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During our March mastermind event, I shared this concept…
About a decade ago, I realized something that still holds true today: every single real estate agent I meet says the same thing when asked, “What does a successful year look like? How much do you want to make?”
What do they all answer? $100K. Regardless of the market they are working in, every agent wants to make $100K during their first year in the business.
After hearing this response countless times, I came up with an idea that I believed would help agents increase their productivity and drive results. The idea: I ran an ad guaranteeing $100K to any agent that joined my team and if they didn’t make $100k, I’d pay the difference. However it wasn’t just that simple. To qualify for this $100k guarantee, there were some non-negotiables that must be followed and completed.
Here’s what we came up with:
If an agent joined my team and made 150 calls every day, hosted one open house each week, and followed our plan throughout the year, they could earn $100K with their efforts alone. One key condition is that they wouldn’t take any vacations, just like I didn’t during my first year. If they followed the plan to a T and did not make $100k, I would pay the difference.
This attracted many applicants, however no one truly committed to the process. Until one very driven and dedicated agent came along - I tell the entire success story in the video here.
While I applied this strategy to my real estate sales team, this can be applied to most businesses.
For example, if you’re managing property managers, they usually earn about $60,000 annually. Instead of a $100K guarantee, consider offering a $120,000 guarantee; double their typical income.
Now, think about that $120K figure. What does that person need to do every day to earn it? Create a detailed list of the activities that you believe drive success in the role and determine how you will hold the individual accountable.
Remember, success comes from effort, not talent. For a real estate agent, making calls and hosting open houses takes hard work. Most people aren’t willing to put in that effort.
So ask yourself: What would motivate your team to act? For me, removing the stress around what to do and offering support changed everything. Just do the work, and the money will follow.
To learn more about our mastermind membership and if you qualify, connect with our team at (480) 426-8981 or info@metrixtraining.com.
