The majority of real estate agents are in survival mode. How can they get out of that mindset and take advantage of the good condition of the market? Should you be spending more money on expanding, or putting money away for the market correction? On this episode, we are joined by agent, coach and founder of Real Estate B School, Lars Hedenborg who talks about taking the entrepreneurial approach to real estate, and being intentional with your money.
Money in the bank is the most lagging indicator you can track in your business. - Lars Hedenborg
Takeaways + Tactics
- You only need to track six metrics in your business.
- In a down market, your activities may not work as well, so you have to increase your level of activity.
- If you're not having 100 meaningful conversations a week, you're not going to be able to scale.
At the start of the show, Lars shared how he got started and what’s going to happen to the real estate market when the market shifts. Next, we talked about the importance of being a good steward with your money, and how to position yourself. We also spoke about the 6 numbers you should be tracking, and why tracking everything will solve the upcoming problems real estate businesses are going to face.
We also discussed:
- How to adjust your activities to increase your ratios
- Direct response marketing
- Why you need to take your ego out of the equation
When the market shifts, the real estate industry is going to shrink. If you play your cards right, and save money right now when the market is great, there will be many opportunities on the other side. A lot of agents throw money at other things instead of taking advantage of this market to put some cash away. Don’t follow that tide. Decide to be a steward of a good market and prepare financially for what’s coming. Get your core systems in place and track your numbers religiously. When you do, you’re going to see your own ratios start to shift, and you’ll notice the market is shifting before everyone else.
Lars is a broker/owner, coach and founder of Real Estate B School. For more information, go to realestatebschool.com, for a strategy session go to rebsstragysession.com and to find out about their next event go to rebslive.com.