Monday, June 3, 2019 / by Anne Rose
What does it mean to "Demystify Leverage"?
Individuals, especially those in real estate, often don't quite grasp the concept of leverage, and all the types of leverage that are available to in both your personal life and your career.
Whether you are a brand new agent, or you have been in real estate for years, whether you are an independent agent, or you are working in a team, you are going to come across a time where you feel like you are pushing up against a wall. This could cause you to not be able to do the thing that is the most important to you: your number one priority in your life.
That's when it's really important to turn to leverage.
Gary Keller, the founder of Keller Williams, which is the largest real estate company in the world by agent count, closed sales volume, and units sold, teaches us in his book The ONE Thing, to identify the one topic - the one thing - that you can do today that will allow everything else to be either unnecessary or not important.
How should you be spending your time?If you can identify the one thing that is the most important to you, you are on the path to determining how you should be spending your time. If push comes to shove, and you only have a few hours left in your day, how should you be spending your time?
This is when we start to talk about leverage. For an agent, it could be lead generation, which is very important for an agent to be doing every single day. It's one of those top 20% topics that an agent needs to do themselves. It is probably not a good idea to delegate lead generation to someone else. Lead generation is a task that you yourself should do.
On the flip side, an agent's contract-to-close, or advertising, administrative tasks, maybe some of your social media, those are the types of tasks that you can leverage out. A lot of agents mistakenly think that leverage means allocating those things that you don't know how to do to someone else, or the things that you don't necessarily enjoy. That's really not true.
As a producing agent, it took me a long time to relinquish some of the marketing of my real estate team because I really enjoyed doing it. Frankly, I was pretty good at doing the marketing for my clients and my business.
Marketing was not the number one thing I needed to focus on, though. It didn't need my attention in order to grow my business and take my real estate practice to the next level.
What's your One Thing?What's the one thing that you need to do, that if you don't do, is standing in the way of you getting to your goal?
That is your top twenty percent. Everything else can fall apart and be part of leverage: marketing, social media, administrative tasks.
Think outside of the box as well. For example, one agent doesn't mind doing administrative paperwork as long as she is able to get quality time with her family. For her, leverage became housekeeping and hiring someone to come in and cook for her family on a regular basis.
Another agent determined how many appointments he went on a regular basis in the course of a week, and for him, the leverage he needed was to hire a driver to take him from appointment to appointment because he could sit in the back and be on the phone the entire time between appointments. What a great way to leverage his time and concentrate on his one thing.
Being smart about leverage gives you the time to do the important things like lead generate, lead followup, practice scripts, go on listing and buyer appointments, and to negotiate contracts. Those are the things that you need to be spending your time on in real estate.
If you have a question about how you implement leverage in your life as a real estate agent, contact Teri Moylan at KBT. If you are pushing up against a wall, a road block, or a ceiling in your real estate career, or you don't quite know how to spend your time, getting in some training or career coaching to create a personalized plan that helps implement leverage is invaluable.
Get the most out of your real estate career and your personal life with leverage. Real estate career coaching can help determine what is going to get you to that next level.