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INTRO Read both books and looking to END my current 6 figure business

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business224

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Jan 26, 2016
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Hi All, little copy writing fun in the title description to catch your attention and hopefully encourage you to read this. After reading both books I realize I need to make some changes and focus on building a business with more Fastlane traits.

My current business-
Over the past 6 years I have spent my time building a Real Estate Sales business that I eventually scaled into a Real Estate team. As of last year we closed over 11 million dollars worth of Real Estate and continue to grow. This year our goal is to sell over 100 homes and close over 25 million dollars in Real Estate. While this sounds like a lot it also comes with large overhead cost for leads, office space, CRM systems, admirative staff along with sign installs ect. All in all I am making 6 figures but it comes with a ton of stress and I am still in daily production. Although I do have leverage in my business my time is not detached from it and I feel like I have more of a job than a business. It also has the downfall of not having asset resale value. It is more of a cashflow business.

My Problem-
While I am thankful for the business and income I have built I do feel limited. It feels like I am driving a car trying to go 200 MPH that is only capable of doing 75 MPH. Although I have seen many of my friends build successful real estate teams and scale their income over 500k they still are working in the business and have yet to find a way out. They are also trading time for money each day, long hours at that. This business is also hard to scale as they can only service as many clients as they and their team have time in the day to handle.

The idea-
I would like to focus on creating a product business. This might be a digital product or physical product. I currently enrolled in classes that teach SEO blog writing as I feel one of the most important skills of online entrepreneurship is getting organic traffic to your product. What other skills should I focus on learning?
 

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ljean

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$11M in sales? Thats like one house a week, probably less. How big is your team? How busy can a team really be with one house a week? Have you looked hard at cutting out the things that take the most time & improving efficiency?
 

business224

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Jan 26, 2016
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$11M in sales? Thats like one house a week, probably less. How big is your team? How busy can a team really be with one house a week? Have you looked hard at cutting out the things that take the most time & improving efficiency?
Our average sales price in our area is $250,000. Also, the average Realtor sells 6 homes a year. We are only a team of 3 and I am doing the majority of sales production.
 

MJ DeMarco

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Welcome my friend, appreciate the intro.
 

Rabby

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Welcome :) You asked what skills to focus on learning, but that's hard to answer. I would say, find a problem to solve (one that takes advantage of leverage beyond your own time and effort) and learn the skills you need to execute it. The infinite spiral of learning things you might someday need is a common hazard.

Are there things that take your RE friends a lot of time and frustrate them? You? What about the clients? Are there things the clients need on an ongoing basis that you could add on? (ie: convert one time customers to monthly payment customers?) Those are the kinds of things I would look for, personally, since it's already a going concern. Once you have an idea, investigate what you need to either learn, or hire an expert for.
 

EVMaso

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Hi All, little copy writing fun in the title description to catch your attention and hopefully encourage you to read this. After reading both books I realize I need to make some changes and focus on building a business with more Fastlane traits.

My current business-
Over the past 6 years I have spent my time building a Real Estate Sales business that I eventually scaled into a Real Estate team. As of last year we closed over 11 million dollars worth of Real Estate and continue to grow. This year our goal is to sell over 100 homes and close over 25 million dollars in Real Estate. While this sounds like a lot it also comes with large overhead cost for leads, office space, CRM systems, admirative staff along with sign installs ect. All in all I am making 6 figures but it comes with a ton of stress and I am still in daily production. Although I do have leverage in my business my time is not detached from it and I feel like I have more of a job than a business. It also has the downfall of not having asset resale value. It is more of a cashflow business.

My Problem-
While I am thankful for the business and income I have built I do feel limited. It feels like I am driving a car trying to go 200 MPH that is only capable of doing 75 MPH. Although I have seen many of my friends build successful real estate teams and scale their income over 500k they still are working in the business and have yet to find a way out. They are also trading time for money each day, long hours at that. This business is also hard to scale as they can only service as many clients as they and their team have time in the day to handle.

The idea-
I would like to focus on creating a product business. This might be a digital product or physical product. I currently enrolled in classes that teach SEO blog writing as I feel one of the most important skills of online entrepreneurship is getting organic traffic to your product. What other skills should I focus on learning?
Welcome

Here's a way to use your background and start making some passive income: Take your knowledge to YouTube and start pumping out those videos! Anything real estate/investing commands super high attention these days, and you can differentiate yourself by upping the production value and attaching some impressive numbers to back up your insider knowledge.
 

Tiago

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Thank you for the intro.

One of the biggest mistakes I made in my journey was when I was running a social media marketing business, and I "couldn't" see how it could grow anymore without me devoting more time to it.

It wasn't fun anymore, so instead of looking at alternatives for removing me (there always are), I sold the business.

A person I was mentoring at that time, he had a small following, but he kept at it and built a team around it, now he has one of the biggest agencies in the country, doing 8 figures easily.

So maybe take a step back here. See what really is that bothers you about your business, and once you're clear on that, force yourself to make a list of at least 10 solutions that could eliminate your problem, grow your revenue/profitability and give you back the energy you want.

A resource I recommend is the Unique Ability 2.0 Book. It's a workbook where you go through all your activities and help identify your Unique Ability, that thing that you do best and gives you tons of energy.

https://www.amazon.com/dp/1897239416/?tag=tff-amazonparser-20

Maybe what you could do in your business is start implementing systems that help you stay more in your Unique Ability, and detach yourself from the frustrating work.

Remember, there are always solutions.
 

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