Dear Billion Dollar Agent,
Congratulations! Your business is off to a great start and you have achieved over $1,000,000 in GCI in your most recent year. Very few real estate businesses reach over $1,000,000 revenue. In fact, of over 1,000,000 real estate agents, less than 1,000 agents have created a team doing over $1M in GCI. You are a one in 1,000 real estate agent!
Where can you go from here? I would like you think about three things:
· What is your unique talent?
· Which three profit pillars of your business are weak or missing?
· How can you grow to $10M in GCI or 1,000 deals?
If you want to grow your business to $10M in GCI or 1,000 deals, you need to get creative. You need to think out-of-the-box. You need to leverage more than you have ever imagined. You need to believe that anything is possible.
Many of you are averaging between $1M and $2M in GCI. Only a few of you are over $2M in GCI. How can you grow your business and team to either $10M GCI or 1,000 deals? There are a few agents who are already doing over 1,000 deals per year. The question is how did they get there?
Choose a Billion Dollar Agent Goal (BDAG) to on which to focus. If you are in a low price market, such as $100,000/year, then we will have you target 1,000 deals per year, which may be $3M in GCI. If your market is $800,000, and your average commission check is $20,000, then you only need 500 deals to achieve $10,000,000 in GCI.
How big is your market area? What is an achievable market share of the total GCI in your area? It should be at least 10 percent, and I think that 20 percent is possible. RE/MAX has used a term called Premier Market Presence. This can be defined as achieving a target market share, such as 20 percent, or having the largest market share in the area. There are many Billion Dollar Agents who have achieved a 10, 20, or even 30 percent market share in their area.
Now you have a sense of the total market area, and a target goal for your business. Brainstorm all of the ways you could grow to that level. I suggest you think through all of the market segments for seller and buyer business, and analyze where you stand today. What is possible in future? What is your unique talent among all the Billion Dollar Agents?
The good thing is that everyone is good at many things. The bad thing is that most of you are still trying to do too many things. Do less. Subtract things from your schedule, do nothing and focus.
Imagine that you were being interviewed by a Billion Dollar Agent for a job running part of their business. What are you the best at doing? Really think about this. I'll focus on the possible areas in the next blog, and we'll go into why it is essential that you answer this question.
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