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The 4 Simple Steps To Never-Ending Growth
Measure. Ideate. Improve. Rinse & repeat
These are the four simple steps to never-ending growth.
If you don’t measure, you can’t improve.
You need to understand your baseline. You need to know your numbers.
Everything you do in your business can be measured.
One example is measuring the number of sellers you make offers to every week.
Experienced investors make far fewer offers than beginners, but they do far more deals. The reason they’re able to do this is because of their skill in making those offers.
Their conversion ratio for closed deals will be much higher than a beginner.
A new investor will need to learn that skill. The best way to learn is by doing and keeping track of the results over time.
Once you learn to measure, the next thing you need to do is ideate.
This simply means that you need to think about what you did after you did it. You need to step back from the actions you take and get perspective.
This allows you to see whether or not what you are doing is successful.
Every time you take action you should analyze if that action was worthwhile.
For example, you make a call to a seller and make them a zero down offer.
You either get them to agree or they turn you down.
Either way you need to examine what you did and what made it successful or not. It’s possible they turn you down and it was not the fault of your skill. Sometimes they just say ‘no.’
But when you’re just getting started, the likelihood is they said ‘no’ because you were not competent.
If you’re talking to a seller and you don’t sound competent, they don’t hear ‘incompetence,’ what they hear is, ‘it’s a scam.’
Sellers won’t work with you until you sound competent and you show them why it’s in their best interest to choose to work with you.
When you look at the action you just took and you think about it, you will then be able to improve.
Every action you take can be improved with skill. Every time you improve, even if it’s a small percent, that improvement can have a big impact on your income.
For example, when you start, you may have to call 100 sellers before you put a deal together. Every time you talk to a seller your skills will improve if you pay attention to what worked and what didn’t.
As you improve, your closing ratios will go up dramatically.
It may take you 100 calls to put your first deal together – and let’s say that first deal makes you $5000.
The second deal you do may only take 30 calls. And you may make twice as much money because your skill level improved there as well.
So you tripled the amount of money you made hourly because you only had to do a third of the work, PLUS you doubled the amount of income from the deal.
If each phone call takes 15 minutes that means your first deal took you (100 calls x 15 minutes each = 25 hours) and you made $5,000. That’s $200 an hour. Not a bad start… but you can do better.
Your second deal took (30 calls x 15 minutes = 7.5 hours). But you made $10,000 this time. So now your hourly income is ($10,000 divided by 7.5 hours = $1,333 per hour).
That’s a dramatic improvement simply because you got better at what you were doing.
What will the numbers look like when you close 1 in 3 deals instead of 1 in 30?
RINSE & REPEAT
After you develop your skill, you will be able to reliably, consistently, happily, put deals together for the rest of your life.
If you continue to rinse and repeat the process of Measure, Ideate, and Improve, you will continue to grow your income over time.
This is how you reach EXPONENTIAL growth in your business – not by improving just one aspect of your business, but by improving multiple aspects.
Exponential growth to your business means wealth and freedom.
If you would like my help achieving these things, I have a Six Month Personal Mentor program.
In this program you work DIRECTLY with me – not some trained coach I pay $25 an hour to repeat my words. I’ll walk you through the steps you need to follow in order to build your business from the ground up.
If you want to work with me personally (not a hired hand), you can find out all about my Six Month Mentor program here:
This website will show you how my program works, what is included, what it costs, what you can expect from me and what I expect from you if you sign up.
There are 3 training videos on the site that go into great detail about what you need to do to build a profitable real estate investing business.
They add up to about 2 hours of education. I call them my “Advanced Training” because that is exactly what they are. If you know nothing about real estate, they may be a bit over your head.
The techniques I teach in these videos come from my personal experience and you won’t find this information anywhere else.
If you aren’t interested in working with me personally or can’t afford to join my mentor program, these 3 videos will still be worth your while.
They will give you an overview of my entire business and show you how to model YOUR business after the step-by-step systems I’ve created.
Even if you ultimately decide not to join my mentor program, I can safely say this Advanced Training Program can completely transform your thinking about building a real estate investing business.
I think these ‘Advanced Training’ videos are one of the best training programs I’ve ever created – and they won’t cost you a dime.
They distill my 35 years as an investor and 20+ years as a coach and give you a complete outline of how we build a powerful, profitable, consistent, reliable, ethical, PEACEFUL business.
They give you the milestones, benchmarks, and SOPs (standard operating procedures) you need to succeed.
That’s it for today!
I hope you will join me.
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