Man… What a day! Had a 19 Hour Day [door to door]… headed up to Chicago for a Tom Ferry seminar with Coldwell Banker Real Estate LLC! Post-GenBlue in Vegas, I saw a post on Ayoub Rabah’s Instagram promoting a Coldwell Banker Chicago event with Tom Ferry. I commented “Got any extra seats? 😉” — and when I actually got a response back of “It’s Open, come on up!” I laughed it off… then actually thought about it!
Booked a flight up to Chicago (for the day) and set office meetings with some local agents! I love working with a company that has a local presence and global reach. The opportunity to network with like-minded agents in other markets is invaluable! Meeting with local agents in their markets is helpful for many reasons – to understand local market intricacies, to mastermind around marketing campaigns, and to develop referral relationships with top-notch agents across the country.
After stopping in at the Coldwell Banker Gold Coast Global Luxury office, we headed to the United Center for the main event – a Tom Ferry seminar! The focus was surrounding “Business Building Truths” and key takeaways from 32,000+ hours of Tom Ferry Coaching.
“What got you here won’t get you there.”
His seminar started with the task of agents taking a hard look at their business, and the question of How did YOU Build Your Business? The story of the “Three Little REALTORS®” comes in to play… did you build it on a foundation of straw, sticks, or bricks? (Or a combination of the three). Admittedly, if I were to look back on the start of my business, it was probably built on a foundation of straw and sticks. No operational excellence, no systems, no measurable statistics or goals. While I knew I wasn’t going to let anyone outwork me, I wasn’t really sure what I was creating, and it definitely wasn’t repeatable or scalable.
The main focus of the day was “This is My Business” and taking a look at the different ways we should take a deeper level of responsibility for the business that we conduct each day.
Are You Living Paycheck to Paycheck? Money in, Money Out….
We took a look at some ways to build wealth, rather than living commission to commission and reducing the “roller coaster” of business (ups and downs) that so many agents seem to fall into.
While 5% of people can be categorized as “Generational Wealth” (ie: $10M+ net worth), and about 15% could be considered “Wealthy” (ie: $3M+ net worth), the scary stat is the remaining ~80% are “BROKE” — relying on the government, their family or must work to live.
We dove deeper into the idea of having an operations account, personal account, and investment account (You can see more on Tom Ferry’s YouTube Page), and the idea of working because you want to, not because you need to. Once you’ve divided out your expenses and truly understand where you’re spending money, you’re able to demand a better ROI and also adjust marketing/spending when the market shifts.
The Top Five Takeaways from the day:
- Live off less – stop buying D.S! (Dumb Shit)
Pretty self explanatory. Do you really need that “Chicago” coffee mug from Starbucks?
- Track and measure your dollars rigorously! Demand a better ROI!
What can be measured can be managed. Knowing what is successful (and what is not) will allow you to make better decisions than spending a ton of money on a lot of different lead sources that may or may not be profitable.
- Create a better relationship with your bank(er)!
I’ve always said it’s a lot easier to make money when you already have it, and the same applies for lines of credit, loans, etc.
- Focus on generating more revenues!
Most business coaches and brokers are proponents of having multiple lead sources and streams of income. The entire “don’t put your eggs in one basket” approach.
Invest, Invest, Invest!
Watch a snapshot of our experience (and some #TomFerry knowledge) here:
If you’re looking to move in the Greater Houston area or thinking about getting into real estate, please reach out! I’d love to chat.
Coldwell Banker United, REALTORS® – Metropolitan
Katie Day, REALTOR®
2 Greenway Plaza #150 Houston, TX 77046