The Millionaire Real Estate Agent by Gary Keller is undoubtedly one of the best ways to grow your business now. The national bestseller has been reviewed almost everywhere and Realtors around the world reference it.
That’s great and you should read it completely!
But what if you don’t have time right now?
What if you just want a bit of information to implement into your business right now?
Great!
This cliff-notes guide to the entire Millionaire Real Estate Agent by Gary Keller will hopefully help you get more out of your business. And it isn’t going to be complete unless you leave a comment below with YOUR favorite part of the book.
So enjoy the notes and then be sure to leave your comment below:
Part 1 – Overview & 6 Myths About High Achievement In Real Estate
The Millionaire Real Estate Agent by Gary Keller
“You’re not the first person to want to have a successful career. You’re not the first person to have dreams you want to fulfill. You’re not the first person to want to be the very best you can be in life. You need to realize that people have lived before you. And you might be wise to slow down for just a second and figure out what they learned on their journey before you start your own.”
Passage #1: Long ago, I realized that success leaves clues, the people who produce outstanding results do specific things to create results.
Passage #2: Actions are the source of all results…This process specifically is what people do to produce so it’s called modeling.
Passage #3: To me, modeling is the pathway to excellence…The movers and shakers in the world are often professional modelers-people who have mastered the art of learning everything they can buy following other peoples experience rather than their own.
Passage #4: To model excellence you should be a detective, and investigator, someone who asks a lot of questions and trucks down all the clues to what produces excellence… Building from the successes of others is one of the fundamental aspects of most learning.
Use models to start and when you reach the ceiling with that model then use your creative energy to break through.
The Three L’s Of The Millionaire Real Estate Agent:
Leads: “Until you have enough leads (to meet or exceed your goals), there is no other issue”
Listings: “Listings are the high-leverage, maximum earning opportunity in our industry.”
Leverage: “Who is going to do it? How will they do it? What will they do it with? Answers: People, Systems, and Tools”
- You need to examine your beliefs, search for the truths, and abandon your myths.
- People are succeeding at high levels, and so can you.
- Just because it has never been done in your market doesn’t mean it is impossible to achieve. Get a big plan that matches your market, and go for it!
- There is only so much time and effort. A big dream doesn’t take more time and effort; you just have to focus on yourself.
- Growing your sales business is not inherently more resting and staying where you are at the risk of an action is often greater than the risk of action.
- Failure is nothing to be feared. The very best of us have used as stepping-stones on the path to ultimate success. The only true failure is in quitting or not trying at all.
This is the first in our several part series highlighting tips from this amazing book. Be sure to check out other great real estate books here and here. If you’re looking for ways to start generating leads now (after all they are the only thing that matters at first), check out these 53 ways to generate more real estate leads.
If you’re looking for a great way to get more leads in the digital age, I’d start a wordpress blog. You can do it yourself in under 5 minutes with this tutorial and Bluehost:
For more information like this, get started on our free real estate marketing course.
So we covered the myths about high achievement and the basics of getting started. The next section of the Millionaire Real Estate Agent is all about going through the four stages it takes to make a million dollars in real estate. Part 2 of our Cliffnotes Guide is going to focus on step one of those four steps. …haha that’s a lot of numbers.
Part 2 – Think A Million
The 9 Ways The Millionaire Real Estate Agent Thinks:
- Think Powered by a Big Why: Your big why will bring the meaning, focus, and energy behind all you do. This is why you get up to sell real estate in the morning.
- Think big goals and big models: “If you don’t have a dream, your life will be about your problems. Your future organizes you now is the power of the future pull.”
- Think possibilities: Top real estate salespeople are deeply familiar with the saying “Act as though it were impossible to fail,” and they build their careers on such an approach.
- Think action: The big why can only be completed through massive action.
- Think without fear: “Having a Big Why You focus on what the millionaire real estate agent usually has going for them – the power of motivation that comes from your greatest fear is not reaching your goal.
- Think progress: Progress is about quantity and repetition.
- Think competitively and strategically: “Start where the rules stop and challenge your competition to catch you!”
- Thinks standards: Highly successful real estate agents think standards for themselves and everyone around them.
- Thanks service: Virtually every time-producing agent we have ever worked with has a deep and almost inherent sense of service.
The Top 10 Service Areas of the Seller Value
The Top 10 Service Areas of the Buyer Value
The 80/20 Rule
80 percent of your business comes from 20 percent of your work. Focus primarily on that type of work.
The 3 L’s:
Leads – Lead Generation vs Lead Receiving:
Leads are the lifeblood of your business. Focus on building more until you can’t handle the number of leads you are getting.
Listings – The High Leverage
Leads are vital to stay in business. Having more listings is vital to growing and scaling your business.
Leverage – The Who, How, And What:
This is where you eventually have no choice but to have others use systems to manage your leads and listings.
The 8 Goal Categories Of The Millionaire Real Estate Agent
These are the 8 goals you should track for yourself and your team consistently:
- Leads Generated
- Listings
- Contracts Written
- Contracts Closed
- Money
- People
- Systems/Tools
- Personal Education
Model One: Your Economic Model
Focus on the numbers you must hit to make the income you want. The best number to focus on is appointments. Here’s a great formula for calculating your net income:
Model Two: Your Lead Generation Model
It’s a numbers game. The more you bump up your numbers. The more success you will see.
There are two ideas at play here. 1) Positioning/Marketing: People can only remember up to 7 Realtors at a time. Are you one of the first 2 they think of? 2) Lead generation: Be systematic and focus on building business in the now. Marketing builds future business while lead generation feeds your current efforts. Next, you must follow the 8X8 Marketing System For New Leads and 33 Touch for Contacts:
8X8:
This is a program that introduces you as a Realtor to a new contact. It generally follows the format of one touch a week for 8 weeks. A typical system looks like a digital message, mail, mail, phone call, free report, home upkeep tip, giveaway, and finally a phone call. Each of these activities should be structured.
33 Touch:
After clients complete the 8X8 touch system, they go into your 33 Touch follow-up sequence. This generally means you’re going to touch them 33 times throughout the year.
- 18: emails, mailings, or letters
- 8: Thank you, thinking of your cards
- 3: calls
- 2: Birthday cards (husband and wife)
- 1: Mother’s Day Card
- 1: Father’s Day card
There are a lot of ways you can dice up or mix up these touches. Just make sure you do them!
Model Three: Your Budget Model
Lead with revenue! Focus on how much you bring in and not how to save money. Then play red light, green light with costs. If costs, no matter how big, bring in more revenue than they are an expense, keep doing it. Stick to your budget!
Model Four: Your Organizational Model
Hire administrative help first. They will systematize and document your business for you! Always hire talent. It’s hard to find and will pay back a lot more later than hiring unqualified people.