It can feel like the world’s on your shoulders when you’re still in production and running a small real estate business. But there is hope … you can scale as long as you have the right plan.
Everybody has to start somewhere in real estate.
It may just be you and an assistant handling all of your work. You’re putting in 70-80+ hours a week just to keep everything going. Sure, you’re not seeing your family and your personal life’s on hold. But it’ll be worth it later on down the road.
You finally get into a position where you start selling more homes.
And it’s then that you realize that things aren’t getting better. You’re spending even more time in the business even though you’ve brought more bodies in.
It feels like you just can’t escape the grind.
That’s a familiar situation that I come across all of the time as a real estate business coach. Small real estate team leaders really struggle to find that work/life balance and scale at the same time.
I’m going to help you figure it all out.
But first, let’s look at a client of mine who found himself in this exact situation.
Dave Friedman’s Business Growth Journey
Dave came to me back in 2014 with the goal of scaling his real estate business.
While Dave was doing well as a real estate salesperson, he knew that he needed systems and processes in place to make his business grow without him having to be involved in every detail.
He’d come from a corporate background so he had a pretty good idea of how things worked in terms of the value of sustainable systems.
Dave started his business growth journey by hiring an admin assistant to help him implement the necessary tools and systems to go from busy salesperson to business owner. That first assistant helped Dave free up the time he needed to ramp his sales.
But that’s where he got a little stuck. He had a basic framework in place for scaling his business, but he still found himself struggling.
That’s why Dave came to me.
80+ hours per week.
That’s how much time Dave plowed into his business before joining Real Estate B-School.
80 hours is double what most people work in a week. Dave made decent money but he had no time to actually enjoy it.
He didn’t have any freedom at all.
Dave had a mindset of making as much money as he possibly could. This means he neglected so much of what makes life worth living. He was completely swamped in his business and it creeped into every aspect of his life.
The business started to hurt his marriage and his relationships with his friends.
That was one of his key challenges.
On the business side of things, he didn’t have any visibility into where his business was headed. Sure, he had put a warm body in place to help him grow. But with no real direction, he was driving blind.
Dave needed to do more than just set growth goals for the business. He needed to make sure he was implementing sustainable systems so that he could scale without him putting in more hours.
Before you can start scaling, you need to know what’s happening with the leading and lagging indicators of your business.
That brings me to the first solution to Dave’s challenges – tracking.
We implemented my Ultimate Business Tracker to give Dave a 365-degree view of his business. With that in place, he could see all of the inefficiencies that caused him to spend so much time and money on the business.
We also helped Dave understand the numbers that mattered in his business. With Real Estate B-School, he developed a budget and calculated the returns he could expect for his efforts.
That’s crucial for scaling. If you don’t have a good grip on your numbers, you may try to go too wide with your marketing efforts. You could end up hiring too many people and cast this huge net that you can’t control. The business ends up costing too much to run.
Finally, we helped Dave to realign his goals and adjust his mindset. Before working with us, Dave focused on nothing but the money. And he thought that more time in the business was the only way to make more money.
With our help, he learned that changing his mindset was the key to scaling his business. And that opened the door for him to implement new tools.
Dave’s business has made huge strides since he started working with us.
In 2014, he had an admin and sold 60 homes.
In 2015, he more than doubled that to 127 homes sold. 2016 saw 197 sales and the business achieved 270 sales in 2017.
By the end of 2018, Dave will sell around 350 homes for the year.
More importantly, Dave finally was able to have true freedom in the business.
In 2015, he made some good hires and got his hours down to 50 hours per week. That’s far more manageable than the 80+ he worked before. Plus, he managed to take 15 weeks off that year.
And it got better.
He’s still taking the 15 weeks of vacation per year. But now he’s only working for 12-15 hours per week in his real estate business. Plus, he’s working on the business, rather than in it.
What Can You Learn?
Tip #1 – Manage Your Mindset
I see so many people go into real estate with a skewed mindset.
In Dave’s case, he was so focused on the money that he couldn’t see anything else. For him, scaling meant getting more sales by any means necessary. It didn’t matter that he spent his entire life in the business. As long as he got the money, everything else was secondary.
His big shift came when he changed his mindset and realized that you can make more money without working more hours.
Other factors can affect your mindset too. Negative news about the market may shake you. Getting caught up on Facebook or listening to the wrong people.
All of that affects your confidence.
And the simple fact is that if you don’t have the belief then you’re not going to scale.
That means you have to change the way you think if you’re going to manage it.
Tip #2 – Implement Tracking
Dave talks a lot about how tracking benefited his business when he wanted to scale.
Now when you say tracking to a real estate agent, you can see the beads of sweat forming on their heads. They get the shivers and want to avoid it at all costs.
Tracking and knowing your numbers is the key to scaling. And it doesn’t have to be complicated.
And it’s also not something that you have to spend all of your time on. Dave entrusted most of the tracking implementation to his admin assistant. She just had to stay consistent with it and that was it. Over the years, Dave found new tools to introduce into the tracking system. But with the right person in place, he didn’t have to put too much of his own time into it.
So, get over your fear of tracking. Bring somebody in and show them how to implement it. They can handle that so you can focus on building the business.
Tip #3 – Think About the Five F’s
The Five F’s is a technique that I use to help people figure out where they’re going so they can scale properly in all the areas of their life that matter.
So what are they? It’s simple:
Finances – What does your money situation look like? Figure out where your money’s coming from and where it’s going. Figure out your net worth every quarter so you keep track of it all.
Faith – If you’re a believer, are you spending time on your faith? Your belief may play a huge role in how you operate your business and whether you actually enjoy your work.
Fun – The whole point of business is to grow and win. And to have fun along the way. Are you having fun in your real estate business?
Family - Are you spending time with your family and friends? Figure out what your family situation will look like if you keep doing things the way you are right now.
Fitness – What’s the point of scaling a business if you’re not paying attention to your own health? It’s too easy to lose yourself in the work and lose sight of your fitness. Ask yourself what you’re going to do to keep your body in good shape.
Figuring out your Five F’s helps you to see what you really want to achieve with your business once you scale.
It makes the future visible, which helps you create the roadmap that’ll get you there.
Dave’s story shows that it’s possible to scale from 60 homes per year to 350+ in just 4 years.
And you can do it without spending your entire life in the business. In fact, Dave shows us that you can scale effectively while giving yourself the freedom to enjoy your life.
You can achieve all of this and so much more with the right business coach (like Real Estate B-School). :)
PLUS: Whenever you're ready ... here are 4 ways I can help you scale YOUR real estate business and achieve true time and money freedom.
1. Schedule a FREE Business Growth Strategy Session
If you'd like to get on the fast track and find out what you can do right now to scale your real estate business ... schedule a FREE Business Growth Strategy Session, Click here.
2. Get My FREE 'Real Estate Business Growth Blueprint' Report
This 15 page report will give you the framework and step-by-step process I used to go from $0 to consistently selling over $3m per year in gross commissions working 1 day per week. Reading this report could be the most important thing you do in your real estate career, Click here.
3. Join The Business Growth Network
My favorite thing to do is talk with other successful team leaders about the good, bad and ugly of their real estate businesses. To join the conversation and connect with other Top Producing Agents and Team Leaders, Click here.
4. Get The REBS Online Toolbox
Want Instant Access? The Toolbox contains 30 tools with more than 170+ training videos and over 300 documents and templates that target the 6 key drivers necessary to scale your real estate business. To fully swipe and deploy all of my my tools and systems, Click here.