"The Millionaire Real Estate Agent"
Gary Keller's book is a must-read for anyone working in the real estate industry
By Eric Sachs
It probably seems silly that I'm reviewing "The Millionaire Real Estate Agent." It's a book that came out in 2004 a book that every agent seeking to build a real estate business should have read by now. You guessed it: I like this book.
Yes, Gary Keller is the founder of Keller Williams Realty, but don't let that deter your from reading his book. It's not an attempt to recruit. The company is only mentioned a handful of times throughout the book. What's important is that Keller truly gives great information for agents looking to build their business. From his discussion of the three L's (leads, listings and leverage) to his insight of how successful real estate agents think, Keller provides a road map to a successful career.
The book takes a handbook-style approach to helping agents design their businesses. If you're getting into real estate and you're trying to figure out your model, why re-invent the wheel? Keller outlines successful real estate business models based on the experiences of successful agents across the country. He provides interesting quotes and lessons from millionaire agents throughout the text. Don't overlook these short insights they're gems.
The book outlines four fundamental models for real estate sales success:
The economic model Where your money comes from, where your money goes, and how much is left for you.
The lead generation model “You can never have enough good leads" Without good leads there is no business to conduct. Keller discusses prospecting and marketing techniques and specific lists. Keller points out proven database management models and assists you in detailed planning of how and when to tap into your sphere.
The budget model It takes money to make money, but how much? Keller details the three pieces of this model.
The organization model How will you set up your business? Will you have a team, an assistant, a partner?
Keller says, “In this industry, your limits are truly self-defined. Your approach, your ability, and your willingness to do the work of real estate sales will be the greatest determining factors for your success."
Whether you're a new agent looking to design your business or a seasoned agent looking to improve on systems and ideas, this is a book worth reading.
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