Following Everyone And Getting Nowhere | Real Estate B-School

All right, here we go. Welcome back to another edition of the Business Freedom Podcast where it's just the good, bad, ugly of building a business. And we are playing in an industry that is just super fun and fascinating right now. And the thing I want to talk about today is Following Everyone and Getting Nowhere. That's the title of the podcast today, Following Everyone and Getting Nowhere. And this is inspired by a new client that we brought on, so a new member that we brought on into our pilot program. So we've launched this pilot program where you can work with us if you qualify. So basically running a team, 500,000 GCI, at least one administrator and two buyer agents. And you're sort of either working with buyers or sellers. And we also work with teams, you know, up to five, five and a half million or so is our biggest team that we consult with. So in this pilot program, this new member, they are currently being coached by three other coaches. And we are their fourth coach, quote unquote. And so we don't consider ourselves coaches. We have coaching as part of what we do for our members. We are mostly training and implementing. And so ours is just a different approach. And the reason I want to spend a little bit of time on this is that and this is not a pitch for real estate B school, if you're a fit, of course, we want to talk with you. The point I'm trying to make is that so many folks are jumping on different webinars. They are coached by multiple people, they listen to multiple podcasts with folks that are completely different in their business models. There's a guy in our space, that good guy couldn't be teaching something more different than what we're teaching. And he's calling it team building. Yet the gross margins he's teaching are, you know, after you pay your agents, you have less than 30% left over. Less than 30% left over. That is not a team. That's closer, way closer to a brokerage, on the scale of brokerage, to really tight team that delivers a Ritz Carlton experience. The reason we teach what we teach with the economic model we teach is so that you have a business in the future. To defend a consumer facing business requires that you have gross margin. That was a soapbox. That's not the purpose of this podcast. My point is that you're reading, you're a team leader, you're reading a book or two a month, you're listening to three or four podcasts from different team building experts, you're coached by a couple different folks, you've Got to get clear number one on what is the thing you actually want to build. Then only let folks into your world that have actually built that thing. You know, I talk about, when I talk about real estate B school and I talk about the everybody wants to scale their business, right? Everybody wants to grow in transactions and you know, you're not going to get the time, money, freedom and reduce stress unless you grow this thing the right way. And so get really clear on what you want your business to look like in the future. And there are a lot of team leaders that three years ago they set out on a path, maybe not even knowing that they'd end up, you know, with a business over 2 million GCI that is not profitable, that requires them to go out and work with buyers and sellers in addition to managing the team and taking on all the risk of the six figure monthly overhead for what, what's the point of doing that, right? So I chalk that up to, you know, on the one hand they're probably following more of a brokerage model economic, you know, splits and it's not value based commission splits like I teach in real estate B school. So their gross margin is incorrect out of the gate and then there is no cadence or culture to speak of in their team. And so they can't possibly, or accountability, they can't possibly make the most of any dollar they spend because who knows if the people that are handling those leads, the investment in leads, if they are paying for forced registrations or Zillow or even mass media, they don't know if it's actually being handled the right because they haven't spent the time to put any lead management policies in place or you know, they don't have a culture of accountability or you know, hustle or team player or whatever is important to you that just doesn't show up in their business. And outside of just the business stuff, you know, I know team leaders that are watching news every day and they're in social media, like mind numbing social media activities and just kind of scrolling through their Facebook feed or playing around on Instagram or they're also watching hours of TV in a week. So your attention needs to be focused on just a few things. So if I want to show up at a high level in my business and in my marriage and as a parent, I can't afford to be distracted by all these different things and to be influenced by all these different things, I've got to get laser focused on what I actually want for my real estate business and then focus on Only letting people that have done that thing into my world or only letting you know, even books that I read. And I struggle with this too because I'll have like three or four books going at one time. I really have to slow down and think about where am I right now in my business growth journey? What do I need to be listening to outside of my Bible, my Bible study and my abide daily meditation app? What podcasts or books should I be listening to right now to move my business forward, to move my leadership skills forward? For me, it's more making a transition from even in this business, you know, the real estate B school from a little bit technician Y and manager and really making a full shift over to entrepreneur where it really requires me to get away from the role of doing stuff in the business or managing people into more transformational leadership where I'm managing people that are running systems that have clear measurables and clear expectations. And so just ask yourself, what are you letting into your world? How many influences do you have in your world that are taking you off of the thing that you want to be focused on? And if you want a leveraged real estate team that's serving buyers and sellers at a high level, and I say it that way, I think that's the only thing that's going to be relevant in the future. It's you need to be build the systems, hire the people to run the systems that serve buyers and sellers at like the highest level in the entire country. Anything you could think of to, wow, surprise, delight the buyers and sellers that you work with, Everything from the first time they contact you on your website or via a phone conversation, all the way through when they meet with you for a consultation for the first time to when they sign up to work with you, the process of working with you going under contract, the contract to close and closing and what do you do, you know, after the closing process? Right. All of that has to be designed in a way where it is world class. It's the Ritz Carlton real estate and that's what we're working toward on our team. So that needs to be the focus, right, to get from here to there. And what do you need to influence yourself or how do you need to be influenced? How do you need to be trained? What systems and tools do you need to implement into your business to be able to get there? Everything else needs to be eliminated from your, your field of view, your field, you know, your field of vision. And you really need to put blinders on and only be influenced by Folks that can actually help you get where you want to go. And a lot of times it's the feel good stuff that needs to go. The thing that gives us comfort. And that could come in the form of jumping on social media during the day when you should be doing something else, like building out a lead management policy, which is mind numbing activity but super important. So you need to get away from the stuff that gives you that sort of hit of dopamine and get into the activity that's not urgent and it's critically important so that you can foundationally build out your business and eliminate everything else. So the challenge is what are the things you need to be focusing on right now, the two or three things that you need to be focusing on right now, and then just get to work on those things. And then after you're done with those two or three things, what are the next two or three things need to be focused focusing on that right now? If you realize that you're building this thing on the wrong foundation and you are being influenced by like a dozen different things, none of which are really leading you to the place that you want to get to. And if that place that you want to get to is a high service level, systems driven, sustainable and profitable real estate team and you're not quite there yet, you've already started it though maybe you're also eyeballs deep into maybe you have a two and a half million dollar business that's marginally profitable, you didn't build it out the right way. Either way, the only thing I can offer you is a conversation. I can definitely talk about our pilot program. There's a handful of key systems in our pilot program. 30 days, no charge whatsoever that we help those that are qualified for the program. We help them help you get them installed in your business. Just go to realestatebeefschool.com and request a free business growth strategy session. That's a 45 minute conversation with me about where you are, where you want to go, what's in your way, and then what do you bring to the table? What strengths do you have to offer to the journey that's ahead of you? So go to realestatebschool.com and we'll see you on the next episode.