Master your Mindset To Grow Your Business & Your Life Part 1

Welcome back, Business Freedom podcast listeners. Lars Hedinborg here, founder of Real Estate B School and co founder of High Performance Real Estate Advisors. And I am out of Charlotte, North Carolina. So this is going to be awesome. I promise that you want to tune into the podcast for the next four to five podcast episodes are going to be a series that I'm entitling. The overarching series title is your mindset matters and the subtitle is master your mindsets to grow your business and grow your life. And that's really what we are after. When I think about my journey in business and what I'm doing, specifically the mission of Real Estate B school, it's really ultimately to help you grow your life, to show up as a better dad, a better mom, a better spouse, a better person of faith. Just be physically more fit and emotionally more fit and joyful. And that is what we're after. And we're going to make some money along the way and have time to enjoy it and lessen our stress. So here is the guiding question that I have for you as you kind of get into this podcast series. The question for you is, am I consistently focusing on and developing the mindsets required to consistently grow myself, my business and my life? And I'm going to start off with a quote by Tony Robbins. I did probably about four or five Tony Robbins events back in the day, and this is probably 2009, well, probably 20, 10, 11, 12 timeframe. And this is one of my favorite quotes from Tony Robbins. He says, so many people know what to do, but they don't follow through. They don't take the action needed to get the results they're seeking. This is because 80% of mastering anything comes down to your psychology or mindsets. Thus, the more you can understand about yourself, the more you can master sales, management, marketing, and business overall. So I want to go through 12 critical mindset shifts in this podcast series. So I'm going to do 3, 3, 3 and 3. So it'll be a 4. And so I'm going to number them 1 through 12. So if you're jumping into the podcast and I'm on number eight or nine, make sure you go back and listen to the episodes before you joined in. And so number one mindset is to think like an owner. One of the pivotal works that I studied, and I'll call it a work because it's really helped. Every part of the way I think about business has come down to E. Myth Revisited by Michael Gerber. And so how so number one is think like an owner. So that's the first mindset shift, is that we need to start thinking like owners. And the E myth question is, how would I think about my business differently if I had to replicate it 10,000 times? So what mindset would shift in me as a real estate team leader if I had to replicate my business 10,000 times? Just think about that. A quote from the book is, if your business depends on you, you don't own a business, you have a job. And it's the worst job in the world because you're working for a lunatic. Right? So that's most real estate team leaders if they were to step out of their business. Most real estate team leaders have to do production because their business is set up on the wrong economic model with the wrong. They're not running value based commission splits. And that's a separate topic. I got into that in a four part series on how to build a profitable real estate team. So you want to check that out and I forget what episodes it is, but you can just check out on your podcast player. That quote is profound. And so if you can't step away from your real estate team for any period of time and things break or the business halts or your production is the thing that's holding it together financially, then you do not have a business, you have a job. And so that's number one, think like an owner. Number two, become a marketer. This as I'm recording this, it is August 2, 2019, and I think this will be relevant in 2020, 22, 24, 2030, when I ask a real estate team leader, so what do you do for marketing? Simple question, right? What do you do for marketing? 9 out of 10 real estate team leaders will say, well, you know, we spend 10, $12,000 a month on Zillow. You know, we're testing realtor.com I have a X platform, Boomtown Sync or Siri Interactive or Firepoint, whatever platform. And I spend money on pay per click. And yeah, that's what we do for marketing. And so the mindset shift here is to become a marketer. Paying someone else to be a better marketer than you is not marketing. So the challenge here with mindset shift number two, become a marketer is that you have to think about your business as you need to be the one in the business, crafting the messaging and serving your clients in such a way that they help you craft the messaging to be able to attract buyers and sellers to your business, not pay for forced registrations. The latest iteration of the insanity that folks, folks, that is real estate team leaders that are calling marketing now. There are companies that are advertising instant offers in different markets and they're selling leads to real estate team leaders and real estate agents. And now I know teams that have paid a $5,000 setup fee, $2,000 a month and a 25 to 35% referral when the deal closes. Think about that. Let go of the 5000 and the 2000. Just think about paying someone 25 to 35% to market for you, to be a better marketer for you. It doesn't matter. The transaction closing doesn't matter. It's the profit that matters. And you can't be profitable paying 25 to 35% for your marketing spend. Go back to the financial series where I talked about economic model and the four numbers you need to know as a real estate team leader. So number two is become a marketer. And I mean do such a good job for your clients and capture their thoughts about their experience with you and then do something with those thoughts. We call it creating a story brand. It's a Donald Miller book. Building a story brand. Make the client the hero and everything gets easier in your business. Alright, so the third critical mindset shift of this part, one of four part series on your mindset matters is new business always. And so it's a mindset of all the time. You're looking for new business inherently in most real estate team leaders to get to the point where you can bring leverage on through hiring a person like even an administrator, you most likely thought new business all the time. When a busy agent with an administrator transitions to be a team leader, they bring a buyer agent on or two or three or more buyer agents on. I see a lot of real estate team leaders that don't teach their team members that new business reaching out and having 20, 25, 30, 50 meaningful conversations a day with decision making adults about real estate buying, selling, investing or a fast paced career in real estate. That's the leading indicator of success on a real estate team. So your mindset as a team leader has to be new business always, every team member always. So there's different ways to instill this culture on your team. We call it the culture of productivity. But productivity specifically around the highest dollar producing income generating activities that you could possibly do as a real estate professional. And that is to protect a big block of time in the morning where you're talking to people that you have not secured an appointment and you don't have a business relationship yet. And we do this for three hours. It's 50 minutes on, 10 minutes off. 50 minutes on, 10 minutes off. 50 minutes on, 10 minutes off. So two and a half laser hours a day of new business development. So as the team leader, the mindset is every day as you elevate out of producer, out of manager, to leader and to owner in your business growth journey. You know, every day for every person on your team, you have to know how many appointments did they set, how many appointments were met from those sets and how many signed from the sets that met and ultimately signed to become a loyal client. And at that point you had the ability to provide a service that will just blow them away. And so those are the first three critical mindset shifts in this four part series. Please tune in for the other three parts and, and if you're at a point where already you're listening to this and you're like, oh crap, I'm feeling what you're saying and it's, I know I need to get there and I'm not quite there. This is why real estate B school exists. We serve a slice of the market for those that are wanting to build a team the right way. And if that's you and you don't quite know how to do it, mindset is a critical part of it. We've got all the tools and systems and we also have the mindset training for you to be able to do this at a very, very high level and do it profitably and just go to realestatebschool.com, click on the top orange bar and book in a business growth strategy session. I can also go over our pilot program which offers 30 free days of high level business coaching. So take action. If that's you, go to realestatebschool.com and tune in for the next part in the series. We'll see you there.