3 Secrets from Gary Keller’s The Millionaire Real Estate Agent (MREA)
It is no secret that Gary Keller’s MREA book is considered the blueprint for automating success in real estate. Real estate needs to be bootstrapped in the beginning… but when you start seeing the success, you also need to start to build a team and business systems that multiply and duplicate that success for you and with you. For that, the book outlines 4 models – the economic, lead generation, budget, and organizational models – which are needed to grow and sustain a big business. Underneath these models are 3 core pillars (3L) which require clarity and focus.
The 3 core foundational pillars that you must focus on for real estate business success can be summarized as follows:
1. Leads: “Until you have enough leads (to meet or exceed your goals), there is no other issue.”
2. Listings: “Listings are the high-leverage, maximum earning opportunity in our industry.”
3. Leverage: “Who is going to do it? How will they do it? What will they do it with? Answers: People, Systems, and Tools”
So how can you learn from Gary to build those foundational pillars for your business? With some determination, planning, and hard work – you can be the top-performing agent, team, or broker in your market.
1. Follow Existing Economic Models
– Goals (start to finish)
– Save Time and Money with the right budget
– Stand on the shoulder of giants
2. Lead Generation and Follow-Up
– Bloodstream of your business is to have an active pipeline
– Convert leads to clients using the best technology tools
3. Leverage Time versus Money
– Hire an assistant to do clerical work
– Save time to focus on ‘big rock’ – clients
– Use marketing and sales technology to automate work
4. Four stages of growth
– Think a Million (* most important, sets up goal and thinking, and practice)
– Earn a Million (* how many clients do you need to close)
– Net a Million (* what is your team size to close the deals)
– Receive a Million (* have the right business model)
5. Track all of your data – [this is critical for your success]
– All your leads and lead sources, so you know what is working
– Marketing to your database will generate the highest return
– Follow-up using technology so you can focus on important clients
– Track all your transactions in a central place
– Grow your SOI (sphere-of-influence) – your network that will generate business
There are two ideas at play here: Marketing builds future business while lead generation feeds your current efforts.
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 now.
Next, you must follow the 8X8 Marketing System For New Leads and 33 Touch for Contacts:
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: digital message, mail, mail, phone call, free report, home upkeep tip, giveaway, and finally a phone call. Each of these activities should be structured.
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 you 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!
Here’s an Expert Tip:
– Each time you reach out to a lead, go ahead and set a to-do for your next touch. So, once the lead registers, you’ll need a Qualification Process to engage them for the first 10-14 days and a Long Term Nurture Plan to make sure leads who are further out in the home buying process aren’t forgotten.
– Knowing how each lead should be contacted will allow you to identify where you might be losing people and need to make a change. It will also help engage your agents in the system and be a key part of holding them accountable. You can’t hold them accountable if you don’t have standards set in place, right? Having your game plan will ensure less stress for you and your agents and result in a higher level of service for your leads.
ZipperAgent comes with several suggested lead follow-up and nurture plans.
Also, check out these key resources:
To learn more on How ZipperAgent can provide you all the tools and services used by Millionaire Real Estate Agents:Book a Demo