Beyond the income saving, tax deferring, corporate structure tactics applied by the wealthiest of your peers – these income-producing machines also share a similar mindset, which will serve you well.
One of the best sources I have found for shifting your mindset is David Newman of Do It! Marketing. Although David’s message is directed for coaches and speakers like me, his mindset outline is certainly applicable to commercial real estate brokers as well. I have outlined 5 mindsets recently shared by David, and expanded this to our world of CRE.
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1. The first mindset shift is around money.
David suggests: “I could never charge that much” is a nonsensical statement. What you really mean when you say that, is that you would never pay that much – and that’s what’s killing your business right now and keeping you stuck in low-fee hell. You need to charge what will ATTRACT the right kind of prospects, and REPEL the wrong kind of prospects. Remember there is no such thing as a “standard commission”. First, it’s illegal to practice in those terms, and second – aren’t you worth more than “standard”. Wealthy CRE Brokers place a higher value on their services.
2. The second mindset shift is that making a lot of money in your business is hard, complicated, and overwhelming.
You don’t need dozens of moving parts, and emails, and websites and landing pages, and funnels, and a hundred marketing jobs to do every day. Making big money can be simple. You must be consistent and persistent and follow a disciplined process each and every day. For more on this, check us out at www.massimo-group.com/coaching.
3. The third mindset shift is around the way you deal with distractions.
Let’s say you join one of our proven coaching programs at some point later this year. You start to build some momentum, and begin to see the light on how much leverage you can build into your business; you start to implement the first few steps of the program and you might even begin to see early results…
Then – BOOM – it happens. You let yourself get distracted. Shiny object syndrome. A new opportunity. A new offer from some internet guru takes you off track. You feel you have to buy this new software or spend a lot of time engaged in a new social platform (Snapgram, Instachat, Flitter) that’s going to be the next “big thing” that everyone jumps on.
But here’s the thing: every time you get distracted like that, it diminishes your chances of generating the high-income success you deserve. Success comes to those who focus relentlessly on building their business with proven practices and processes and give them all they’ve got – day in and day out, rain or shine, happy or sad, feel like it or not. Stop being a guppy skimming the surface, and become the shark that swims in deep water and never takes his eye off the prize.
4. The fourth shift is mastering high-fee sales conversations.
Get comfortable qualifying (and disqualifying) so that you are focused on the exact prospects that you want to serve, who you can really help, and who will gladly pay for your services. You also need to learn to reframe a sales conversation as an enrollment conversation. Not even enrolling people in your programs, but enrolling people in the execution and realization of their desired outcomes and results.
Nobody wants your representation, listing/sales and management services – everybody wants their specific outcomes and results. When someone asks, “Tell me about your marketing program? How does it work?” – it is a TRAP. Do NOT tell them what’s in your program, how it works, or run down the “table of contents” of your proposal or brochure.
What your program is ALWAYS about, is mirroring back to them exactly what they just told you they want as far as outcomes, solutions, impact, and results – paint the picture of the END state they will achieve after they’re done implementing your program. Show them what they will be able to do, have, and become. Problems solved. Obstacles removed. Goals achieved. Outcomes attained. Do this ONE thing, and your closing ratio will dramatically improve.
5. The fifth and last shift – knowing in your heart that the higher fees you charge, the more commitment you’ll get from your clients.
This is true. The higher the fee, the higher the commitment – the higher the commitment, the greater the level of client execution; and the greater the level of client execution, the better results your clients will experience. It actually SERVES your client better to charge premium fees because it leads to greater action and better results for them.