THE MILLIONAIRE REAL ESTATE AGENT SELLS ITS 1,000,000TH COPY

MREA

This week we’re celebrating an incredible milestone. The 1,000,000^th copy of The Millionaire Real Estate Agent, also known as simply “The Red Book,” has been sold!

When Gary Keller first fired himself from the position of CEO all those years ago to write a book about real estate, even he couldn’t have predicted the impact it would have on the industry as a whole. MREA revolutionized real estate and today, the models and systems detailed in the book serve as the cornerstone of Keller Williams associates’ businesses.

Over a decade ago, Gary set out on this journey with the help of two co-authors. Dave Jenks, who previously collaborated with Gary on the development of Keller Williams’ educational courses and agent masterminds, was a valuable source of industry knowledge. Jay Papasan, who was poached from another department within the company, provided his extensive experience in the publishing industry along with a dedication to writing. Together, the trio of authors made it their mission to change the way people think about the real estate business.

Once they got to work, the book came together quickly. Drawing on their cumulative knowledge and numerous interviews with some of the nation’s top real estate agents, Gary, Dave and Jay were able to complete their first draft within 90 days. The book challenged industry norms and pushed forward the notion that real estate agents are in fact business owners, with proven models for achieving and replicating success in any market.

The Millionaire Real Estate Agent is a step-by-step, actionable guide on how any agent, whether just getting started in their career or an experienced veteran, can earn and net a million in annual income. MREA teaches a specific roadmap to success, using four models that are essential in building a successful career in real estate.

Putting a tight ribbon on top of their final drafts, they sent the manuscript to a number of publishers who rejected the book on the basis that the market was too small for the risk. But this did nothing to shake their conviction that they had written a book that would benefit many. Gary and his crew decided to self-publish the book and quickly sold nearly 100,000 copies, giving those publishers reason for second thoughts.

Over the last 14 years, the book has proved itself to be the industry standard for putting real estate agents on the path to success. Leaders in the industry have used it as an effective recruiting tool, as a conversation starter and as the impetus for starting or reigniting careers.

The message and vision of MREA has been expanded by the countless number of people who continue to live and teach it every day. It’s with gratitude that we say thank you to everyone who’s supported the book, and a hearty promise that there’s still more to come!

FIVE CRITICAL ACTIONS YOU SHOULD TAKE NOW

Shift Happens

Following the Market Update presentation, Gary Keller and Jay Papasan reviewed the book SHIFT and delivered critical action items every agent should take now.

Reflecting on the title, Keller said that the book can actually work to reinvigorate any business at any time – it is not only for use during shifting markets. With that in mind, Keller and Papasan outlined five critical action items agents should do now to pave the way for not just a profitable year, but a profitable career.

Before taking action, you first need to recognize that shifts happen fast, and if you don’t prepare early, you may be too late. Start with your mindset and don’t assume it won’t happen to you. When things are going well, it is difficult to think about – let alone prepare for – them going bad. As Keller said:

When a market shifts, there is only one thing you can do: SHIFT WITH IT.

Get Right – Shift Your Actions with These Five Critical Action Items

In a shift, nothing becomes more critical than lowering your costs, re-energizing your people and systems, finding motivated buyers and sellers, and closing them to appointment.

Action 1 - Find Your Profit Through Expense Management

Now is the time to lower your expenses and make every dollar count. “To generate revenue, you generate leads, but to make a profit, you manage expenses,” Keller said. Some ways to do this are as 

follows:

Maintain a monthly budget that matches your shifting revenue.

Re-margin your personal expenses so that your business and personal life live within their means.

Profit is made in managing expenses.

Action 2 - Do More with Less Through Leverage

As you manage your expenses and make necessary cuts, you will need to get creative to do more with less and make every body count.

A market shift can be an opportunity to upgrade and top-grade your business. This is a gift of the shift. Follow these guidelines to help get your entire team in shift mode:

1. Be visible and communicate to set the tone.
2. Ramp up your training to upgrade their skills.
3. Re-tool your systems for efficiency and focus.
4. Increase your recruiting to top-grade personnel.

  

Action 3 - Lead Generate to Find the Motivated 

The race is on to find the ready, willing and able clients to buy, because in a shift, there is no longer enough to go around. A shift presents an opportunity to find the truly motivated, but you need to make every activity count.

While the market may change, the reasons people buy homes don’t, so find those motivated buyers.

Action 4 - Improve Lead Conversion to Get to the Table

Good leads are great, but leads that become appointments with motivated people are the only leads that matter in a shift. Make sure you take the time and do the activities to make every lead count.

Action 5 - Leverage Your Market Center / ALL HANDS ON DECK - No one succeeds alone.

It’s time for all hands on deck because, as we know, no one succeeds alone. To get your market center working in concert, follow these activities:

1. Share timely information.
2. Coordinate training on key topics.
3. Partner recruiting with the team leader and other associates.

TOOLS TO FUND YOUR BIG WHY

CGI Tools

Following four panels covering each of the Four Conversations, market center leaders and mega agents  dug into each of the of the Career Growth Initiative (CGI) tools, leaders and mega agents from various market centers shared what they love about the tools, how they are implementing them in their offices and on their teams and what this means for their future. 

Every panel began with leadership sharing their market center’s vision and how they are helping their agents kick-start the CGI. 

Each market center had a unique strategy for rolling the CGI out in their office. Some created contests and held events to showcase the new CGI tools, while others divided up agent lists and contacted each agent one by one to set up goal-setting conversations. But there is one thing each market center on stage had in common – they got their agents excited about talking about their goals.

Here’s what they all had to say and why they believe every Keller Williams associate should be using the CGI tools right now.

The CGI Calculator 

Mega Agent Alex Fenske, of the Orland Park market center, thought when he first heard about the CGI tools that it was just seven more things he had to do. However, he quickly realized that wasn’t the case. “These tools are actually time savers,” Fenske said. “They save me time because they centralize all the numbers I was already tracking and help me be more accountable.” To get started with the CGI Calculator, agents contact their leadership and discuss their Big Why so they can chart the activities it will take to get there.

Monthly Listings

Speaking of activities, the next tool Listings (Monthly) allows agents to get laser-focused on their numbers. Mega Agent Cathy Banu, of the Ridgewood market center, said using this tool she can now tell you the exact day she will be profitable and, “Since we are in a shift, I can see when I can spend money and when I shouldn’t.”

Pipeline 

Mega Agent Steven Pilkington, of the Denver Tech market center, shared how the Pipeline Tool gives him the ability to really see inside his business. “As Gary says, ‘Know your numbers, know your business,’” Pilkington said. “So I adopted CGI right away.” Pilkington is using the CGI, specifically the Pipeline Tool, to take a 90-day snapshot of his business and work with the members on his team to ensure they reach their three transactions per month standard. “This tool lets us see what activities are leading to the results and where we should focus our time,” he said.

Agent Trend

Once the goals are set, the activities are identified and the numbers are tracked, it’s time to look at trends. Mega Agent Chad Smith, of the Arlington (Texas) market center, takes the Agent Trend reports to his weekly team meetings every Monday and goes over it with the associates. “This allows everyone to see where the wins are and where the opportunities are,” Smith said.

LORE 

The numbers tell a story beyond the agent’s individual production. The LORE helps agents see how their activities compare with their market. Brett Jennings, of the Los Gatos market center, said, “It’s cool to know you are on a winning team when you see the results on the LORE. Using the LORE report with sellers to show them how well you are doing in comparison to the board is very powerful.”

Local Expert

Ken Wimberly, mega agent of the Arlington (Texas) market center shared how CGI tools, including the Local Expert tool, help KW Commercial agents as well. “It’s a phenomenal tool for any agent,” Wimberly said. “I track my goals, my team tracks theirs and we have a conversation on a weekly basis. We look at the reality.” By using the Local Expert tools, Wimberly and other agents can provide the facts and figures, which help establish validity and show value.

Company Dollar

Mega agent Jay White of the Ballantyne Area market center always had some form of tracking his business, but it wasn’t until he had the CGI tools that he started to track revenue as compared to expenses. “Since real estate is a lag business, this was a crucial missing step,” White said. “We can look back at the listing numbers and adjust it. If I’m not hitting income, I go back to my activities.”

All the CGI tools are available for KW associates on KWUConnect.