MREA Business Planning Clinic

Quick Bits from Gene Rivers and the MREA: Business Planning
Clinic

November 8, 2011

MREA = Millionaire Real Estate Agent is a printed manual on
how to build a successful real estate business

This book was written by Gary Keller, Jay Papasan, and Dave
Jenks after several years of interviewing top Realtors from around the country
who were netting more than $1,000,000 in commission. Best Practices for running
a real estate business were identified by these top Realtors who on average had
an average of 11 years’ experience in real estate.

#1 goal of every business = referral and repeat business

Provide great customer service to get Referrals

You and your business must have Models and Systems to have
uniform customer service. If systems and models are not in writing you are NOT truly
using them.

There is no excuse for not being successful in this
business. Why, because most realtors are not really in the business.

Success and failure is not yearly, monthly or weekly. It is
daily. Are you going to WIN today or are you going to LOSE today?

If you are not tracking what you do daily. You will not
succeed at a highly efficient level.  Have your finger on the pulse of what is
happening in your business, in your market, with your listing prices and your
buyer’s motivations.

You have to WORK and FOLLOW A PLAN to be successful in this
business.

Buying and Selling is EMOTIONAL not LOGICAL.

The purpose of a business is PROFIT. The purpose of a BUDGET
is to define PROFIT. Business profit is to reward the shareholders and to
reinvest into the business for growth.

Track your leads so you know that you are getting a return
on your investment and what the return is.  MREA budget model states that lead generating
and marketing should be no more than 9.2% of your Gross Commission Income.

Accountability is extremely important. Accountability works
because we don’t want to be humiliated for not reaching our goals. An
accountability partner will inspect what you expect out of yourself.

Keller Williams Realty – careers worth having, business
worth building, and lives worth living

Need 3 pots of money from your career

1. Money to live the way you want to live
2. Money to get out of debt
3. Money for investments for the future to create
   wealth

Life worth Living = amount of time you spend NOT at work

Importance of Modeling – success and failures leaves
clues. If you model after examples of excellence you will experience success.
Ask questions of failures to learn from them and not do it again. “The movers
and shakers of the world are often professional modelers – people who have
mastered the art of learning everything they can by following other people’s
experience rather than their own” – Tony Robbins

You must start with a MODEL. Only then can you add
creativity. Example: the model is time blocking. The creativity is the type of
calendar you use.

E to P – moving from the Entrepreneurial self to the
Purposeful self.  Natural ability can
only take us so far before we hit our achievement ceiling. Models and Systems
will help you break through that ceiling of achievement.