9 out of 10 entrepreneurs don’t have a plan for investing their disposable income in anything other than their own businesses. Why does this leave you at great risk when the market shifts? Why is finding the right people to leverage so important if you want to scale up? What does it take to be a true leader? On this episode, Jeff Cohn shares the mistakes he has made and lessons he has learned since becoming licensed 10 years ago.
True agents don’t love selling houses. Our passion is providing customer service and solutions for taking people through the buying and selling process. -Jeff Cohn
Takeaways + Tactics:
When you’re scaling, you want to have five or less direct reports under you.
The more valuable you are to the organization, the less valuable the business is because it can’t run without you.
You can quit working sellers when agents on the team you own are generating enough money to cover all of your expenses.
By not creating a business plan, you’re choosing not to scale up your business.
Resources & Links:
Expansion– Learn how you can partner with Elite Real Estate Systems – get lead generation, coaching, support, training and access to a culture of success - all without leaving your current broker.
Team Building Workshop – Spend the day observing these systems in person, including board meetings, Monday Team Meeting, agent one-on-one meetings. Also includes hours of private consulting to create your own custom roadmap to build and exit your real estate team.
Tools & Services – See all the tools, professional services and companies we use and recommends to help build your real estate team.
At the start of the show, Jeff shared the mistake he made when it came from learning from other teams, and why it’s important to counterbalance the time you spend on various aspects of your business and your life. We also discussed why it’s important to invest in things you know, “why would you invest in the stock market or anything else if you’re a residential Realtor.” We also discussed why the most valuable companies can run successfully without their leader. Towards the end of the show, we discussed what it takes to be a good leader.
We also spoke about:
Why you have to be able to move with the market
How to get out of selling
The power of a business plan
A big mistake many entrepreneurs make is putting all their time and energy into various parts of building a business, instead of leveraging the talent of other people so that they can focus. Even when you make a mistake, remember that sometimes the best way to move forward is to learn from what didn’t work. Partner with the right people so you can focus more on oversight. If you get good at putting energy towards that one thing that pulls everything forward, you can have a much more balanced life and a better system.