Congratulations! You are on this MMPT or you are listening to this PODCAST because you have either committed to building a relationship based business or maybe you have not quite yet fully committed but you are intrigued. I’m not going to address those that are focused on a transactional based business because they have already tuned me out. Today is the day that you need to recommit and/or make that decision to play the long game of real estate brokerage. Committing to the time, the processes and elite level effort are the pillars of building a relationship based business. It’s time to make a decision, though. No need to waste your time on the rest of this course if you are not going to go all in on creating, maintaining, and compounding relationships with your sphere and your clients. To have a shot at being a “Relationship Based Broker,” it requires a different mindset. When I say a different mindset, here’s what I am talking about:
- We focus on the clients not the properties. We know that properties come and go but our clients can and should be with you for your entire career.
- We look at our business 1-3 years out, not 3 weeks or 3 months out.
- We know that to be elite, our business takes thought and effort. We do not want to wing it. We want a business not a hobby.
- We’re sick of the treadmill. We want a better life that is profitable and predictable.
- We realize that the most enjoyable transactions are those that are with people that know us, like us and trust us.
- We know that we will have to put in a lot of effort up front to enjoy the harvest of our hard work in the future.
- We are “hospitalians” not just “service providers.” We want to create experiences.
- We track and are motivated by our numbers, but they are not the end all, be all. Our profitability per hour (PPH) is our guide.
- Our goal is to be able to choose who we work with not the other way around. Our time matters and we want to work with those that are serious and that choose to work with us.
- We understand the numbers. 20% of our best clients bring us 80% of our business. 20% of our worst clients steal 80% of our joy.
Decisions like I am asking you to make are tough but this one is singularly the most important decision you will make in your real estate brokerage career. After taking this course, “Take Flight,” you can no longer say that you didn’t know the importance of committing to the long game. Chances are, down deep in your DNA, you already knew that and I just verbalized it.
Okay, for those that said yes, let me script what is in store for you and your business over the next 3-5 years. Let’s make some assumptions. You’ve built your database to 80 people towards your goal of a TOP 100. You’ve got 15 Platinums, 25 Gold, and 50 Silver and another 120 people that are Fringe. You have an average sales price of $700,000. Because you had a vision for your business, you got up and worked towards it every day, you were consistent in building a Relationship Based Business and because of your effort you will create a business that will produce the following in one calendar year (estimated example):
20 referrals received from the 80 people in your database, 75% will transact, the other 25% either went a different direction or are still in your pipeline = 15 transactions x $700,000 = $10,500,000
11 of the people in your database transacted personally = $7,700,000 and 5 of them sold and bought which added another $3,500,000 for a total of another $11,200,000.
You did another 8 transactions off of your lead generations strategies, mostly with people you met at your listings, for a total of another $5,600,000.
The total production for your business that year is $27,300,000. You may not need 3-5 years. If you have a mature business, it might only take a year to reconnect, rebuild and this can be accomplished in Year 2.
These numbers are not a pipe dream. I’ve seen it done too many times for it not to be real. The only difference between businesses is the size of the database and average sales price. Your numbers will fluctuate based on those numbers.
Next week, I will be teaching my annual business planning course, “Championships are Won in the 4th Quarter” which in all honesty is a yearly review for those that have taken Take Flight. I teach a process to review your current business and set goals for the following year based on this calculation. You can access materials and download the PDF from the Take Flight page on my website.
"Take Flight" is a strategy that works but it takes commitment and that’s why only 3% create these results. So, it’s time to make a decision. Are you committed or just interested? This is not meant to be entertainment. “Take Flight” is executable strategy that works every time. If so, are you ready to go to the next stage of the course?
Alright, that’s what I thought. Tune in next week and we’ll get started on the next phase.
