On this 234th episode of my Monday Morning Pep Talk, I will discuss momentum, a topic that commonly flies under the radar but plays a pivotal role in shaping our outcomes. Just like a snowball rolling down a hill gathers more snow and speed, momentum propels us forward towards our vision and our goals.
Before I discuss how to harness the power of momentum, I want to remind you of my professional purpose and that is to help you, the broker/advisor, optimize your productivity and help you become the best version of yourself. Why? "Because Happy Brokers Sell More Real Estate". I help you become that by teaching you to handle the challenges and opportunities that you face every day. If you can effectively manage those certain situations that arise on a daily basis in your business, you'll be more productive and live a life that is the best version of you. My ask is that you listen as if you are in a one-on-one coaching session with me in my office or on a phone call.
In 2010, Darren Hardy published a book called The Compound Effect which has had a seismic impact on my life and business. That year, I was still deep in my "rebuild" and The Compound Effect outlined the philosophy of creating consistent effort over a long period of time which I immediately connected with primarily because I understood it and it was low cost, high impact and easy to implement strategy. If you haven't had the chance to dive into its pages yet, I highly recommend it—whether you prefer to read or listen, it's a quick yet incredibly powerful 223 pages.
In last week’s MMPT Episode #233, I shared with you some of my virtual mentors and the stories that had a huge impact on me. The stories became mile markers on my growth journey - the journey that helped me identify the "Know You, Like You, Trust You Sales Funnel". The strategy that helped me build and maintain incredible momentum in my business.
I want to share a brief excerpt today from The Compound Effect that was one of those mile markers for me. Chapter 4, "Momentum," highlighted the consequences of inconsistency and the power of perseverance. It emphasized the gradual buildup of momentum, akin to pumping water from a well, and the devastating loss when momentum is abandoned. This lesson transformed my mindset, focusing my attention on proven strategies and habits. Over the following years, I doubled my business multiple times, even amidst a real estate recession, validating Hardy's principles.
Hardy uses the "Pump the Well" analogy to describe what can happen if you stay consistent and also what happens when you don't. This analogy really hit home for me because I grew up in a rural area and had real experience with the well pump.
Here is what Hardy has to say about "pumping the well":
“When most people start a new endeavor, they grab the lever and start pumping really hard, they’re excited and committed… they pump and pump and pump, but after a few minutes (or a few weeks), when they don’t see any water (results), they give up pumping the lever altogether. They don’t realize how long it takes to create the vacuum needed to suck the water into the pipe and eventually out of the spout and into their bucket. Just like the merry-go-round, rocket ship, or steam engine breaking free of inertia, it takes time, massive energy and consistency to pump water. Most people give up, but wise people continue to pump."
"Those who persevere and continue to pump the lever will eventually get a few drops of water. This is when a lot of people say, ‘You’ve got to be kidding me! All this pumping, and for what—a few measly drops? Forget it!’ Many people throw their hands up in defeat and quit, but wise people persist further.”
“And here’s where the magic happens: If you continue to pump, it doesn’t take long before you’ll get a full and steady stream of water. You have your success! Now that the water is flowing, you no longer need to pump the lever as hard or as quickly. It becomes easy, actually. All you have to do to keep the pressure steady is to just pump the lever consistently. That’s the Compound Effect."
In Take Flight, I call this the 30,000 feet cruising altitude.
"Now, what happens if you let go of the lever for too long? The water falls back down into the ground, and you’re back to square one. If you try to pump the lever easily and steadily, you won’t get any water. Momentum is gone; water is at the bottom. The only way to get it back up is to pump it really hard all over again. That’s how most of us lead our lives, in fits and starts. We get a new business venture going, and then cut out on vacation. We start up a routine of making ten prospecting calls a day, strike a little gold, and then shift into neutral. We get hopped up about our new “date night” routine with our spouse, but in a few weeks, it’s back to Netflix and microwave popcorn on the couch Friday nights. I see people buy a new book, sign up for a new program or seminar, and go like crazy for a couple of weeks or months. Then they stop and end up right back where they started. (Sound familiar?)"
"Miss only a couple weeks of anything—workouts at the gym, affectionate gestures toward your spouse, or the phone calls that are part of your prospecting routine—and you don’t just lose the results those two weeks would have produced. If that’s all you lost (which is what most people assume), not much damage would be done. But by slacking off for even a short time, you killed momentum. It’s dead. And that’s a tragedy."
"Winning the race is all about pace. Be the tortoise. The person who, given enough time, will beat virtually anybody in any competition as a result of positive habits and behaviors applied consistently. That’ll put the mojo in your momentum. And keep it there!"
"Making the right choice, holding to right behaviors, practicing perfect habits, staying consistent, and keeping your momentum is easier said than done, especially in the dynamic, constantly changing, and always challenging world we share with billions of other people."
Today, as the market is constantly shifting, maintaining momentum is crucial. I urge you not to abandon your efforts but to intensify them, particularly in the 3 areas of the sales funnel that I outlined in MMPT #233. You have to keep focused on your lead generation and marketing strategies at the top of the funnel so that you can create additional opportunities with each client that you're actively assisting with a purchase or a sale. A commitment to using the transaction systems and processes you've built will help you capture those opportunities. All of this creates a tribe of raving fans that will support your business over your career not just in the moment. These 3 areas executed consistently together create the momentum we talk about today. If you stop “pumping the well" for too long in any of these areas, you will lose momentum in your business and have to start all over again. That momentum will ultimately create that predictable and enjoyable business you covet.
If you feel your momentum slipping, refocus on your proven routines and strategies. A changing market doesn't spell doom; rather, it's an opportunity to recommit to your habits and routines that support your systems and processes and your business. If this strategy is new to you, let's start today and build it throughout out the rest of the year. If not now, when?
You create momentum by implementing proven strategies consistently over a long period of time. If you create and maintain momentum, it is mathematically impossible for you to fail. Thank you Darren Hardy for writing The Compound Effect.
