Million Dollar Business Plan

October 8, 2009

“Plan your work, work your plan”    “Those who fail to plan, plan to fail”    “Who does not plan long ahead will find trouble at their door”

Follow your plan to reach success

Follow your plan to reach success

With all of the warnings out there about the importance of planning, why is it that so many Realtors begin their careers and each subsequent year without a specific, measureable, action-focused plan in place?
My guess. . . many people aren’t sure what to include in their plan – where to start. 
 
Session Two – Business Planning and Goals covered the critical areas of a Real Estate business plan, and we boiled it down to number of Listing Appointments and Buyer Appointments needed each week for every individual in class.  We also created our personal Expense plans, as well as our Cost of Sale projections.  The Powerpoint can be found HERE.
To create your own Financial Business Plan, download the calculations sheet HERE and follow the mathmatical signs.  If you are unsure of your conversion ratios, use 85% and 65% as you go down each column (Listings & Buyers) where directed.  More information on this sheet and accompanying documents can be found at www.MillionaireSystems.com.  Once you have your Annual goals, divide by 12 for your Monthly goals and divide again by 4 for Weekly goals.
 
Goal Tracking
Keller Williams Realty provides monthly goal-tracking via our Company Intranet.  Our KW Associates are encouraged to go mykw.kw.com > coaching > goal entry and enter your goals in each of the categories provided.  This information is taken directly from the Financial Business Plan sheet and the web site will compare your goals versus your actuals every month, as well as YTD figures.
 
Time Blocking
Once you know WHAT, you will need to determine WHEN.  The best method for keeping yourself focused on those key activities is Time Blocking.  This method simply allocates a set amount of time in your daily and weekly schedule to work on each of your key activities.
Although there are dozens of activities that are important, I would break it down to 4 main categories.
     1) Plan/Prep Time
     2) Face to Face Time
     3) Education Time
     4) Lead Generation Time
 
Plan/Prep time includes all administrative duties such as data entry, creating presentation packets, maintaining records, etcetera.
Face to Face time is time spent working directly with clients – showing property, listing appointment, price reduction meetings, buyer needs analysis, etcetera.
Education time should be used to take classes (in person or virtual), read up on industry news, preview properties and understand your local market.
Lead Generation time is where you focus on growing your network, communicating with your Sphere Of Influence, prospecting, marketing and follow up.
 
Put it on a calendar
Lead Generation, as the most important activity, should make up 50% of your time allocated to working on your Real Estate business.
Face to Face time should be 20%.
Plan/Prep and Education should be 15% each.
 
For example:  in a 40 hour workweek you would allocate 20 hours for Lead Generation activities, 8 hours for Face to Face time, and 6 hours each to Plan/Prep and Education.  (newer Agents will likely have increased Plan/Prep and Education time and reduced Face to Face time as they build their business)  These are targets to aim for, if your numbers are slightly different it’s probably okay.
Note:  Since we “work to live” rather than “live to work”, make sure you put your personal and family activities on your calendar first!
 
Getting Specific
Now that you have time blocked for generic categories of activities, you should spend time each week (I prefer Monday morning, to get myself focused on the week at hand) allocating specific activites for each time block.  So, for “Education” time you might enter “research single family sales in Farm Area for 3rd Quarter” or “attend Go FAR class.”  Having your calendar filled out with specific activites which are focused on your core business needs will keep the random, unimportant stuff from creeping into your day . . . IF you stick to your schedule.  From time to time changes will need to be made “on the fly” – but remember the golden time blocking rule: “If you erase, you must replace!”
 
How do YOU feel about Time Blocking?  What works best for you and how do you use it to stay focused?
 
Our next session will reveal the key methods of Lead Generation as well as some information that just might shock you!

Million Dollar Mindset

October 1, 2009

Today marked the kick-off of our GO F.A.R. 3-month workshop!  I was grateful to see the room packed and the enthusiasm level high.  We spent our first hour of GO F.A.R. getting focused on our goals and dreams, and discussing how to make sure we don’t end up adrift at sea without a rudder.  A powerpoint of today’s class is available HERE.

Build a Million Dollar Business

Build a Million Dollar Business

 

We started our journey with one of my favorite pages from Napoleon Hill’s Think And Grow Rich – his Formula For Self Confidence.  

You can check out the actual text by clicking through the link, but the basic steps are:

 

1) Believe that you CAN achieve your goals

2) Your Thoughts become your Actions, which become your Reality

3) Spend 30 minutes each day focusing on the person you wish to become

4) Use the power of Auto-suggestion by focusing 10 minutes each day on developing your self-confidence

5) Have a clear and written description of your definite purpose in life.

6) Serve others – a la Zig Ziglar – you can only get what you want by helping others get what they want.

 

Your ‘Big Why’

There’s a saying that “if you don’t have a plan, then you will become part of someone else’s.”  Not only is this true, it’s fairly common.  How many people do you know that things always seem to “happen” to?  They are one of those random, unclaimed bumper cars on the track without a driver – just getting slammed into and going wherever they are pushed.

Your ‘Big Why’ is what drives you; what gets you up on those cold, dreary days when the cozy down comforter is calling your name.  Chip pointed out today that it’s never money – although it is often something that requires money to achieve.  Have you thought about what drives you?  Let’s hear it!  Feel free to leave comments to this blog with your Big Why – wouldn’t it be interesting to learn the driving force behind your peer’s success?

Dream Big

You’ve heard of a Bucket List – made even more popular recently by the movie starring Jack Nicholson and Morgan Freeman.  A Bucket List is simply a list of experiences you want to have before you leave this Earth.  Borrowing a concept from Matthew Kelley’s book, the Dream Manager, I have created a broader version of a Bucket List for the GO F.A.R. Dream List.  To live a life with no regrets, you need to write down not only the experiences you wish to have, but also the person you wish to become.  The Dream List encourages you to explore everything from material items you would love to own and trips you want to take, to spiritual growth and physical shape you are trying to achieve.  Take some time to write down your goals in each of these categories, and feel free to share them by commenting on this blog.  Until you say it out loud, it’s just a wish.

Need some encouragement to dream big?  Watch THIS.

Burn The Ships!

When Spanish Conquistador Hernando Cortez landed in Mexico, one of his first orders was to burn the ships.  He didn’t want the option lingering in his men’s mind to turn back when things got tough.  This is TOTAL commitment!  We are beginning a long journey, of which this class is just a small portion; and yet many won’t even finish these first three months.  Folks, these systems WORK.  I hope that you will make the commitment to follow through the entire class and not only create the systems, but implement them as well.  If not, this will just be a waste of time for you.

That Little Extra

It’s amazing to hear how small the gap between victory and success can be.  In professional sports, for example, did you know that over the last 25 years the margin of victory in all major golf tournaments was less than 3 strokes?  In the Olympic Men’s 800 meter race, the margin of victoy was only 0.71 seconds.  That little extra effort pushed the winner to the lead spot.  We watched the 212 Degrees Movie to remind us about focus and determination.

A Million Dollar Business

By the end of this class, you will have completed:

  • 2010 Financial Plan – how much do you want to make and what will it take?
  • 2010 Business Plan – how many Listing Appointments and Buyer Appointments do you need?
  • 2010 Expense Plan – What do you need to spend to NET your financial goals?
  • 2009 – 2010 Lead Generation Plan – Automatic lead RECEIVING systems!
  • Time-Blocking Schedule – Your Action Plan to get it all done and STILL have time to have a life!
  • Getting The Listing – Phone Scripts, Questionnaires, Pre-List Package, Listing Presentation
  • Active Listing Systems – Procedure Checklists, Client Communication, Critical Path
  • Closing Buyers – Phone Scripts & Questionnaires, Pre-Appointment Package, Needs Analysis, Property Tour
  • Risk Management – Mastering the Contract & Protecting Yourself and Your Client
  • Contract To Close Systems – Critical Path, Checklists (Buyer & Seller), Folders & Organization Systems

Rewards

Those who successfully complete the entire course – which means create AND implement ALL of the sytems – WILL see amazing results; even before the class wraps up at the end of December.  The lead generating  (receiving) systems will boost your pipeline of Buyers and Sellers, while the highly leveraged and organized transaction management systems will free up countless hours in your day.  You will be more focused and get better results, week after week.

For our Select Realtors, there is an added incentive: $200 placed in an education fund for each of our Associates who complete the course!

ARE YOU READY TO GO F.A.R.??

Don’t forget to leave your thoughts and comments throughout the course!


Build a Million Dollar Business in 3 Months!

September 29, 2009

Yes, it is absolutely possible . . . even fairly simple . . . to build a million-dollar business in only 3 months.  Notice I didn’t say “make a million dollars in 3 months”; that takes a little more time.  In our GO F.A.R. Series, which starts on Thursday, we will go step by step through each model and system needed to build yourself a million-dollar business.

If you’re in Maryland, you can join us live – in our Ellicott City Training Center.  If not, I will share our weekly discoveries, material and information through this blog.  If you follow along, and actually implement the systems we dicuss . . . by the end of this year you will have yourself a Million Dollar Real Estate Business!

Build a Million Dollar Business

Build a Million Dollar Business

Mindset

It all starts with a proper mindset; what my friend from Texas calls a “check-up from the neck up.”   We will kick off this three month adventure by putting our thoughts in order and making a total commitment to completing the entire task of building a sustainable, productive and wildly successful business. 

Setting a Course

Next week we’ll create our Business Plans and set some ‘big, hairy, audacious’ (yet attainable) goals based on a plan that creates a clear path of tasks which will march you directly to success.  We’ll also Create our Lead Generation systems, to promote the constatnt flow of new business, returning business and referrals into our pipelines.  All of this will be plopped onto a ‘time-blocking’ schedule which gives you the freedom to get all of this done, with a focus on maintaining a real life (or finally getting one!).

That’s week TWO!

Don’t miss out . . .


Free Coaching For Realtors!

September 8, 2009

Call it Karma, call it goodwill . . . I believe that we are supposed to help each other while we’re here on this Earth; so this blog will be a constant dishing of the facts and tactics I have accumulated after nearly a decade of focused study into the best practices and techniques of the country’s top Realtors.

Success Key

I recently put together a series of classes based on my own experience and research, as well as the amazing collection of data and systems compiled by Gary Keller for his Millionaire Systems series (Millionaire Real Estate Agent, Millionaire Real Estate Investor, FLIP).  This class is called GO F.A.R. (acronym for Focus, Action, Results) and I’ll be teaching it again in our Ellicott City, MD Select Realtors market center beginning October 1.

As we go through each step of building a thriving, sustainable, systematized real estate business – I will share all of the information here with you.  No strings attached, nothing to buy.  Now, lest you think I am a far better human being than I am . . . there IS a hidden agenda for this blog.  I’m hoping that once the tremendous training resource available at our KW Select Realtors offices is revealed, local Realtors seeking improved results and better quality of life will knock down our doors to get what’s inside.

The good news for you?  I have to deliver on this blog first . . . please feel free to leave comments and questions as we go along.

More background information on Select Realtors, my experiences and qualifications, and our agenda for the next three months to follow through September.  Get ready to GO FAR!!

Dave