Realtors face each day.  However, through our MAPS coaching program, Mega Camp, and Family Reunion conferences, I am able to mastermind with the top agents and teams from throughout the country.  Together we share new systems.  We share new sources of business, and how to dominate our niches.  We also learn about passive income and how to create “mailbox money,” money that comes in while you sleep.

Profit Sharing:  Keller Williams Real Estate is the only company that offers this type of agent compensation model.  Nearly half of the owners’ profits brought into a market center are shared amongst the agents that have helped that market center grow.  Every agent in Keller Williams names a sponsor when they first join the company.  Every time that agent makes a sale, prior to capping each year, the sponsor may be eligible for a percentage of the profits.

I’m not a big math guy, so I never spent too much time figuring out the precise formula.  Since KW is an open books company, meaning any agent can ask to see the books for a market center at any time, the formula is available to you.  Me? I just rather get my profit share check direct deposited each month in my account and not worry about how the amount was derived.

These are some of the main reasons I chose Keller Williams.  I also mentioned some of my reasons were more intuitive.  After I left my first interview with the other company, I was disappointed.  I felt as though the office manager was just trying to sell me.  He wasn’t listening to what was important to me.  I don’t like being “sold.” I understand the value in being a professional salesperson…however I never try to “sell” someone.  It’s slimy in my book.  I prefer to take a consultative approach.  I LISTEN and ask questions.  When I met with my current team leader at Keller Williams Blue Bell, I was instantly at ease.  She took the time to listen to what was important to me.  She asked me questions about how I ran my businesses to see if KW would be a good fit for me.  Most importantly, she didn’t try to “sell” me on the company.

 

As I mentioned however, Keller Williams Real Estate is not for everyone.  Let’s go over some of the cons when it comes to KW.

CONS:

NOT CORPORATE BASED:  I mentioned that KW was very entrepreneur based.  Sure, for someone like myself, that is a huge plus, not a negative.  However, I see agents every day that treat real estate like a job.  They have the mindset of being a salaried employee.  And they are destined to fail.

If you can’t wrap your mind around the concept that you are starting a business and you will have business expenses, KW is not for you.  If you are open-minded and think you can develop the mind-set of a business owner, than we should talk!

EXPENSES:  This goes in tandem with not having the entrepreneurial mind-set.  When you get into real estate sales, you are starting a business.  Every business has expenses.  New businesses have more expenses than profit in the beginning.  Some companies have less monthly expenses than Keller Williams.  However, you will most likely pay for it with a higher overall commission split, so read the fine print. I

f you do not have a cushion of a few months expenses, you may want to consider waiting to get into real estate.  Notice, I didn’t say you should join a different company.  No matter what company you join, it will take you at least 30-60 days to generate your first check.  IF you don’t have some money saved, you will get stressed and quit before you even get started. You will need things like a computer, business cards, signs, etc.  You will need to be able to pay your office fees and your association dues.

Treat this as a business and you will prosper.  Treat this as a job, and you will be out of business before the ink is dried on your business cards.

Your Listing, Your Lead:  While I consider this a huge plus, some agents don’t want to work for their business.  They expect to be handed leads.  They expect to be fed, rather than learn how to fish, so they can feed themselves.  There are plenty of companies out there which will hand you leads that you didn’t earn.  This is how they keep you held down believing you can’t make it on your own.  Some agents are afraid of lead generation however, and will gladly stay with a company on a terrible split, just to be handed a few leads from time to time.  If this is you, you will not like Keller Williams.

Agent Led Company:  Each market center has an Agent Leadership Council.  The council is made up from the top agents in the office, and every agent in the office is assigned to a council member.  You can go to your agent representative for help, for guidance, or to air a grievance.  The flip side is as an agent you will be asked to contribute.  You will be asked to teach classes if you excel at a particular skill.  You will be asked to have other agents that are new shadow you on appointments.  If you come from a contribution and abundance mindset, you will thrive in this type of setting.  If you have a scarcity mindset, you will think everyone is out to take advantage of you and you will not be comfortable here.

Regardless of what company you are with, including if you are currently with Keller Williams, I encourage you to constantly meet with brokers and agents from other firms.  You will learn what others are doing, you can share some of your own insights, and ultimately, you will come out knowing more than you did when you went in.  You can always learn from others if you are open to it.

 

 

 

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January 25, 2016

How To Master Your Real Estate Sales Scripts

Master Your Real Estate Sales Scripts

Frustrated by not knowing what to say?

If you want to become a hugely successful agent, you must learn to master your real estate sales scripts.  I am in the process of building a course designed to help you master prospecting, and thus create an unlimited income.

One of the most important steps is script mastery, so I thought this post would give us a good outline as to what to focus on.  We will go into more detail in the course, and this will definitely help you get started on the right foot.

So, how many of you cringed as soon as you heard the word “scripts?”  It’s okay.  You can be honest.  I know I hated scripts when I first started my real estate career.  I fought them tooth and nail.

“This doesn’t sound anything like me.”  That was my favorite line.  I would tell my productivity coach this every week.  Every week she would tell me that it doesn’t sound like me because I refuse to not just learn the script, but internalize it.  You see, internalizing the script is one of the keys to making it sound more like you.

Okay, great.  Now we know we need to “internalize the scripts.”  What the hell does that even mean?!  Well, I finally asked my coach what she meant by internalizing them and she explained.  Simply put, when you internalize the scripts, you know them so well, inside and out, that you don’t have to think about the words.  They just come out.

Great.  Now what?

Well, by not having to think about the words that you are saying, you can actually LISTEN to what the client (or lead, depending on where you are in the sales cycle) is saying.  When the person you are speaking with is talking, they are giving you clues as to what their true motivation is.  You need to listen to what they are saying, so you can build rapport, and create trust.  They know when you are not paying attention, and if your scripts aren’t internalized, you will be too busy worried about what you are going to say next, rather than listening to their needs.

So step #1 is INTERNALIZE THE SCRIPTS VERBATIM

In order to this, we need to practice, practice, practice!

What is the best way to practice your scripts?

  1. Read them out loud as fast as possible.
  2. Learn the tonality and inflection points in the script.
  3. Over-emphasize the pauses, the down swings, and the up swings…when you are doing them live, you will automatically lower the intensity, which is why we over-emphasize in practice.

Step #2 is ROLE-PLAY

  1. Role-play each script several times a day with different personality types until you don’t need the paper in front of you anymore.
  2. Always keep the script in front of you, even when you know it inside out.  Keep a copy in front of you while role-playing.  Keep a copy in front of you while prospecting.  Keep a copy in your car for those times when you are talking to a potential client in between appointments.
  3. Once you have mastered the script, and internalized it, keep a daily role-play partner and work on each script several times a week.  I prefer having 2 different role-play partners every day, and changing them up 60-90 days or so, to keep things fresh.

Step #3 is Understand The Reasons For Using Scripts

So we have the mechanics down now as to how to internalize the scripts and how to role-play them for maximum results.

Here’s the rub…if you don’t understand the psychology and philosophy behind using the scripts in the first place, you won’t be able to reap the maximum benefits.

There are 2 main reasons why we use scripts in the first place.

  1.  Scripts set appointments and create signed contracts.  Period.  When you use the right scripts, it forces you to ask the right questions.  When you ask the right questions, you help the client or lead realize they NEED to meet with you and WORK with you.
  2. By asking the right questions you can uncover a client or lead’s true motivation.  Without knowing the motivation, you will not know if they are ready to work with an agent.  By knowing their motivation, you will know whether or not it is worth your time to cultivate this client at this time, or to put them on a drip campaign and follow up in the future.

Remember, you always want to be asking questions.  By asking questions, you take on a consultative approach.  By taking on a consultative approach, you will bring more value to your client.  People won’t care how much you know by telling them things, until they know how much you care.  By staying in curiosity and asking questions, it shows them that you really want to understand their situation, therefore showing them you care.  If you come from contribution, the money will always follow.

 

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January 17, 2016

3 Principles Of A Successful Real Estate Career

How To Have A Successful Real Estate Career

What are the 3 main principles of a successful real estate career?  This is the question that is continually asked, in one form or another, by many of the agents that come through our doors.  After hundreds of conversations with successful real estate agents around this topic, we believe it boils down to 3 simple, but not easy, principles:

1) Realize this is not a job,  you are building a business…your business.

2) Understand that you ARE a salesperson, which means you need to learn and master the sales process.

3)  Realize you can not grow your business without systems.  These principles are the foundation to having a successful real estate career.  Let’s break down each principle one at a time…

Real Estate Sales Is Not A Job, It Is Your Business

This is a mindset principle, first and foremost.  It is one of the most important principles in creating a successful career in real estate sales.  As an agent, you must realize that you are running a business.  You are your own boss, and that is a double-edged sword for some people.  When you start out, you realize you don’t have to answer to anyone.  You can set up your schedule as you see fit.  However you must also realize there is no one to give you a paycheck at the end of the week.  If you don’t put in the work, you will not bring home any money.

Also, if you don’t keep a keen eye on your expenses, and regularly review your profit and loss statements (P&L), you may generate a lot of income, but not show much profit, or worse, incur a loss.  The P&L statement is very important to your business, and something we will dig into deeper in future posts.  For now, drive the thought home that you own a business, not a job.  I’ve found this concept to be very difficult for some people who have always had a job, and hence, a steady paycheck.

The paychecks are not steady in real estate when you are first starting out, just like any other business.  With the right skills and discipline, you absolutely can create a steady and predictable income.  It just takes time, and most give up before they even start because of the inability to wrap their head around the fact that this is a business, not a job.

You ARE A Salesperson, Learn and Master The Sales Process

Too many agents fight the fact that real estate is a sales business.  Many have the notion that “sales” is beneath them.  They don’t want to be viewed as a salesperson by friends and family, as if “sales” has a stigma about it.  The truth is real estate is a relationship based, sales business, and the best agents know this.  In fact, I will go so far as to say if you don’t become a student of sales, and the sales process, you are absolutely doing your clients a disservice.  Too many agents just wing it, assuming they can get by on common sense and enthusiasm.

While enthusiasm and common sense is absolutely important, you must be competent when it comes to understanding the sales process so that you can properly consult your clients through the transaction.  By doing so, you will not only manage their expectations, but you will be capable of relieving a majority of the stress associated with a sales transaction.  Remember, when someone hires you to SELL their home, they are not looking for a new friend, they want someone who is capable of giving them what they desire…the most money, in the shortest amount of time, with the least amount of hassle.

Become a student of sales today, so you can build a strong and profitable real estate career for yourself and your family.  Understanding the sales process is so important, we will have plenty of posts on this site focusing on all aspects of sales in the future.

You Can Not Grow Your Real Estate Business Without Systems 

As your business begins to develop, you will naturally want to grow it to increase not only your profits, but the one thing money can not buy, and that is your time.  Creating a business that allows you to have more freedom and time to be with the people you care about and do the things you love is why many agents get into real estate sales to begin with.

In order to get your business to grow, especially if your ultimate goal is to work “on” your business and not “in” your business, you are going to need systems.

Systems are an absolute necessity if you want to take your business to the next level.  Do you want a business where you are always scattered and being pulled in 100 directions?  Do you want to waste a ton of time doing repetitive, non-incoming producing tasks? Of course not!  That is why you need to start creating systems from the first day you decide that you will build  a successful real estate career.  Systems will also be a big part of this site moving forward, and we will be sharing different systems for all aspects of your business.

These 3 principles, when properly applied, will build the foundation for your real estate business.   In our next post, we will be covering the 5 pillars to a successful real estate career.  My intention is for these principles and pillars to be the manifesto in which this site will expand on and build upon.  In doing so, I believe you will have the tools and skills necessary to not only succeed in this business,  but to “create a career worth having, a business worth owning, and ultimately, a life worth living,” as Gary Keller, cofounder of Keller Williams, has so often stated.

What does your vision for your business look like?

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January 10, 2016

3 Factors To Consider When Choosing a Real Estate Brokerage To Align Yourself With

Choosing The Right Real Estate Brokerage For Realtors

What Company Do you Want To Be Associated With?

What are the 3 factors you should consider when choosing a real estate brokerage to align yourself with?  There are many different real estate firms out there to choose from as a real estate agent.  There are also many factors to consider when it comes to making a decision as to where you should hang your real estate license.  Things such as market share, brand recognition, and physical location come to mind.  However, as a real estate agent, the 3 main factors you should be looking at when deciding on a firm to align yourself with are: Training, Mindset (both of the company and the agents within), and Business Development Opportunity.  These all build off each other, and once these three are met, everything else can be worked through.  Let’s take a look at each one individually:

1) TRAINING

It all begins with the training.  Whether you are a brand new agent, just passing your real estate exam, or a seasoned veteran doing 100+ transactions a year, you will want to choose a brokerage who offers a wide variety of consistent, free training and classes. 

The worst thing that can happen if you are a brand new is having your broker or manager point to a cubicle with a telephone and a computer telling you to “have at it.”  You most likely are already feeling overwhelmed and unsure of yourself. Let’s face it, what they teach you in real estate school does not prepare you to help clients through the biggest transactions of their lives.  You will want to choose a brokerage that will teach you how to not only navigate through all the documents and paperwork such as the agreement of sale, but one that will also teach you how to be a salesperson.  Please don’t forget that you are now in sales, real estate just happens to be the product that you are selling.  You will want to make sure your brokerage offers regular classes on all topics that will help you to be a stronger agent.  This includes but is not limited to how to work with buyers, sellers, and investors; how to handle the different personality styles of the clients you will be dealing with; how to prospect and lead generate; how to take your client through each phase of the sales cycle, and many similar topics.  Ideally, the brokerage can offer you a mentor, a productivity coach, or both.

If you are an agent who is not brand new, and are comfortable with the basics, you’ll still want to find a brokerage that will continue to educate you on how to bring more value to your clients.  Important aspects would be a brokerage that keep you up to speed on changes within the industry, one that is technology driven, and most of all, one that offers higher concept training, such as how to compete and win in multi-offer situations.  You will also want a brokerage that fosters masterminding with other top agents to source ideas such as creating systems to scale your business and how to expand into other markets profitably.

2.)  MINDSET

When it comes to mindset, we are talking about both the mindset of the brokerage, as well as the majority of the agents that work out of your particular office.  So much of your success in this business will come from your mindset and the environment you choose to operate in.  In fact, 80% of your success will come from your mindset, and the other 20% will come from your actions and work ethic…this is known as The Pareto Principle, or the 80/20 Rule.    This is why it is imperative for your brokerage and the agents you surround yourself with to always be focusing on abundance, growth, and the opportunities at hand.   The doom and gloom of any particular economic cycle, changes in the status quo of day to day business operations, and the overall victim mentality is what you want to avoid like the plague.  There will always be challenges in any market at any given time, and these challenges need to be seen as an opportunity to rise above the competition which, for the most part, will be focusing on the negatives.  I had the pleasure of moderating a Listing Presentation Panel today in my office.  We had leaders of three of the top teams in the area share and discuss their tactics, thoughts, and mindsets in an open forum discussion.  There was a huge turnout of agents, not just from my office, but we opened it to agents from other brokerages as well.  There were so many takeaways and actionable steps that will lead to more business for every agent that attended.  This is the type of information you want to have available to you.  These are the types of agents you want to surround yourself with, not the ones that keep their “secrets” to themselves in fear of some healthy competition.  Choose a brokerage that has a growth mindset, as well as one that invites its agents to choose a growth mindset as well.  

3.) Business Development Opportunity

Make no mistake, you are your brand, and thus you are your business.  You want to choose a brokerage that will not only help you develop the “brand” of yourself, but also help develop a business which is consistent, scalable, and most important, profitable.  You don’t want to be the type of agent whose monthly P&L statement looks like the Rocky Mountains.  You want to build a business that has both new clients and repeat/referral clients coming in on a consistent basis.  You want to have the ability to scale your business so you can leverage your time.  You’ll want to make sure you have a business that is profitable from the start.  This means helping you understand your financials, keeping you accountable with your business plan ( you do have one of those don’t you??), and offering you opportunities for profitability outside of property sales.  These include, but are not limited to: mortgage and title opportunities, profit sharing, and ownership opportunities.

Choosing which brokerage you decide to associate yourself with is an important decision.  It doesn’t matter how nice the signs look, how many “leads” they promise you’ll get each month, or if they give you free business cards.  What truly matters is will you get consistent training that will allow you to bring value to your clients, will you be in a growth oriented environment, allowing you to focus on not only thinking big, but achieving big results, and will you have the opportunity to develop a business that will generate sizable profits for you and your family.  Remember, choosing to be a real estate agent is not a job.  If you take it seriously, and want to succeed, you need to treat it as a business…your business.

What brokerage firm did you choose, and why did you choose it?

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