Continued education in any professional field is a key component to long-term success, especially in the ever-changing world of real estate. The education you pursue doesn’t always have to be directly related to your current position in your market, or your life, but gathering that knowledge now will prepare you for the future. If you flip houses, but always hire a contractor to do all the work, doesn’t it still make sense to learn as much about construction as possible, so you’ll have a better understanding of what’s happening throughout the process? Or maybe you’re a licensed tradesman, but one day want to get out and start your own business. How much better off will you be as an owner if you spent time learning the ins and outs of the business while you are an employee? You already know your trade, but you still need to learn how to run the business. This is why I read The Millionaire Real Estate Agent, by Gary Keller. At the time of this writing this article, I’m not in the position to develop a team that would allow me to make a million dollars a year. I’m ok with that, and in all honesty, I didn’t become a REALTOR because I wanted to make a million dollars a year. In reading this book, and getting a better understanding of what it takes to become a millionaire real estate agent, I believe I have better understanding of where I am in my personal business. I have taken a lot of information away regarding the values it takes to run a successful business, as well as how to organize myself, and make my business more efficient and prepared for the long term.
If you are among the small percentage of real estate agents who are ready to take your business to the next level, then you absolutely have to read this book. If you’re serious about it, you probably already have. However, most people reading this blog probably don’t think this book is relevant to them. After all, it is primarily a book about how to take your current real estate practice from successful, to ultra-successful. I’m telling you, you don’t have to want to make a million dollars a year selling real estate to learn a lot of great lessons from this book. While it is specifically geared towards that, I believe that the structure of the book, and lessons learned can be applied to almost any business. And for you real estate agents out there, no matter what level you’re at, the lessons throughout this entire book can be applied to the way you run your business. Someone who’s read this might say to a newer agent that the information at a certain point isn’t relevant. Once the author starts specifically talking about steps you need to go from creating a sound business environment to a millionaire environment, where you are hiring staff, and creating a larger business model might put you off. This is where I encourage you to continue reading. Preparing yourself for the future, and looking at the big picture, will only make your current practice that much stronger.
There are many simple, yet very powerful items that any new business person can take away that will help you prepare for running your own business. One of these Keller calls the MVVBP of your business, which stands for Mission, Vision, Values, Beliefs, and Perspective. When we run our own business we need to decide what kind of business we’re going to run. We all know what we do; I sell real estate. But in order to succeed we need to know what values our business is going follow. You may get your client in the door because you perform the service they need, but they’ll come back because they share your MVVBP. Other examples of steps we can take to create a solid business environment, which he elaborates on in full, include creating a personal plan, time blocking, developing accountability, creating a supportive environment, and maintaining energy and focus. Clearly, these are techniques that can be used in any business, at any level. In fact, a lot of these items are things that many of us know we need to do, but don’t take the time to develop in advance. We see in a lot of businesses that the doors open for business, and owners think they are going to have time to plan things out as they go, but pretty soon business has started to pick up and there just isn’t time to go back and do the things the owner should have done from the beginning. Eventually, business is too busy to plan, but not busy enough to take to the next level, because there is no plan in place. The Millionaire Real Estate Agent emphasizes taking the time to evaluate all of these things and get them in order before you decide to take another step.
A lot of what is in this book seems to come from two other very popular books, the first of which being Think and Grow Rich, by Napoleon Hill, which should be among the first business related books you read, if you haven’t already. The other, and I think more so, is The E-Myth Revisited, by Michael Gerber. E-Myth basically teaches you how to plan to turn a small business into a big business. This is pretty much what the Millionaire Real Estate Agent does, but with a focus on real estate. I would actually recommend reading E-Myth first, which is a more generalized read, and will allow you to take away more specific information from Millionaire without having to process the general business sections at the same time. So whether you’re just starting, or looking to make the jump to the next level, there’s certainly information in this book for everyone. This is definitely a book I see myself referencing time and time again over the years. And if you’re looking to grow your business, I believe The Millionaire Real Estate Agent will help you do just that.