Recording

For Real Estate

Brad Korn

The E-Myth

MakeThePhoneRingAgain.com

Brad Korn

⦿ Co-Author E-Myth Real Estate Agent with Michael Gerber⦿ 25 years in Real Estate⦿ Over 2200 Properties sold – 100 each yr⦿ Nationally Certified Business Coach through 2 National Certifications⦿ John Maxwell Coaching Founding Member⦿ International trainer & speaker⦿ President/Owner of CyberStars⦿ Featured on HGTV, Radio, Real Estate Magazine and many other National Publications⦿ Winner of National Home Store/Realtor.com Marketing Contest⦿ Featured in multiple trade publications

The E-Myth For Real Estate

E-Myth:

Why Most Real Estate Businesses Don’t Work

And What to do About it

Real Estate Agent

Today’s ObjectiveApply the E-Myth Principles

to Your Real Estate Business

3 Personalities of all Businesses

• Entrepreneur– The Visionary (equity)

• The Technician– The Do’er (paycheck)

• Manager– The Enabler (profit)

3 Core Focus Points• Client Fulfillment System• Lead Capture System• Lead Conversion System

5 Core Principles

1.The Principle of Life2.The Law of Objectivization3.Working ON the Business, not IN it4.Systemization5.Business Development Cycle

Core Principle No. 1

• The Principle of Life– Your business is a way to get

more out of your life. It is more than just a job you have created for yourself, but rather, it is there to serve you

Core Principle No. 2• The Law of Objectivization

– View your business as separate from you, like a product, so you will be able to reinvent it. It is about taking a step outside of your business, and looking at it objectively

Core Principles No. 3

• Working ON the Business, not IN it– The business as a whole is the product,

not the things or the service the business produces. You need to be focused on building your business, not merely cranking out products or services.

Core Principle No. 4

• Systemization– View your business as an

integrated system. The system does the work, and people run the system

Core Principle No. 5

• Business Development Cycle– The task of the owner is

continuous development of the business through the ongoing process of innovation, quantification and orchestration

Business MYTHS

Sees the business as a place in which people work to produce inside results for the Technician, producing employee income

The E-Myth Reality:System for producing outside results for the customer, resulting in profits

The Technician:

Business MYTHS

The Technician:Starts with the present, and then looks forward to an uncertain future with the hope of keeping it much like the present

The E-Myth Reality:Create well-defined future, and then come back to the present with the intention of changing it to match the vision

Business MYTHSThe Technician:Envisions the business in parts, constructed from the bottom up, based on technical tasksThe E-Myth Reality:Envision your business in its entirety, from which is derived its parts. What’s important is the business as a whole: how it looks, how it acts, how it does what it is intended to do

Business MYTHSThe Technician:Fragmented vision of the world, where customer satisfaction represents a series of problems to solve, with price, features, availability, and supportThe E-Myth Reality:Integrated vision of the world, where the customer need is an opportunity to make meaning

Business MYTHSThe Technician:Future is modeled after the present-day world, the model of past experience, and the model of getting paid for effort or results

The E-Myth Reality:Present-day world is modeled after a vision of a better way, one that will stand out with customers from all the rest in the past, and give the joy and satisfaction of success

Your Story– Love what you do and it won’t feel

like work•Pressures of getting ahead•Family Time•Monthly bills piling up•Roller Coaster Pay•Feel like you are doing everything right, but not

getting results of others or that you want

Chapter 1 & 2

• Unexpected Emergencies

Chapter 1 & 2

Chapter 1 & 2

Chapter 1 & 2

Money– Operating Account & Capital Account

•Find out true profit flow– Inventory of Current

Systems/Software/Programs•What is your current ROI

– Formula: 5x’s Return•How many sales or net $$ will be 5x’s return on

investment– Equity – Your turnkey system

•Your perfect process

Chapter 3 & 4

Planning– Big Why– A+ Paper exercise

• Write it at 3 years or 5 years– Perfect Process

• Your perfect process IS your business plan• Deal plan

– Team “Why” and processes required by everyone• Completion Plan

– Accountability• Getting Things Done System by David

Allen

Chapter 5 & 6

Perfect Process Chapter 5 & 6

Management– Invent Systems & TRUST the System

•Custom Plans – your perfect process•Self Accountability Plans•Team Accountability Plans

– Your Personal Touch Systems•Your Touch and Talk to Employees System•Your Touch and Talk to Clients & Customers

System•Your Pipeline Conversion System

Chapter 7 & 8

People– Leverage– Talent is Overrated– Replace leveraged time with more $$$ productive

activity– Remember the 80/20 rule

• You will need to let 80% of your employees or team go• Only 20% will be really good• Less than 3% will be extraordinary

Chapter 9 & 10

Team Members– Everyone that touches your

client or file•Make a list of where you lose control of your

transaction– Before hire

•Have them put a business plan together how THEY will help your business grow

Chapter 11 & 12

Estimating– Instant Listing Process– People Only Calendar System

•Getting Things Done by David Allen– Tracking System

•What is your Lead Capture Tracking System•What is your Lead Conversion Tracking System

Chapter 13 & 14

Clients– What do THEY want

•Client Survey and Feedback– How to Communicate with Them

•Multiple Systems: – High maintenance/high touch– Low maintenance/keep the touch

– How to Keep them Happy •Constantly Touch Base

– How to Deal with Dissatisfied Clients

Chapter 15 & 16

Growth– Annual Review of the Perfect Process

Systems– Bigger & Better Lead Sources– Additional Revenue Sources– Review Capture Systems

Chapter 17 & 18

Change– Perfect Process Spreadsheet

•Your business with contract and expand– Adding

•People•Systems•Technology

– Tweak Current Systems

Chapter 19 & 20

Time– Systems

•Getting Things Done – Free up your time

– Calendar•Working “ON” time

– Time Tracker for 2-3 Weeks•Highlight Activity

– Green – bringing in NEW dollars– Yellow – could be delegated– Orange – only you can do

Chapter 21 & 22

Work– You get to do what YOU like to do

•Tactical: Your Systems•Strategic: Look Ahead

– Make systems better– Other revenue streams– Next level business or clients

» More profit, less work– With Systems You can Live Your Life and

have the Business Inside of that

Chapter 23 & 24

Taking Action

– To Do Action List•Top 5 Ideas List•Top 3 Implementation List

– Vision •A+ Paper

– Without a vision, no one will know what direction you are headed

•Perfect Process– Your client fulfillment system must be visualized and

automated

Chapter 25 & 26

Chapter 25 & 26

InnovationQuantificationOrchestration

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