Published on Jul 3, 2013

At Keller Williams Realty, our commitment to education is unparalleled. From classroom training, to on-demand, online education and our award-winning coaching programs — we provide the most advanced and comprehensive learning opportunity in real estate.

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AUTHORS: Jay Papasan, Gary Keller, Dave Jenks
Click on the Book to hear a MREA Moment with Gary and Jay.

 

Keller Williams Realty’s Commitment to Real Estate Agent  Education is Unparalleled!

The Millionaire Real Estate Agent (MREA) is a roadmap to success that contains four models for running a successful real estate business: the economic model, the lead generation model, the budget model, and the organizational model. Link to sample MREA Business Planning

 

#1. The Economic Model

The economic model teaches us we must know our numbers and stay in touch with the key metrics that can make or break our business.

To achieve the goal of becoming the top real estate agent in your market, you should track both individual and team metrics to realize your strengths and those of your team members and offer mentorship to those who need a boost.

It is imperative that you create an individual economic model for each member of your team as part of his overall business planning. When you combine these goals, you realized your goal is not as far-fetched as you once thought.

 

#2. The Lead Generation Model

A successful lead generation model treats all leads in the same manner. The mindset should always be that “this person could buy” so you should service every lead that comes your way. Whether the lead was earned though time or money, effort was made and the lead holds a value.

The quicker the response, the more likely that the lead is to materialize into business. A team must be intentional and create a process, complete with creative messaging, before a lead even comes in.

 

#3. The Budget Model

The budget model is a powerful business planning tool because it brings awareness. The MREA’s  “red light – green light” exercise ensures responsible spending as does the act of reviewing your expenses and not becoming complacent with monthly charges that do not bring a return on investment.

You might consider breaking your costs down by 4 buckets: buyer, listing, investor, and administrative support. Then hold each bucket accountable for the numbers month-over-month and year-over-year.

 

#4. The Organizational Model

As a business grows, a smart entrepreneur takes a step back and leverages leaders who can manage the day-to-day activities of the team. This frees the business owner from tasks that are not strategic to execution of their big vision. This is the power of the MREA! You buy back time and production goes up. It gives real estate agents back their lives.

To create a productive team, you should consider performing consultative interviews each week with members of the team. This interview consists of four very simple questions:

  1. What was your goal?
  2. How did you do?
  3. How do you feel about that?
  4. Based on how you did, what is your goal now?

The answers to these questions, and the conversation that they initiate make it hard to get off track and ensures that the entire team is working towards the goal.

In conclusion

You should dive in and begin implementing one model at a time, with the trust that what has worked for the best in the industry will also work for you!