Time will always be your most valuable resource, and the only way to get more of it is to work on your business.Īutomate things, hire people, set up systems to make your income more passive (like hiring a business manager to close deals that make $200k/year and pay him or her $100k/year), so your time is free to spend on strategic decisions, not day-to-day affairs. Lesson 3: Don’t spend all your time working in your business, work on your business to save time.Įventually, no matter how many deals you can make thanks to your systems, leads, leverage, and listings, eventually you’ll hit a roadblock: time. Great people don’t need anyone leading the way. It’s to get in a couple good runs before the sun sets. As Seth Godin once put it: the goal in skiing isn’t to get to the bottom of the hill. This is the point that stuck with me though: In this race against failure, which is really just a race to become a better person, there’s no finish line. The second one is about Roger Bannister breaking the 4-minute mile record, a mental barrier that couldn’t be overcome for years until he did it, and two months later someone else broke his record. One is about Abraham Lincoln, who went bankrupt twice, lost a bid for a legislative seat, screwed up not one, but two congressional campaigns, two senatorial campaigns, and a vice presidency campaign – all before eventually becoming president. Gary tells two remarkable stories about embracing failure. Lesson 2: There’s no finish line in the race towards becoming a better human being. There’s only so much you can do alone, but with a sales manager, social media software, or a workflow for each lead, you’ll be able to grow without spreading yourself too thin. Lastly, leveraging systems, tools, and people will help you grow your business, get more done, and make more profit. So always focus on homeowners who want to sell. As a matter of fact, the viewings that result from your listings are more than enough buyer marketing, because many people will attend them, get to know you and maybe hire you later. Each seller has a property to list, but each buyer only wants to see your listings. Listings are a result of having more seller leads than buyer leads. Kinda like in freelance, having more leads coming in than you can handle means you get to cherry-pick the best ones, which will turn into better listings and more contracts. So after flipping the process on its head, you can see that it all begins with a big number of leads. A good real estate agent seals the deal on a lot of contracts for his customers – every contract means a home sold and a commission in the real estate agent’s pocket.īut there can’t be any contracts signed without listings of available property first – and to list someone’s property, they need to hire you, which is why you need leads. He built it by thinking about what success means for a real estate business in reverse. To this day, the 3 L model is his baseline.
He built his business from the ground up, long before he started writing and teaching others what he learned. Gary Keller was an operator for many years.
If you want to save this summary for later, download the free PDF and read it whenever you want.ĭownload PDF Lesson 1: A successful real estate business is based on 3 L’s: leads, listings, and leverage.
1-Sentence-Summary: The Millionaire Real Estate Agent is about how you can systematically build a thriving real estate business, drawing lessons both about the professional as well as the personal side of things.