Real Estate Hacks

Real Estate Hacks for a great business plan… and a great life!

Businessperson to Entrepreneur, How to put your vision into a business plan, not think like a REALTOR®, and obtain the greatest gift, more time.

“It’s precisely those who are busiest who most need to give themselves a break.” Pico Iyer

“One of the most tragic things I know about human nature is that all of us tend to put off living. We Are all dreaming of some magical rose garden over the horizon instead of enjoying the roses that are blooming outside our windows today.” Dale Carnegie

The World’s Simplest Business Plan from Mrs. Keckler’s 4th grade class.

The key to writing a theme is to write the first sentence, then the last sentence, then in the first paragraph put what the theme is about.

The key to having a successful career is to know how and why you started in business, then what is you ultimate destination, and in the first paragraph of your career, what are you all about.

Retirement Calculator Projections

Cultural and Vision statementsDo you work in a positive culture?

Can you describe in a paragraph or two what your cultural statement is?

As a part of your cultural statement do you have a vision for yourself and one that can also be shared and collaborated on?

Do you have core values to back it up?

How to you set up core values and why

Gratitude: We are always grateful for those who put their trust in us and we work with grateful people.Reliance: There is a difference between relying on someone versus depending on someone.

*Hint: honest and professionalism should not be included.

G.R.E.A.T.

Empathy: You need to walk a mile in their shoes to understand their words and actions.Attitude: With a Positive Visualization, if you can see it working in your mind, it can work, and often does work.Trust: It starts with being trustworthy, but this is of great importance in both parties.

4 Tests for Business decisions1. Ockham’s Razor: This says that when confronted with multiple choices the simplest one is the best. The way we interpret that is in friction points like when you apply a bicycle brake and it won’t release and rubs against a tire and slows you down. So for instance a paper solution adds an extra step so that is a friction point. A broker who is bureaucratic can do that, etc. It is important to eliminate anything that impedes momentum, once lost it is hard to get it back. This works also in marketing so apply this rule to everything.

2. Schumpeter’s Gale. Schumpeter was an economist with the Austrian School. He believed, as did Marx that an advantage of capitalism is that it emphasizes innovation and creates it. The downside is when innovation occurs something else is destroyed so when digital cameras become consumer priced, film disappeared, hence destroyed. When the iPhone is introduced Nokia goes from a $1 trillion valuation to $7 billion. Look at Elon Musk selling over 300,000 Teslas without a distribution or sales network. Business needs to evaluate what the cost of innovation would be and is that business salvageable when innovation affects it. For instance, if the courts rule that all REALTORS® are employees and not private contractors how can you deal with it.

3. Is the price too high? Sometimes success can be too costly, or a action could affect not just financially but also mentally and physically. If you are focused on volume for it’s own sake are you spending your way out of profit for recognition? Is 80 hours a week in work good for your mind or body? Every decision should beg this question. The point is to not only have a great career; it is also to have a great life.

4. Are you the driver or are you driven? This goes into dependent relationships and could be combined with No. 3. If it compromises your values to do business then you probably are in a dependent relationship. It also keeps me from spending money on Zillow for leads because I give them money and they determine what I receive in return. In reliant relationships, all partners work together and have choice. So as a broker don’t let teams or individuals make demands that they will leave unless you give in, let them go. Being the driver doesn’t mean that someone else is being driven, in fact the best relationships mean that all parties are driving together.

The 90/7/1 Check up planA one-year business plan is an expectation and too far out for assurance.

The next 90 days is controllable and allows for changes in market conditions.

Reviewing every week with your partner, another REALTOR®, or a mastermind group has accountability.

A daily review in the morning of what you want to accomplish is the attempt at time management.

Entering expenses and income daily is one of the best time hacks.

Time Blocking versus Time managementThe Pomodoro Hack

1. Decide on the task to be done.

2. Set the pomodoro timer (traditionally to 25 minutes).

3. Work on the task until the timer rings. If a distraction pops into your head, write it down, but immediately get back on task.

There are six stages in the technique:

4. After the timer rings, put a checkmark on a piece of paper.

5. After a checkmark, take a short break for 3-5 minutes.

6. Done! (i.e. after four pomodoros) take a longer break (15-30 minutes), reset your checkmark count to zero, then go to step 1 if you have more tasks to block.

Budgeting and Cash Flow Analysis

Once you have your expectations set then first, decide on what it will cost.

Once you know what it will cost, then figure out a monthly cash flow analysis. Remember that besides marketing, what months have recurring expenses, like dues, etc.

Once you do your cash flow analysis, establish a reserve fund that accounts for 90 days of expenses for a worst-case scenario.

Don’t forget to add in personal expenses; after all you’ve got to eat.

Set a goal for the reserve fund to go beyond worst case for 90 days. Then you have money for opportunity.

With an overage in reserves, think about buying real estate.

Outsourcing

What is outsourcing? It is people all over the world who can do it faster, better, and cheaper than you. Remember time is money.

What do you outsource? Any repeatable task that keeps you from your prime directive: working with listings, buyers, negotiating, and long term planning.

Where do you find worldwide freelancers? Upwork, MTURK, and Fiverr to name a few.

What will it cost? Typically $3 to $30 an hour depending on the task, and often you don’t pay until satisfied.

What’s the benefit? First, the money value of time, and second you get acquainted with people you can work with again and again.

Final thoughts1. It is all small stuff, don’t make it big and get overwhelmed.

2. Don’t forget it is more about your net than your gross

3. Know the difference between acknowledgement and approval

4. No is your best weapon

5. The future is now

6. Write it down and follow it up

7. Problems are made to be solved and if they can’t, let it go

8. Have and remember your exit strategy

9. Don't forget to have a great life

10. To have a great life don't forget to eliminate pressure and noise

Final thoughts

Getting In TouchPlease contact me at Joe@JoePryor.com or call/text to 405-590-2135 for any further information.

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