Should You Get A Real Estate Coach?

Should you hire a real estate coach? It might be a self serving question considering I'm the founder of Real Estate B School and we provide business coaching services and I'll position it a little bit differently. I want to speak to someone who's watching this video where you absolutely want to grow your business. You want to grow your business beyond what you can do personally, right? That is someone where I would say, heck yes, you need to hire a business coach that's been there and done that ahead of you. Make sure you stick around to the end of the video. I want to show you how to get a copy of the free report I put together that goes through all six stages. I'm actually going to go through a little bit of it here, but this is the complete 16 page report that you can get your hands on. And if you like these videos, give us the thumbs up and subscribe to the channel and also turn on notifications and leave me comments so we can go back and forth and challenge each other on some of this stuff. So this journey, you know, this agent to owner journey, it's not the easiest journey yet there is a predictable path. There are six specific stages that you'll go through that I went through. Took me about six years to go from, you know, starting out as a solo agent to ramping my business to a point where most agents Never get to 500k to, to the build phase, which is 500 to a million, to this, you know, lead phase where you're making a shift from just doing transactions to leading people to the exit phase where you actually have a shot at exiting production to the own phase, which is working one day a week and the business runs itself. Right. And so that whole journey is what I want to talk about today. And I want to talk about it in the context of my business growth journey. In of terms, I left a cozy corporate job to get into real estate in 2007, just before the Great Recession. You remember September, October 2008 is when everything hit the fan. Well, I got into real estate about 18 months before that. My first year I was 27. Transactions, I was pretty much out of the start phase. So I didn't spend a whole lot of time as a struggling real estate agent. Although I didn't make a lot of money that first year. I think based on the income I made in the hours that I worked, I made $18 an hour. So I would say that was the start survival phase of real estate. So that took me to 100k and over and I was quickly in what we call the ramp stage. This is where you go from 100,000 to 500,000 in your business, where your personal routines, you developing your skill sets, you putting systems in place for your calendar, where you spend your time. You know, you're probably looking for administrative support. When you're later in this stage, you're thinking, thinking about what's next, right? Me, I was just failing and tripping into what was next. I didn't have this sort of six neat stages, right. I was only able to put this together looking back and working with hundreds of top agents turned business owners over the year. So as you're entering from start, you know, into ramp, it's the mindsets around. Even though I'm not quite at scale yet, I have this mindset of business ownership. As you enter the build phase, this is where you're going from 500,000 to a million. For me, this was my second full year, 2009, not quite 2009, 2010, we did 118 sides, probably about 8, 900 of gross commission income. So that's square in the middle of the build phase. This is where your, your main administrator is really sort of running the operation. You have some core systems in place. You're seeking leverage on the buyer side by bringing buyer's agents and they're acting as you're showing agents. You're, you're really sort of ruthless about getting things off of your plate that aren't leading you to business ownership, right. So showing homes doing any data entry, marketing systems are being handled by your administrator. You're, you're offloading a lot in the business. This leads you to the fourth stage with which is called the lead stage, which, where you have survived, you started, you were able to ramp to 500k and you were able to build to a million. The lead stage is a million to a million five, where you're learning how to be a really great leader, a really great manager. And in that leadership plus management, we get the accountability for you to be able to, you know, succeed through others. That's what that fourth stage is all about, succeeding through others. Then we lead into the fifth stage, which is exit, exiting production, if you want to exit production. So that's a million and a half to 2 million or so where you can profitably run a business working sometimes less than 30 hours a week if you have the right economic model in place, which we would have put in place way back in phase. As you're leaving phase two, entering phase three, you're hiring agents into your world. Part of it is the economic model. Value based commission splits. By the way, each of these stages have its own set of tools that we teach in real estate B school. So I'm obviously not able to teach all of them here in this video. I'm just trying to give you a flavor for what this path looks like. If you haven't set your business up from a systems perspective, meaning you have sales systems, right? A way that your agents sit down with buyers and sellers and get them to agree to do business with you. Right? If you haven't done that properly, you'll never have a chance to at being able to exit production. And if you have the wrong economic model and you're not, you know, paying your agents what's fair and equitable for the amount of services you provide in the leadership and the cadence and all those things you provide, again, you're not going to have the option to exit production. So that takes you to 2 million. The last stage, if you want to go into the last stage, is to become an owner in your business where you can scale your hours way back. This is 2 million to 3 million plus where it's built. Built on the right economic model. You've got a couple leaders in place that have been elevated out of the business as you've been delegating and elevating yourself. You're creating voids behind you where you're now able to run the business a day or two a week, 15 to 20 hours a week, where there are key meetings that you attend, culture, things that you're still a part of. The risk here is that your culture falls apart, which was one of the things that I suffered through as I made this ascension through these stages. As long as you're paying attention to culture, you're managing the business through numbers, you're leading through a couple key people in the business and there you are, business ownership. So start, you know, ramp, build, lead, exit, own. That's the ascension from under 100,000 to over 3 million. Ironically, you know there are things to learn, right? And lots of discomfort you'll experience along that journey. The satisfaction in getting there and the life that you can create for yourself and your family and your community. And the impact you can have if it's right in line with the more money, more freedom, more impact that we preach at real estate B school. So if you're at the point in your journey where again, I took you through these six stages, I built out a 16 page report that goes really deep on all the mindsets, all the tools and systems, exactly what your team needs to look like, exactly the hours you'll be working, the amount of money you'll be making per hour. It's all in this special report I put together called the Real Estate Business Growth Navigator. Just go to realestate business growth.com that's realestate business growth.com. and again, if you like these videos, give us the thumbs up and subscribe to the channel. And make sure you turn notifications on and leave comments as well. We'll see in the next video.