Master Your Mindset To Grow Your Business & Your Life Part 2

Period of time. Systems drive everything. From the book E. Myth, Michael Gerber has a quote. He says system. Let me say that again. Systems permit ordinary people to achieve extraordinary results predictably. And if you look at, I think I did a podcast episode on sort of how we break down a real estate team and how we what are the key drivers? And then in each key driver there's accelerators. And then in underlying each accelerator there are tools and systems. And so let me give you an example. So the attract drivers, the most critical driver in the business, where you're attracting new business every day. You're tracking buyer and seller prospects. You're not paying for forced registration, home search leads, Zillow, that stuff. You're attracting database marketing, it's listing marketing and buyer marketing. So in database marketing, that's an accelerator. The tool or the system in there is. Let me pick one in kind of our clients for life program marketer and number three critical mindset shift was new business always. So we are number four, the critical mindset shift. And this is something that I did early on in my real estate career. I think it was 2007. So I got into the business March. I remember my last day at my corporate job was March 5, 2007. And I read a book. First book I read was E. Myth, which I went into in the first part of this podcast series. The second one of the second book, like one of the next books I read was no BS Time Management by Dan Kennedy. And there was a chapter in there that talked about and the fourth critical mindset shift is Turn time into money. So this book, no B.S. time Management for Entrepreneurs. Dan Kennedy. It's the second edition. At the time there was a chapter in there that had you do a calculation, basically decide what money you want to make. So how much money do you want to make? So for me it was $500,000. I left a corporate job that wasn't with stock options. It was a multiple six figure corporate job. I did acquisitions and strategies for an aerospace company. I traveled quite a bit. Super fun job. And I just decided corporate. The corporate climbing ladders and politicking was not even remotely my gig. And this calculation changed my Life. It was $500,000. And then the next question was how many hours, productive hours do you want to work a year and half a. I picked 2000. I'm like 50 weeks times 40 is a simple calculation. I did not work 40 hour work weeks when I first got into real estate. It was probably closer to I was probably those first few years were probably closer to 3,000 hours. Probably averaging about a 60 hour work week, maybe between 2,500 and 3,000 hours. And that's something that real estate agents, real estate team leaders don't really take this calculation into consideration. So the mindset shift, $500,000 divided by 2,000 hours. Neither one of those were coming true in the beginning for me. So both were aspirational. And I knew that if I wanted to start making $250 an hour, so do the math on 500,000 divided by 2000. If I wanted to start making $250 an hour, I needed to stop doing things that I could pay others to do for fraction of $250 an hour. If you think about the, let's say there are like 12 jobs that a real estate agent does, I would say eight or nine of them, you can get folks to do for less than 30 to $40 an hour. Including working with buyers? Including working with buyers. Buyer's agents will work, you know, 2,500 hours a year, maybe 3,000. You know, even if they're taking home 150,000 a year on 3,000 hours, it's $50 an hour. Listing agents are making more than that. And not that we pay our listing agents that way. It just helps me calculate it in my brain. So for me, it was $250 an hour. And what did I have to get off my plate to be able to achieve that kind of take home pay? And so began the series of events in terms of systems building and getting people to run systems and just having a fanatical focus on that number. And my number now is 1000 and I'm not quite there. The math is a seven figure income. Working 1000 hours equals $1000 an hour. So I'm working more than 1000 hours right now. And so I still have some work to do in terms of carving hours out of my calendar. The focus is still there for me. How can I add so much value in every hour that I put into my businesses so I can make the kind of money that I want to make? I can live the kind of life I want to live mostly so that I can be there for as a husband, as a father, as a friend, as a person of faith, to be physically and emotionally fit and all that good stuff. That's number four, turn time into money. Number five, know your numbers, become the CFO of your business. This is something that scares the bejesus out of most real estate. Team leaders do not have a grasp of their numbers. They really don't understand the leading and lagging indicators in their business. In real estate B school we follow a pretty simple planning process we call it. We help you develop a three year picture, a one year plan and then we live quarter by quarter which we call the 90 day world. And then there are 13 weeks in a quarter and we break down just there's only like 10 to 15 key data points that you'll need to track as a real estate team leaders as a real estate team leader for you to know that your business on track and you can essentially run your business from the beach. And even if you're not able to step out of elements of your business today, putting the data gathering and a process into place where you're ultimately just a consumer of the data. So you don't need to learn how to use a spreadsheet, you don't need to learn how to get these numbers, you just need to be a consumer of the numbers. We have VAs that are pulling these numbers for us. So knowing your numbers, having a chart of accounts, knowing how to move money around, we follow a system called profit first where systematically money gets moved around in the different businesses so that I know that I'll have an increasing net worth to show for the effort I'm putting into my business. So that's number five, know your numbers. Number six again, if you've been around me for any. So the first step of our Clients for Life program, the system is to get organized with a marketing calendar and there's content, a content calendar and a social media calendar and then all the little bits and pieces that you can set this system up once and then you can have a an ordinary person and that's not a dig on the person running the system, it's just that you don't need a rock star admin to do it because the system's created and then there's events and giveaways, email and video marketing, direct mail postcards just listed, market updates, our email newsletter, special occasions, birthday, home anniversaries, social media. So all of those individual things within the tool Clients for Life. So the attract driver, the database marketing is the accelerator, the tool is Clients for Life program. And then the systems are all these individual things. So if you're not thinking in this way then we've got to talk. So what I just kind of threw at you was not all that complicated. It's a mindset of being a systems builder and most real estate team leaders. There was an analogy that our lead business coach Andy Mulholland Shared at an intensive. He gave a presentation on kind of E mythy type stuff. You know that the challenges real estate team leaders have with really setting up their business to run without them and be self managed and get away from the E myth. The E myth is the entrepreneurial myth that just because your name is on the team doesn't mean you actually own a business and you're spending more time doing the technical work in the business than you are managing or being the entrepreneur. So the illustration or the visual he gave is that most real estate team leaders are there's a shark in the water and then there are some feeder fish under the shark. And you can visual, you can visualize that, right? The shark is the one doing all the killing. They're doing 60% their production, they're working seven days a week, they're managing people, they're in every deal for their agents and their own deals. It's a shark with feeder fish, sort of. We also call it a genius with a thousand helpers, right? If they step out of the business or if they stop hunting, there's nothing for anyone to feed on. The other analogy is a school of fish where if you ever seen a school of fish swim in water, it's like this graceful, elegant, they're all going in the same direction at the same time. They're all cued by some, who knows how they're cued. I mean, I'm sure there's science around it, but just visualize what that looks like in the water and that's what you want for your real estate team. So number four critical mindset set is turn time into money. Number five is know your numbers, become the CFO of your business. Number six is systems drive everything. So if you're at the point where maybe this is the second of the four part series that you're listening to and the first you sort of had a hunch that you might be in the right place. The second now is sort of really confirming that we need to have a conversation. It's the only thing I have to offer you is a 45 minute business growth strategy session. We'll talk about where you are, where you're going or where you want to go. What's been holding you back, right? You've had goals to do a certain thing to get time, money and stress, freedom. And it might not be working out exactly as you planned, or maybe you didn't even plan to get where you are today. I love to ask people the question, hey, three years ago, what was your three year plan and did you achieve it? Usually it's like blank stare, you know, like clear three year picture will help you put together. So if that's you, go to realestatepschool.com and we'll talk about our pilot program as well, which is 30 free days of coaching to build some of these foundational systems that you'll need in your business. So take action. Go to realestatebschool.com if that's you, and we'll see you on the next podcast, which is part three of the four part series. This is part two that we're finishing and if you missed part one, go back and listen to it. We'll see you there.