millionaire real estate agent business plan

MREA Budget Model: Why It’s THE Most Important Model

The most important millionaire real estate agent model, or MREA, is the budget model. Your budget model is your key […]

The most important millionaire real estate agent model, or MREA, is the budget model. Your budget model is your key to profitability and making your real estate career or business worth it.

In this guide, we’re exploring Gary Keller’s budget model as outlined in his book “TheMillionaire Real Estate Agent” and we’re expanding on it.

The book flew over an important topic when it comes to money and finances for real estate agents. We’ll dive deeper into the budget model and make a deeper connection between the budget model and the three other models.

What Is The MREA Budget Model?

Budgets aren’t the sexiest thing. Even the word can trudge up mixed feelings. Real estate agents are often free-spirited individuals and the idea of following a strict plan for spending… no thanks.

For that reason, we prefer to call the budget model, the money model. At the end of the day, the MREA budget model leads to more money and time. It leads to a richer life and career.

The MREA budget model lays out expected costs and profit for various stages of your real estate career. For example, it gives you a benchmark for how much you should spend on marketing, salaries, and how much you should earn.

Its purpose is to show every real estate agent where they should focus their attention to reap the best rewards.

The Case For Budget Model Priority

In Keller’s book, there is an overwhelming sense that the most important model in real estate is the lead generation model.

This is evident in areas of the book where he writes that real estate agents are like sharks when it comes to lead generation. Just as sharks always need to move forward in water to breathe, real estate agents must always generate leads.

The sentiment makes sense. Without leads, you have no clients and no income.

That’s fair.

But… in today’s world, with the proliferation of internet-based tools and apps, like Zillow or Facebook, acquiring leads is simple.

The market is FULL of third-party companies willing to sell you leads for a price. Some of them will charge you upfront, monthly fees. Others charge a referral-based fee after closing on a home.

For example, a marketing company may charge you $99 per month to manage your Facebook ads. These Facebook ads generate leads and it’s up to you to convert and close the leads.

Or, you can find a third-party company that will give you a lead and at close you must pay them 30 percent of the gross commission income.

It’s not difficult to generate leads. Simply sign-up for a program and pay some money.

It IS difficult to generate leads PROFITABLY.

The keyword is profitability. It is hard to generate leads that make being a real estate agent worth it.

In other words, it’s about finding lead generation strategies that are cost-effective and allow you to reach your real estate goals — whether that’s building a real estate team or making a living as a real estate agent.

Lead Generation Needs A Budget

The lead generation model needs the budget model. Lead generation absent a budget model is a slippery slope and leads to an agent being overworked for very little money. You will see great production numbers, but poor take home pay.

Consulting with real estate agents we’ve seen it too often where a real estate agent has amazing production, but their lead costs are out of control. They’re getting a 2x ROI or are sometimes breaking even.

That means these agents are doing all of this production, but they aren’t taking any more of it home or being able to reinvest back into their business.

To be successful, real estate agents MUST analyze and assess their marketing channels from a profitability and return on investment standpoint.

Lead generation analysis with a focus on return on investment is really critical for anyone who has a team or plans to build a team. It’s this analysis that allows a real estate agent team to scale and grow.

You Can’t Grow A Team Without It

Until you learn to generate leads profitably and analyze the profitability of the lead channels, you can’t scale your real estate team.

If you’re a real estate agent using marketing channels that bring in very little money, you do not have enough money left over to grow.

What happens far too often is real estate teams are paying too much for leads and they’re losing money without even realizing it.

Here’s a common example we’ve found when analyzing the profitability and financial numbers of a real estate team.

The team leader sources leads from Zillow for a total cost of $4,250 per month. For simplicity, let’s say all of these leads are given to a member on their team.

The average payout to their team members is 50 percent of the gross commission income.

Any given month, the team generates roughly $9,000 in gross commission income. So, the team leader gives $4,500 to the team member and they keep $4,500. The broker takes their split of 10 percent, or $450.

In this case, the team leader is getting $4,050 each month from their team member before accounting for their marketing costs. Once we take into account the cost of Zillow, the team leader is losing $200 each month by having a team.

If we grow and add more members, then a team will grow unprofitably. Each member added can result in $200 loss per month.

All of this doesn’t even account for the effort, headache, and problems that come with managing a team. In examples like these, a real estate team leader is better off keeping their team small or working solo until they find profitable lead channels.

Is Your Lead Generation Profitable?

So, what kind of returns does a real estate agent need in order to make a marketing channel worth it?

Ideally, 10 times the return. If a real estate agent spends $100 in marketing, they should expect to get $1,000 back in gross commission income (the money before the broker takes their cut).

There are two key principles to keep in mind:

• The overall return on investment for all marketing activities should be 10x
• Individual marketing channels should be assessed for a 10x return and evaluated if below that metric

Your budget model helps you find which lead generation strategies are worth pursuing. It also points out the lead generation strategies we can improve.

Just because a lead generation strategy might have a low rate of return, doesn’t mean we cut it if we can improve it.

Let’s look at how to find these numbers and how to pull reports if you’re using a tool like Quickbooks .

Calculate Manually

To find your overall return on investment for your marketing efforts, add up your total marketing dollars spent and divide it by your overall gross commission income.

So, let’s say you spent $300 on print advertising, $50 at open houses, and $3,000 in referral-based income. Your total marketing budget is $3,350.

Out of those marketing efforts, you generated a commission income of $15,000. Doing the math ($15,000 / $3,350), you get a 4.47x rate of return.

We can use the same methods to evaluate different marketing channels. Let’s say you sign up for a referral-based platform that charges 30 percent after the sale of a property.

So, when you get a $10,000 gross commission check, $3,000 will go to the referral company. Your rate of return is 3.33x.

Fixed percentage lead channels have lower risk for real estate agents, but there is also no ability to improve your return on investment for the marketing channel unless you can renegotiate terms.

Contrast that to a lead generation strategy where you get a lead for a fixed amount. Say you sign up for a program that generates leads for $60.

Your ability to convert those leads is the single biggest determinant to your return on investment.

If your conversion rate is five percent of those leads and the average commission is $6,000, your rate of return is 5x. On the other hand, if you improve conversion rates and convert at 10 percent, then you reach the 10x rate of return target.

Pull These Reports In Quickbooks

One of the benefits of using Quickbooks is your ability to pull reports quickly. Inside of Quickbooks, go to your reporting tab and select the “profit and loss statement as % of total income”.

Then, adjust your report for the specific period you’re looking for — monthly, quarterly, or yearly. Select “Run Report”.

You should get a report that looks something like this:

You’re looking for the “% of income” column to be around ten percent. This equals a 10x return and is consistent with targets in the MREA budget model laid out by Gary Keller.

Depending on your MREA chart of accounts, you can get really specific or keep it more general. For example, in the report pulled, this was when we first started our real estate company, so we left it broad.

If you’re not already using Quickbooks, we highly encourage every single real estate agent to start. It’s well worth the cost .

MREA Budget Model Feeds Economic Model

At the heart of any real estate business plan is the economic model. The MREA budget model feeds the economic model, too.

Without a budget model, your economic model and business plan is simply wishful thinking. If you view the economic model worksheet of the MREA, it starts with the budget model.

In the economic model, we recommend stopping at the gross commission income and adding in your lead generation information.

By doing this, you come from a wishful plan to an actionable plan. For example, let’s say my lead generation had a 9x rate of return.

So, if I want to generate an additional $100,000 in gross commission income, I have three options:

• I can spend an additional $11,100 on lead generation using the same strategies
• Or, I can try to improve conversion rates and boost the rate of return on a specific lead generation strategy
• A mixture of the two

Here I have actionable plans and goals. For example, I can set goals like “improve conversion rate of Zillow leads” or “grow my database by 350 people”.

Now you have greater clarity for what to work on and how to reach your goals. Your business plan doesn’t have to be an exercise you go through and then never look at again until the end of the year.

Getting Started & Getting Help

To get set up, you will want to have an accounting platform and build a chart of accounts according to “The Millionaire Real Estate Agent”.

If the idea of setting up your accounts, categorizing and tracking expenses, and running reports is too much, then look for help. A good accountant, bookkeeper or a financial consultant can hold you accountable.

Specifically, look for a bookkeeper that is familiar with the MREA chart of accounts and budget model.

Take our real estate agent cash crash course to learn how to set up your real estate finances using Quickbooks online.

Quick Agent: Cash Crash Course

Learn how to manage your real estate agent finances with quickbooks online. In our real estate agent cash crash course, we show you:

• How to slay the tax monster and avoid a surprise tax bill
• How to properly record your gross commission income checks. Hint: most agents and bookkeepers are doing it wrong
• The relationship between the success of your real estate career and your personal finances
• How to pay yourself correctly so you never leave your business starving for cash or dipping into your personal finances

Get The Cash Crash Course

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National MREA Business Planning Clinic Presented by KWU

What’s in store for your business after q4 if you had to think about it for longer than five seconds, it’s time to get into action with the mrea business planning clinic .

Plan now so you can spend 2022 absolutely crushing your goals. 8 hours of focused business planning = 1 year of success!

• What: National MREA Business Planning Clinic
• When: October 20-21, Noon - 4 p.m. CT
• Where: LIVE on KWConnect.com or  Pivot: Shift Ahead  on Facebook
• Who: Hosted by Gene Rivers and other top agents like Mike Duley, Lesley Peters, and more!

Success in your business comes from knowing the answer to three questions: why? how? what? The MREA Business Planning Clinic answers all three. Built on the proven models of The Millionaire Real Estate Agent – a New York Times bestseller written by Gary Keller – MREA Business Planning Clinic will get your 2022 started with a bang: 

• Why: Discover your big why: the relationship between you and your goals.
• How: Determine exactly how to make those goals a reality.
• What: Get up each morning knowing exactly what you need to do to win the day.
• Use the MREA models to get more leads, listings, and make the most money in the least amount of time.

Gene Rivers is a KWU Master Faculty member as well as a national and worldwide speaker on Keller Williams models, systems and tools. He and his wife Rebekah own multiple businesses including a multimillion-dollar portfolio.

"Real estate agents are business owners. The U.S. Small Business Administration data says most small businesses will fail or not grow. Businesses that don't fail or stall have two things in common.  They are properly capitalized, AND they follow detailed written business plans on a constant basis. Invest in your business, and follow detailed written plans and you WILL achieve your dreams." – Gene Rivers

Ready to jump into action? Just add your info to the form for event updates and super-exclusive business planning tools!

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Lori Ballen

Digital Marketing Strategies

The MREA Models, The Millionaire Real Estate Agent

This website contains affiliate links and offers that benefit Lori Ballen with no additional cost to you.

I could not have launched my real estate business and built my real estate team without the MREA Real Estate Agent Business Plan. It’s a guide that breaks down the models and gives us worksheets to create our own. I used this with my studies of The Millionaire Real Estate Agent Book.

What is MREA?

MREA Models

MREA is the acronym for the book titled Millionaire Real Estate Agent. The book was written in 2003 by Gary Keller with Dave Jenks and Jay Papasan. The book is a practical guide that aims to help readers become successful real estate agents .

One of the main themes in the book is the importance of models and systems in businesses, and how they can be used to achieve success. The authors provide readers with a step-by-step guide on how to create and implement models in their own businesses. They also offer advice on how to troubleshoot problems that may arise when using models.

The book provides readers with an abundance of information on different models that can be used in real estate businesses . It is divided into three main sections: the first section covers the basics of models and systems, the second section provides an in-depth look at different types of models, and the third section offers advice on how to implement models in businesses.

The first section of the book introduces readers to the concept of modeling and discusses the benefits of using models in businesses. It also explains the difference between a model and a system. The second section of the book provides readers with an overview of different types of models that can be used in businesses. These include sales models, marketing models, and lead generation models. The third section of the book offers advice on how to implement models in businesses. It includes tips on how to choose the right model for a business, how to troubleshoot problems that may arise when using models, and how to make the most of models.

The book is a valuable resource for anyone who is interested in learning about different models that can be used in businesses. It provides an abundance of information on different types of models and offers advice on how to implement them in businesses.

The Budget Model

A budget model is a tool that can be used to help businesses manage their finances. The budget model can be used to track income and expenses, and it can also be used to forecast future income and expenses. The budget model can be used to create a budget for a business, and it can also be used to monitor a business’s progress towards its budget goals.

The Economic Model

MREA is the acronym for the book titled Millionaire Real Estate Agent. The book was written in 2003 by Gary Keller with Dave Jenks and Jay Papasan. The book is a practical guide that aims to help readers become successful real estate agents.

The book provides readers with an abundance of information on different models that can be used in real estate businesses. It is divided into three main sections: the first section covers the basics of models and systems, the second section provides an in-depth look at different types of models, and the third section offers advice on how to implement models in businesses.

In the MREA book, one of the popular models for real estate agents, that is still used today, is the economic model . The model helps you determine how you make money as a real estate team.

It’s a formula that helps you determine which activities you need to be involved in each day to achieve your goals.

These include:

1. Leads (prospects)

2. Sales (closings)

3. Volume (listings)

4. Price per unit

5. Number of units

The model is also known as the 70/30/100 model because it’s based on the premise that 70% of your business should come from listings, 30% should come from sales, and 100% should come from leads.

Here’s how it works:

If you want to earn a commission of $3,000, then you need to generate $10,000 in gross commission income (GCI).

To do this, you need to list four homes at $250,000 each.

Or, you could list two homes at $500,000 each.

Or, you could sell six homes at $200,000 each.

The point is, that you need to generate $10,000 in GCI to earn a commission of $3,000.

You’ll also determine how many appointments you need to be on each week based on your conversion rates.

The Lead Generation Model

The MREA lead generation model is a system that helps real estate agents determine how they will generate leads.

Once you know how many appointments you need to be on each week, using the economic model, and you know your lead to appointment conversion, you’ll know how many leads you need to generate.

Your lead generation model could be based on the premise that you need to generate 10 leads for every one appointment.

So, if you need to be on 10 appointments each week, you’ll need to generate 100 leads.

You can generate leads through a variety of methods including door knocking, cold calling, online marketing, and so on.

The Organizational Model

The MREA organizational model is a system that helps real estate agents determine how they will organize their business.

Most real estate teams have a sales team that consists of listing agents and buyer agents. These agents earn a portion of the commission (25% to 50%) usually.

The listing agent is the agent who is responsible for marketing and selling the home. The buyer’s agent is the agent who works with buyers to help them find a home.

Some teams also have an administrative team that consists of an assistant or a transaction coordinator. These team members help with the paperwork and scheduling for the sales team.

Larger teams might have inside sales agents , outbound sales agents, and showing assistants.

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MY MILLIONAIREREAL ESTATE AGENTBUSINESSPLANThink Big • Aim High • Act BoldLive Large

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Premier Agent Toolkit

How to create a real estate agent business plan.

In this article:

Why agents need a real estate business plan

How to write a real estate business plan, free real estate business plan template.

Every agent needs a plan to succeed. A real estate business plan keeps you accountable and on track. An optimal business plan for real estate agents includes firm goals, but it’s also fluid — you’ll want to update your real estate business plan as you grow and the market evolves.

A real estate business plan allows you to stay current with market trends and ahead of the competition. It also helps you track results over time, test lead generation strategies and develop new marketing approaches. Zillow’s Bret Calltharp, a former training leader for a large brokerage group, saw his agents’ business increase by an average of 27% when implementing a business plan for the first time.

Here’s what a good real estate agent business plan will show you:

• Where you are today
• Where you want to be
• How you’ll get there
• How to measure your performance
• When and where to make a course correction

The benefits are clear, and you’re convinced — but where do you start? Here are our recommended steps for creating a business plan for real estate agents:

Write an executive summary

Real estate business planning should always start with a summary of who you are, what services you offer, where you operate and who you serve.

Define your mission statement

Your mission statement is the foundation that supports your entire real estate business plan. It should clearly state your guiding principles and goals.

Create a team management summary

If you’re working with a team, include all members who contribute to your success and how they help. Create a table that shows their roles, responsibilities and time frames for specific tasks.

Know your target client

Determine who your target client is and figure out their story. The more personal you can get, the better you’ll serve your clients.

Who, specifically, is your target client? This could be a first-time home buyer, a home seller, a renter — or a more specific subset like retirees or investors.

What is your target client’s story? Ask your clients specific questions and create a strategy based on their answers. Where do they want to live? What is their annual household income? What do they want from their home?

Outline SMART business goals

Your goals should be specific, measurable, attainable, realistic and timely — in other words, SMART . Once your real estate business goals are SMART, break down each goal into objectives. These should be the specific tasks and activities required to accomplish the goal.

Map out your keys to success

Every real estate agent business plan template should include a table that lists the top three ways to achieve business success — and more importantly, the actions required to fulfill them.

Breakeven analysis

A critical part of real estate business planning is determining your breakeven point. What average commission rate do you need to achieve per unit to break even each month? How many homes must you sell at your average commission rate to break even by your target goal?

Understand your market

It’s crucial to stay on top of your target client’s market. A successful agent will know how the market has behaved in the past few years, as well as where it’s headed (and why).

Segment your market

Let’s look at a target client in a sample real estate business plan.

Suppose the target client is a first-time home buyer. How can we segment that market further to include even more detailed and relevant information? Here are two potential market segments for our first-time home buyer:

• First-time home buyers, single family
• First-time home buyers, multigenerational

Plan for market growth

Map out how much growth you anticipate in your market, and use it to forecast the number of potential clients over the next few years.

Track market trends in your real estate business plan with a table listing possible outcomes on the right and trends on the left.

Track market trends

What market trends do you foresee impacting your business and market segments? Here’s a real estate business plan sample that projects a possible outcome for a rise in multigenerational living:

Develop a SWOT analysis

Every business plan needs a SWOT analysis: strengths, weaknesses, opportunities and threats. Some sample real estate business plan SWOT questions include:

• What sets me apart from my competition?
• What skills need improving?
• Are there any opportunities I’m overlooking?

Recognize your competition

Who’s your primary competition in your target market, and what makes them your primary competition? How will you outperform them?

Create a marketing strategy

Every real estate business plan template needs a marketing strategy table. Highlight your resources and key features, like this sample:

List ways to generate leads

Always keep a list of effective methods to generate leads , and always update the list when new strategies come up. The lead generation list in your real estate development business plan is as simple as this:

Project yearly sales forecast

Use market growth, trends and other real estate marketing strategies to predict your annual sales for the next three years. Here’s an example table from our real estate business plan PDF:

Outline your personnel expenses

Knowing what you’ll spend in a year will help you determine your breakeven point and set reasonable expectations for growth. A simple expense table, like this one from our free real estate business plan, allows you to project your personnel expenses through the next three years:

Measure client experience

Keep track of all the services you offer — and measure how quickly you deliver them. This is crucial in any real estate business planning document, as it helps you build a strong client relationship and track the results over time. Here’s an example for measuring response time:

Use a client relationship management (CRM) tool

There are many CRM tools out there, so it’s easy to find one that fits your needs. Do you want to track analytics? Use it for email marketing? Keep track of property and listing details? Automate your marketing efforts?

As a Zillow Premier Agent , you can use a CRM to manage all your leads and connections, along with their progress through the real estate journey. You can prioritize leads who are actively looking, submitting offers and under contract. Jot down other tools you’re using, especially transaction management tools and their specific functions.

Calculate your business plan performance

The final step in your real estate business plan template is measuring the plan’s performance. Track performance-related questions and how you’ll measure them. Here’s a sample question and measurement example that many agents use for real estate business planning:

Our customizable template helps you create a real estate business plan that outlines what success looks like — for you and your clients — so you can have your best year yet. This sample real estate business plan gives clear examples and allows for complete customization to your personal goals and your real estate market. Jot down your real estate business goals, clarify the state of your finances, profile your target customers and track other data that’s vital to successful real estate business planning.

Best of all — you can get started today! Just download our free real estate business plan template and add your own goals, projections, expenses and data. Don’t forget to update it regularly to accurately track your progress, evolve with the market and stay current with your target client’s needs.

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3 Secrets from Gary Keller’s The Millionaire Real Estate Agent (MREA)

It is no secret that Gary Keller’s MREA book is considered the blueprint for automating success in real estate. Real estate needs to be bootstrapped in the beginning… but when you start seeing the success, you also need to start to build a team and business systems that multiply and duplicate that success for you and with you. For that, the book outlines 4 models – the economic, lead generation, budget, and organizational models – which are needed to grow and sustain a big business. Underneath these models are 3 core pillars (3L) which require clarity and focus.

The 3 core foundational pillars that you must focus on for real estate business success can be summarized as follows:

1. Leads: “Until you have enough leads (to meet or exceed your goals), there is no other issue.” 2. Listings: “Listings are the high-leverage, maximum earning opportunity in our industry.” 3. Leverage: “Who is going to do it? How will they do it? What will they do it with? Answers: People, Systems, and Tools”

So how can you learn from Gary to build those foundational pillars for your business? With some determination, planning, and hard work – you can be the top-performing agent, team, or broker in your market.

1. Follow Existing Economic Models       – Goals (start to finish)       – Save Time and Money with the right budget       – Stand on the shoulder of giants

2. Lead Generation and Follow-Up       – Bloodstream of your business is to have an active pipeline       – Convert leads to clients using the best technology tools

3. Leverage Time versus Money       – Hire an assistant to do clerical work       – Save time to focus on ‘big rock’ – clients       – Use marketing and sales technology to automate work

4. Four stages of growth       – Think a Million (* most important, sets up goal and thinking, and practice)       – Earn a Million (* how many clients do you need to close)       – Net a Million (* what is your team size to close the deals)       – Receive a Million (* have the right business model)

5. Track all of your data – [this is critical for your success]       – All your leads and lead sources, so you know what is working       – Marketing to your database will generate the highest return       – Follow-up using technology so you can focus on important clients       – Track all your transactions in a central place       – Grow your SOI (sphere-of-influence) – your network that will generate business

There are two ideas at play here: Marketing builds future business while lead generation feeds your current efforts .

1) Positioning/Marketing: People can only remember up to 7 Realtors at a time. Are you one of the first 2 they think of? 2) Lead generation: Be systematic and focus on building business now.

Next, you must follow the 8X8 Marketing System For New Leads and 33 Touch for Contacts:

8X8: This is a program that introduces you as a Realtor to a new contact. It generally follows the format of one-touch a week for 8 weeks. A typical system looks like: digital message, mail, mail, phone call, free report, home upkeep tip, giveaway, and finally a phone call. Each of these activities should be structured.

33 Touch: After clients complete the 8X8 touch system, they go into your 33 Touch follow-up sequence. This generally means you’re going to touch them 33 times throughout the year.

      – 18: emails, mailings, or letters       – 8: Thank you, thinking of you cards       – 3: calls       – 2: Birthday cards (husband and wife)       – 1: Mother’s Day Card       – 1: Father’s Day card

There are a lot of ways you can dice up or mix up these touches. Just make sure you do them!

Here’s an Expert Tip:       – Each time you reach out to a lead, go ahead and set a to-do for your next touch. So, once the lead registers, you’ll need a Qualification Process to engage them for the first 10-14 days and a Long Term Nurture Plan to make sure leads who are further out in the home buying process aren’t forgotten.

      – Knowing how each lead should be contacted will allow you to identify where you might be losing people and need to make a change. It will also help engage your agents in the system and be a key part of holding them accountable. You can’t hold them accountable if you don’t have standards set in place, right? Having your game plan will ensure less stress for you and your agents and result in a higher level of service for your leads.

ZipperAgent comes with several suggested lead follow-up and nurture plans.

Also, check out these key resources:

1. Define and Market to your SOI (Sphere-of-influence) 2. Understanding your Sales Funnel 3. Marketing Budget for Real Estate Agents 4. Marketing ROI 5. Business Planning Tools

To learn more on How ZipperAgent can provide you all the tools and services used by Millionaire Real Estate Agents:

3 Reasons Why the Housing Shortage Could Last Very Long

Generate High-Quality Listing Leads by Segmenting your Contacts

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3 Pillar Concepts from The Millionaire Real Estate Agent (MREA) Book

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6 Steps to Growing a Winning Business in 2021, According to Gary Keller

February 12, 2021

Keller Williams co-founder and KWx executive chairman Gary Keller has spent decades in the real estate industry – first as an agent himself, and later as an entrepreneur building out the world’s largest real estate franchise. Not only has he seen the business migrate from Rolodexes to sophisticated database technologies, but through Keller Williams’ own Command platform release, he’s played a key role in shaping the future of the industry, a future which keeps agents at the center of the transaction. In a recent livestream, Keller spoke frankly about the ways agents can create a winning business in 2021. Here are six points that stood out:

1. Set a big goal and a big plan Set a major goal, or a someday goal for a time in the future. Maybe it’s growing your business to be a million-dollar business, or perhaps it’s growing the size of your team. This big goal doesn’t have to be specific. Then, create smaller, more specific achievable goals along the way that will eventually get you to your big goal. Every day, focus on what you can be doing right now to achieve your someday goal, and do it. The number one reason agents fail, adds Keller, is because their plan for how to grow their business is too complicated. “They endorse the idea of complexity,” he says, “instead of whittling it down to something simple.” In reality, top agents find that it’s committing to just a handful of actions or strategies that ultimately determines success. “Then, all the dominoes fall after that,” he says.

Related reading: 7 Common Goal-Setting Mistakes to Avoid

2. Block off mornings for lead generation

“Every real estate agent, their only goal when they get up in the morning should be to lead generate, to feed the data, to fill the database,” Keller says. That’s because the research is clear – top agents regularly engage in three to four main lead generation activities plus three to four minor lead gen activities. “I built my entire organization initially around generating the lead,” Keller adds. If your personality isn’t perfectly suited to lead gen, or you just don’t enjoy it, he says, that’s OK. Commit to putting in the time anyway, so that eventually, you’ll get to a place where you don’t have to lead gen as much. As you lead generate, you’ll also need to make sure you’re properly storing your data. That’s where databases come in.

Related reading: Reclaim Your Time Through Time Blocking

3. View your database as your business

“The basis of all great businesses is the database,” Keller says. Building one, growing it and cultivating it is a key to success. Top agents zero in on their database. They see it as a daily priority above and beyond making a sale. A sale is something nice that happens along the way. “My goal was to see if I could become your Realtor of choice,” Keller says, “or your Realtor for life and get you into my database.” The business relationship follows.

Additionally, top agents calculate and know how big a database they need to achieve their goals and then work toward that number. For example, a database of between 4,000 to 6,000 contacts often eventually translates into a Millionaire Real Estate Agent. “The goal is to be adding people consistently into your database,” Keller says. Then nurture it by consistently and thoughtfully following up with your contacts. “By knowing who my customers are, and knowing who my database is, I can wake up every day and provide them value.”

Commit to adding three new contacts to your database each day – their name, address, phone number and email – and that will translate into 720 new contacts a year.

Related reading: Capture 200+ Contacts in One Day With a Reverse BOLD

4. Focus on referrals

Referrals often pay the highest commission, Keller says, and they – along with past clients – can be among agents’ most loyal leads. “They’re going to pay you the most amount of money per deal commission-wise, and they’re going to be the most loyal to you,” he shares. Agents can help encourage referrals by regularly reaching out to people in their database, says Keller.

When he started his business years ago, KWRI’s own VP of industry Jason Abrams leaned into referral relationships by sharing his mission and value with a fellow agent while at Family Reunion – Keller Williams’ biggest real estate training event of the year. “Months after we met, long after Family Reunion had come and gone, she called to see if I could help her professional football client who had planned to play in her hometown of Miami, but was signed with the Detroit Lions instead,” he says . “I jumped into a limo and showed him a selection of homes. When I got the check for the house he bought three weeks later, it was the most money I’d ever seen in one place.” 

Related reading: Tammi Juengst: Turn Relationship Into Referrals

5. Don’t be afraid to delegate

To commit time to lead generation and focusing on building your database, you’ll likely need to delegate tasks to other people on your team, and that’s OK. “Everything else can be delegated,” Keller says. Likewise, once you’ve built up your database to the number you need to achieve your goals, you’ll be able to delegate nurturing your database as well.

The Organizational Model of The Millionaire Real Estate Agent shows agents exactly how to exponentially grow their business by leveraging the talents of others. Hire people for staff positions to handle administrative, buyer and seller duties. Your administrative assistant should be your first hire. Then, once you have more clients than you can handle on your own, you can hire sales staff. Finding talented hires lets you focus on lead generation.

Related reading: The Organizational Model: Leverage Your Way to Limitless Success

6. Put it all together

Take the following steps as you work on lead gen and on building your database:

• Calculate your current database number.
• Set a specific database goal for the future.
• Build a lead gen plan to get there. Keller recommends a minimum of four days a week for a minimum of two hours, though five days a week for three hours is better.

Keller says that with its Command technology , Keller Williams is building the tools to allow a real estate agent to build a database-based business. And, with that in place, “your relationships will come to you, and they will stick with you.”

For more insight into how top agents at KW are finding success, join us at Family Reunion 2021 , this year a digital experience.

Tags: Gary Keller Top Agent Tips

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