Today’s podcast was inspired by a faithful listener email and by one of our great coaches! Our listener wanted to know if a four-hour work week (from the titled book) is possible in real estate.
The important thing to remember about the book, “The 4-hour work week” is that the author was educating on selling a product, not a service. Real estate is a service business!
It’s nearly impossible to scale a service. You can see this challenge highlighted in growing a real estate team. The costs of growing a service business by adding people to sell the product always takes away the profit.
So, what systems are necessary to work toward streamlining your service business so you aren’t working every waking hour? Lead generation is your No. 1 system.
Here are the the first five things to know about your most important system:
1. There is no such thing as passive or “free” lead generation. You’re always “buying” them — whether it’s with your time or your money.
2. Your mission is to know where to get the most leads in the least amount of time. What if we told you that the first person to generate 30 listings in the next 90 days would get $100,000? Would you know where to find the leads then?
3. When you prospect, you’re paying now for the lead — and you control the quality and the flow. Sounds like a pretty good way to “buy” leads, right?
4. When you buy leads from pay-per-click or a portal, you pay later. You know what this makes you? A speculator! Doesn’t sound as consistent or predictable, huh?
5. Leads on their own have no value. Have you noticed that the people selling you passive systems no longer call them “leads,” but “impressions”? It’s something to chew on.
The bottom line is that profit is your product in this service business. Did we just rock your world there?
If you think we’re lying, you’re either in denial or you’ve just never heard this before. And we promised to tell you things no one else would! Listen to the show to learn about the most important system in your business.
Subscribe to Tim and Julie Harris’ podcast on iTunes or follow us online at realestatecoachingradio.com.
Tim and Julie Harris have over 20 years’ experience in real estate. Learn more about their real estate coaching and training programs at timandjulieharris.com, or request more information about their programs at joinharris.com.