Exit Your Business with the Real Estate Business Navigator

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Transcript:

We're following the Real Estate Business Navigator, and wherever you are in this ascension model, there are specific things you'll have to do to get to the next level. In B-School I'll be showing exactly what this looks like. I've broken down what each phase of this ascension looks like, and I'll go through it quickly here.

During the Start phase, you are barely going to be making a living. You're excited but a bit naive, and you don't know what you don't know. Cash flow is probably a challenge because there isn't much. You have no idea where your next deal is coming from, and you have to hustle to build momentum. You'll need to focus on things that work for you, and the key to escaping this phase is growing your skills and having the determination to grow. 

During the Ramp phase, there will be lots of balls in the air and you'll be feeling good. At this point, you'll be extremely busy, and your time may not be your own. You'll be doing anywhere from 2-6 transactions per month and you'll probably need to hire an administrative assistant. The truth is that most agents do not move past this stage, and that's because it can get very hectic and frightening at times. 

The Scale phase is where you put systems in place. You'll feel overwhelmed and you'll feel like your failing at a lot of things. Your admin staff will be stretched thin, and you'll still be the major producer on your team. The good thing here is that the vision will be taking on a life of its own. 

Then you'll be in the Lead phase where things start to step up. Delegation is critical in this step and you have to focus on dollar-producing activities. You have to maintain your service levels. You're still selling homes, but the Exit is in sight so you have to stay focused. This is when you have to communicate your vision accurately to your team. Installing tracking and accountability systems will be critical. You'll begin to see yourself as a CEO instead of a producer.

The Exit phase is where you realize you aren't that important to your business. Your vision must be part of your team's DNA. You must have a Key Operations lead step in line and you must have a very clear organizational strategy. You'll be controlling margins and costs at this point because you're out of the business.

The Own phase is all about your mindset. This is what I'm focusing on this year. I don't have many day to day responsibility, so I'm stepping into an ownership role. Most team owners won't take this step because it's a mindset issue more than anything. It helps to have faith that many other companies run without their owners in the business (Apple, Walmart).

Sales leadership role must be created to avoid dysfunction. All day to day leadership functions will have to be delegated, and you should also have a weekly senior leadership meeting. This meeting will ensure growth within your company. You have to keep growing or your business will die.