In the real estate industry of SA, once you realise others have gone before you as an estate agent and others will go after you, you realise that there are 4 primary business models at play in the real estate industry. Keller Williams has researched, studied and documented all the valid and viable business models across the world. No need to reinvent the wheel on your own, when the wheel is already there and ready to leverage.
Marc King the President of Keller Williams in a series called “Back To Basics” shares what the 4 models are that are tried and tested around the world, what they focus on and how to achieve success in each of these models. Click here to read up on all 4 models.
Don’t Reinvent The Wheel, But Leverage The 4 Wheels Or Models
- Economic Model – your shortcut to more real estate sales.
- Lead Generation Model – your ultimate guide to business growth.
- Budget Model – your path to profitability.
- Organisational Model – leverage your way to limitless success.
The Economic Model (Highlights)
Whether you’re struggling to build a real estate career or focused on taking your team to the next level, step one is to understand the Economic Model laid out in pages 129-132 of the MREA. The Economic Model is a formula that shows how your investments and performance in key areas of business work together to produce net income. Unlike other complicated methods, it makes a clear connection between your desired net income goal and the basic activities that will lead to that number. In short, it’s a simple formula for how your real estate business will make money. It’s that simple. Get your copy of the MREA, visit our website, leave your details, and get your free copy of the MREA in PDF in no time at all.
The Lead Generation Model (Highlights)
Outlined in the MREA, lead generation is one of the Three Ls of a successful real estate business; leads, listings, and leverage; or the 20% that will yield you 80% of your results. Yet many agents struggle with maintaining a successful lead generation strategy or start veering away from it. Keller explains how lead generation must continue to be your most important focus, no matter how successful you become. The number of qualified leads you have will either grow your business, keep you in business, or put you out of business. Nothing else about your business will have as big an impact on it as the number of leads you have. In order to identify how many people you will need in your database in order to achieve your goals, consider the following equations:
- Goal GCI ÷ Average Commission = # of Deals Needed.
- # of Deals Needed ÷ Opportunity for Conversion (6.37%) = Minimum # of Contacts Needed in Your Database.
- Minimum # of Contacts ÷ Your Conversion Rate = Expected # of Contacts Needed in Your Database
Get your copy of the MREA, visit our website, leave your details, and get your free copy of the MREA in PDF in no time at all.
The Budget Model (Highlights)
Your financial freedom begins when you stick to a budget. It may seem counterintuitive that adhering to a strict plan for spending will ultimately lead to the freedom to spend your money – and time – in ways that are most important to you, but it’s true. The keys to budget success are to implement the MREA’s Budget Model early in your business, keep it simple, plan annually, review regularly, and stick to it. Get your copy of the MREA, visit our website, leave your details, and get your free copy of the MREA in PDF in no time at all.
The Organisational Model (Highlights)
The Organizational Model of The Millionaire Real Estate Agent, shows the staffing positions you should add, see Figure 42 on page 197 of the MREA. The basic job descriptions are outlined in Figure 43 on page 200 of the MREA. Get your copy of the MREA, visit our website, leave your details, and get your free copy of the MREA in PDF in no time at all.
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