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Mentor Mondays – The Three Rs to a Successful Business

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Clearly, we here at ReboReports need to rewatch and learn from our coaching videos (particularly those about being organized), not just share them with you. This particular Mentor Mondays, discussing the “three Rs to a successful business,” was supposed to go out to you in June, the perfect time to evaluate your progress at the middle of the year. However, since it’s still incredibly useful material, we’re bringing it to you now, and hope that you can still benefit from the encouragement to take a step back and evaluate where your business is relative to where you want it to be.

Also, look for some big changes to the ReboReports site this week, in particular a new layout which should make it much easier for you to watch these videos on the go. Let us know in the comments (or by emailing reboreports[at]benutech.com) what you think, and what else you’d like to see here in the coming months.

In the meantime, as our coach Jeff Petsche says, “it’s your business, and what you do with it is totally up to you!”

Transcript
Hey, everybody, it’s Jeff Petsche with Benutech, and welcome to another session of Mentor Mondays, your online connection for ideas and concepts to better your real estate business.

So, in today’s session, what I’d like to talk about are what I call are the “three Rs to a successful business.” First thing I want to talk about is the first R: Remodel Time. Now what do I mean about “Remodel Time?” This is a good time of the year to be touching on this, because we’re coming into June, can’t believe that half the year is already gone. This is a great time and opportunity for you to take a step back and look at your business model, look at your business plan, see and identify if in fact you are on track based on what you set up in the beginning of 2013.

So what “Remodel Time” is, is working on your business, not in your business. Very very important concept for high productivity. Now what do I mean by “working on your business” versus “in your business?” Working ON your business is, again, taking a snapshot of the last six months, almost six months, of your business, and identifying with your business model that you had set, or your business plan you had set in place in January, as to whether or not you’re on track. You’re re-looking at, you’re re-evaluating your systems. Maybe you’re looking at your website. How much traffic are you getting to your website? What’s the lead conversion on your website, if you have a lead capture section within your website? Look at your marketing plan. What’s your marketing plan doing? What’s your return on your investment? Where’s your marketing dollars going in regards to how much business or prospective business you’re getting from that particular marketing? So you’re doing a remodel, if you will. You’re looking at the foundation and the structure of your business and you’re identifying with things that aren’t working, and you’re going to scrap those and get ‘em out of here. You want to do something different, or maybe tweak it a little bit. So “remodel time” – very, very important for you. Some agents do this every month. Some agents do this on a quarterly basis, some do it biannually, and some wait an entire year for the following year. I don’t recommend that you do that because if you wait the entire year, you’re probably going to be a little bit too late, where you could have made some changes along the way. Maybe increased your productivity by the end of that year, as opposed to waiting 12 months, going “this didn’t work and this didn’t work and I need to change this and my website needs more exposure” or whatever the case may be, just to find out that now you have to go into 2014 in this case and make those changes and start all over. So remodel time, fit it into your time management, fit it into your calendar, and spend some time on your remodel time.

The next R that I want to talk about is your “results time.” What do I mean by “results time”? Results time is: you’re working with clients, you’re lead generating, you’re doing your followups, you’re writing contracts, you’re taking listings, you’re showing property, you’re doing all of the activities that it takes for you to be successful in your business, and get the results that you’re looking for. Very very important, we’ve talked about this in a previous session, on the time management, about blocking off time for lead generation, blocking off time for follow-up, and this falls under the “Results Time”. The “results time” is working IN your business, where the remodel time was working ON your business, changing the systems and things that I touched on. Results time is actually working IN your business, which, again, is the addressing of the clients and working with clients and lead generating and followup and all of those different things. So very very important that the second R that you make sure that you follow, and work with and put into your calendar, is Results Time.

And the last one, which none of us ever do, or, if we do, we don’t do enough of it, is Recovery Time. What do I mean by Recovery Time? Recovery Time is YOUR time, away from your business. We’ve got Remodel Time, working ON your business, we’ve got Results Time, working IN your business, and now Recovery Time is working AWAY from your business. Recovery Time, very very important for you to recharge, get rejuvenated, to get excited and get out there and get business going into the next week. Every single week, every single month, you should have some Recovery Time. Every single DAY you should have some Recovery Time. This is your time. No phones. No computers. No emails. Nothing. It’s all about you, whether it’s go to the gym for 20 minutes, 30 minutes, an hour, sit in a park and read a book, have a lunch outside, get that Vitamin D from the sun, all of that great stuff, but you’re not working on your business or in your business. It’s strictly Recovery Time for you to recharge yourself so that you’re ready to take on the next day. My personal opinion under Recovery Time, for every 50 minutes that you work in or on your business, take a 10 minute break. For you. Put on some silent headphones, sit there and just veg. Shut the door, take a walk around the building, wherever you are, but just get away from your business for 10 minutes. You’d be amazed how excited and more rejuvenated you’re going to be even with a 10 minute break, when you come back in that next, to come back and work that next 50 minutes, how much more excited you’re going to be because you actually took some time away from your business. We don’t do enough of this. I’ve been in this business for 10 years, and it’s very very challenging because we’re go go go go go! Everybody wants a piece of us every minute of the day; we’ve got to slow that process down. We’re in a very high-paced society, especially here in Southern California where things move very very quickly and we’re all over the place. Try to take the Recovery Time serious.

So, again, to recap, the 3 Rs to a Successful Business: Remodel Time, working on your business not in your business. Results Time, working in your business, not on your business, where you’re working with clients, writing contracts, showing property, taking listings. And the one that I really hope that you take serious, because I think you’ll find you’ll be more productive with the other two, is Recovery Time. That’s your time to recover. And I don’t mean at 11 o’clock at night when you’re finally going to bed and unwinding and sleeping, everybody’s going to do that. Take that recovery time serious. Three Rs to be successful in your business.

I hope you took this tip to heart, I hope you find it useful, and remember, it’s your business, and what you do with it is totally up to you. I’ll see you next time.

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