These aren’t the only keys, but they are some of the very important ones that can create massive success for you month after month.
1. A Business With Sound Economics. I’ve often found that agents want to defy reasonable economics and they mistakenly believe they can make money without investing in marketing. We can very easily get a 10-1 return on our marketing dollars so if I know each time I spend $1,000 I will get $10,000 my only goal is to spend more money.
2. A Powerful & Complete Marketing Machine. Wealth is fueled by a reliable, effective marketing apparatus, system & plan. For this, you need (A) an identifiable, reachable market. (B) dependable media, (C) good marketing content and (D) systems for attracting, converting and keeping customers.
3. Extraction And Protection. A business is something you take money out of, not something that just churns money and has as many expenses as it has income. If an agent gets a closing and it’s already spent on expenses, they simply aren’t acting big enough. They don’t have a problem with expenses, they have a problem with income. Their sole focus should be increasing their business for continuous extraction of cash.
4. Low Or No Debt & Live Beneath Your Means. Just because you can afford a Range Rover, it doesn’t mean you should have one. Your goal is not to spend all of your money, it is to build a real net worth. To become a multi-millionaire. You need to get to a “safe harbor” position as quickly as possible by paying off 100% of all debts including your cars and your mortgage. ALL debt is bad debt. Get to zero asap.
5. Never Delegate Your Checkbook. I’ve personally delegated my checkbook twice and got burned both times. That was from people that I’d trust with my life. And worse, I had thousands of dollars slipping away monthly in unnecessary expenses because I didn’t have my eye on the ball every day of my life. Never let anyone else (including your spouse) handle your finances as a business owner.
6. Seek Leverage. When it comes to marketing, the more effective approaches we have going, the better. And we need high volume! You should be utilizing your strategic partnerships with lenders, title companies and others to really ramp up your marketing efforts and thus your closings every month. Everyone wins with this approach. If they want to lose, find someone else to partner with.
7. Count & Measure All The Time. You must know your numbers. If I want to know what your average lead cost is, your cost per conversion, your most profitable ads, etc. you should know those numbers. And they will change every week so you must look at them consistently to make adjustments.
8. Have A Good Attitude About & Relationship With Money. Most of success is an inner-game. It’s all head stuff. And if you don’t get your thinking right, you’ll never get your money right. If you have thoughts from your childhood in the way or you think about money the way that your family did, we are in big trouble. Many agents struggle with self-imposed restrictions that they don’t realize are holding them back.
9. Be Careful Of Who You Listen To. When it comes to business success, you need to be very careful who you take advice from. There’s no shortage of “free advice” that will cause you to go bankrupt. There are even real estate brokerages that talk about how much training they offer, yet the agents teaching the classes are broke themselves and sell very little real estate!
Practice these 9 and you’ll have a MUCH more rounded business and success model.