MREA: Revisiting the Four Models for Success in Business

Feb 14, 2016 5:59:10 PM

The Millionaire Real Estate Agent presents four models for building a business that, when followed and mastered, lead an agent toward success.

On day two of Family Reunion, Dan Harker of Dallas, Texas, moderated a panel of three mega agents, including Rae Wayne of Los Angeles, Calif., Michael Perna of Novi, Mich. and Chris Suarez of Portland, Ore.

blog-suarez-11.png

To grow their businesses, each agent had thoroughly studied and applied the four models -- economic, budget, lead generation and organizational.

All three mega agents agreed the economic model was the first and most logical place to start, allowing an agents to set goals and build plans for achievement.

Without this foundation, the other three models don’t make sense. Goals are the dictators of actions, which is why Wayne says she reviews her goals every week to know where the business stands.

After using the economic model to set goals, the natural next step is the lead generation model to help you achieve those goals.

“The most innovative thing to do is be consistent and follow the activities in the book,” Suarez said.

The third model, budget, is vital in assessing the health of a real estate business. The first step is to match an individual business budget to the chart of accounts outlined in the MREA. After that, the mega agents on the panel consistently reviewed their budgets to evaluate major decisions.

Finally, the organizational model is key to keep top of mind to have a successful business. “My organizational chart is on the wall hanging in front of my desk where I look at it every day,” said Perna.

A key takeaway: Always be looking for talent and building the bench, rather than hiring from desperation.

In closing, Harker emphasized the importance of going in the order presented in the book. Master one model at a time before moving to the next. They are intentionally presented in a way that sets up a progression of how to build a successful real estate business.