How can you move from being a real estate agent to becoming the CEO of your own business? I’ve done it myself, and I’d like to show you how you can do it too.
The journey took about three years, and I’ve grown from $3 million in production to over $165 million. My mentor, who made 300 sales each year compared to my 15, told me that the problems start with EID: entrepreneurial idiot disease.
80% of real estate is 20$ to 25$ per hour work. If you relegate yourself to doing these low-cost tasks, you only have 20% of your time that you can spend doing the $200-per-hour work.
You need to figure out what your time is worth by creating your income goals. Let’s say you want to make $500,000 a year. 40 hours per week for 50 weeks is 2,000 hours. Divide $500,000 by 2,000 and you get an amount of $250 an hour. Therefore, anything that’s not worth $250 an hour should be off your plate.
“If you relegate yourself to doing these low-cost tasks, you only have 20% of your time that you can spend doing the $200-per-hour work.”
Next, we introduce leverage by getting other people to work for you. To effectively grow your business, you need a great administrative staff to coordinate transactions. You want a full-time admin once you hit 15 to 20 transactions.
After this, you need predictable, scalable lead generation. Most agents only utilize open houses and spheres of influence, but you need to create farms and use the internet to find leads. If you have an admin team and lead generation techniques in place, you’ll be ready to add agents to your business and become a CEO. And since you’re driving business to these agents, they’ll stay loyal to you.
If you have any other questions, feel free to reach out to me. I look forward to hearing from you soon.