Transcripts
Million Dollar Agent:
Speaker:The proven playbook to build a real estate empire Written by
Speaker:Nick McLean, narrated by russell newton.
Speaker:Chapter 1|.
Speaker:Welcome.
Speaker:A successful real estate team is not simply a group of agents handling leads;
Speaker:it is a well-orchestrated division of labor that allows individuals to
Speaker:specialize in specific areas of the real estate operation.
Speaker:This specialization enables each team member to perform at a higher level than
Speaker:they could if they were tasked with handling every aspect of the business alone.
Speaker:To reach the pantheon of the top 1% of the top 1%,
Speaker:you have to master all aspects of running a successful sales and marketing
Speaker:company.
Speaker:Mastery .- Notice,
Speaker:I did not say real estate company — real estate is what you do but your
Speaker:business is sales and marketing.
Speaker:When I started my real estate team in 2012 — after a four-year run as a solo
Speaker:agent working 10-hour days,
Speaker:seven days a week — there were no blueprints or established guidelines for
Speaker:team structures in the real estate industry.
Speaker:At that time,
Speaker:teams were still struggling to find footing in a predominantly
Speaker:solo-agent-driven market.
Speaker:Major online portals weren't as dominant as they are today,
Speaker:and laws and regulations had not yet evolved to effectively support team
Speaker:leaders in overseeing their agents.
Speaker:I established my own brokerage to overcome these challenges and ensure
Speaker:compliance with Washington State licensing requirements.
Speaker:Framework .- Most of us don't need to go to this level,
Speaker:but doing so gave me insights into having total control over all business areas.
Speaker:It is an important business lesson to learn that control is one of the key
Speaker:parts of owning a business.
Speaker:Most agents and teams don't have total control,
Speaker:and that limits their growth and speed to make effective decisions.
Speaker:As a real estate agent looking to make the leap into the multi-million-dollar
Speaker:realm,
Speaker:you likely have numerous questions and concerns.
Speaker:Maybe even fears.
Speaker:This book will serve as a comprehensive guide,
Speaker:addressing the key concerns and curiosities team leaders may have as they
Speaker:embark on their journey.
Speaker:Throughout the chapters,
Speaker:I will provide practical answers to the following questions - 1.
Speaker:What is the ideal framework for a million-dollar agent,
Speaker:and how can I adapt it to suit my business model?
Speaker:2.
Speaker:How can I establish an efficient team structure that encourages growth and
Speaker:success in my real estate agency?
Speaker:3.
Speaker:What are the core philosophies and principles that drive the success of
Speaker:million-dollar agents?
Speaker:4.
Speaker:Which marketing strategies have proven most effective for top-tier agents,
Speaker:and how can I implement them in my own business?
Speaker:5.
Speaker:How can I create a repeatable listing system to streamline my processes and
Speaker:boost my agency's performance?
Speaker:6.
Speaker:What are the best practices for converting potential buyers into loyal clients?
Speaker:7.
Speaker:How do I set up a functional administration system to optimize my team's
Speaker:workflow and productivity?
Speaker:8.
Speaker:To excel in the competitive real estate industry,
Speaker:what essential areas of expertise do I need to invest in for myself and my team?
Speaker:9.
Speaker:How can I define and deliver a top-notch client experience that sets me and my
Speaker:agency apart from the competition?
Speaker:10.
Speaker:What strategies should I employ to recruit and retain the best talent for my
Speaker:team?
Speaker:As a solo agent,
Speaker:how do I become top talent?
Speaker:11.
Speaker:How do I analyze and break down the financial metrics and key performance
Speaker:indicators that will help me gauge my agency's progress toward becoming a
Speaker:million-dollar enterprise?
Speaker:As you read through this book,
Speaker:you'll gain insights,
Speaker:tips,
Speaker:and strategies that have propelled others to great success.
Speaker:By the end of your journey,
Speaker:you will have a better understanding of what it takes to build your own
Speaker:million-dollar real estate empire.
Speaker:How To Use This Book -
Speaker:As you read,
Speaker:pay extra attention to framework,
Speaker:mastery,
Speaker:and $1M notes.
Speaker:The information highlighted in these sections are insights into building your
Speaker:business like a seasoned professional.
Speaker:At the end of each chapter,
Speaker:you will also find Next Steps.
Speaker:These are actionable steps you can take to implement the information you
Speaker:learned in that chapter.
Speaker:By following the frameworks,
Speaker:strategies,
Speaker:and tools presented in this book,
Speaker:you will be well-equipped to create the most profitable real estate team in
Speaker:your marketplace.
Speaker:If you're looking to take your real estate business to the next level,
Speaker:Million Dollar Agent .- The proven playbook to build a real estate empire is
Speaker:the book for you.
Speaker:Chapter 2.
Speaker:Growth And Success.
Speaker:A Look At Our Team'S Timeline And Statistics.
Speaker:In this chapter,
Speaker:I will illustrate the history of my journey from an unknown solo agent in a
Speaker:small town to a successful real estate team in a new marketplace.
Speaker:As a 19-year-old college sophomore,
Speaker:I never could have imagined the path my life would take.
Speaker:I couldn’t decide on a major and took a summer job at Carlile Transportation
Speaker:in Anchorage,
Speaker:Alaska,
Speaker:made famous by the T. V. show Ice Road Truckers.
Speaker:I spent long,
Speaker:tiring nights working in the water bay — pressure washing the dirt and grime
Speaker:off of eighteen-wheelers that had made their thousand-mile journeys to Prudhoe
Speaker:Bay.
Speaker:During these seemingly endless nights,
Speaker:I had an epiphany .- I wanted to become an airline pilot.
Speaker:My first step was enrolling in aviation school.
Speaker:While there,
Speaker:I worked hard to earn a degree in business management over the next two years.
Speaker:Eager to continue my education,
Speaker:I attended Embry-Riddle Aeronautical University,
Speaker:where I spent another two years acquiring all the necessary pilot licenses.
Speaker:Undeterred,
Speaker:I moved to Miami and began working for Focus Air Cargo.
Speaker:For two more years,
Speaker:I honed my skills and gained valuable industry experience.
Speaker:Then,
Speaker:six years after making that initial decision while hosing down big rigs in
Speaker:Alaska,
Speaker:I became the youngest Boeing 747 pilot in North America.
Speaker:To my 19-year-old brain,
Speaker:six years would have seemed like an eternity.
Speaker:If I had known the amount of effort it would take,
Speaker:I'm not sure I would have begun the journey.
Speaker:But looking back,
Speaker:the time went by quickly,
Speaker:and the achievements along the way were more life-changing than I could have
Speaker:anticipated.
Speaker:Framework .- It's important to remember that thinking big and focusing on the
Speaker:long term can yield incredible results.
Speaker:As a real estate agent,
Speaker:the same principles apply.
Speaker:Building a successful team may not happen overnight,
Speaker:but with patience,
Speaker:perseverance,
Speaker:and a long-term commitment,
Speaker:you can accomplish far more than you initially imagined.
Speaker:Instead of sprinting toward short-term goals,
Speaker:embrace the journey and focus on endurance.
Speaker:When you take the time to build a strong foundation,
Speaker:the sky's the limit.
Speaker:My real estate career over the short run fell short of my expectations and over
Speaker:the long run exceeded my wildest dreams.
Speaker:Think big and think long-term.
Speaker:My Real Estate Journey.
Speaker:From 2008–2012,
Speaker:I sold real estate as a solo agent in the small town of Lake Chelan.
Speaker:As my business grew,
Speaker:my broker wasn’t positioned to support my goal of starting a team.
Speaker:He encouraged me to get my designated broker license.
Speaker:I followed his advice and did just that.
Speaker:Within ninety days,
Speaker:I was licensed to go out on my own,
Speaker:and our team opened its doors on March 2nd,
Speaker:2012.
Speaker:Our market was the town of Wenatchee,
Speaker:Wa.
Speaker:At the time,
Speaker:it had a population of 53,000,
Speaker:and I was the new guy in an established marketplace.
Speaker:In 2012,
Speaker:our team sold 101 properties for a total revenue of $443,000.
Speaker:This was a solid start for our new business,
Speaker:but we knew that we needed to continue to grow and improve to be successful in
Speaker:the long term.
Speaker:Our Team Consisted Of -
Speaker:•One Team Leader (T. L. )
Speaker:184 00:09:50,000 --> 00:09:52,560 •Five Buyer Specialists
Speaker:•One Assistant (Personal Assistant to T. L. ,
Speaker:Listing Coordinator,
Speaker:Closing Coordinator duties)
Speaker:In 2013,
Speaker:we sold 201 properties for a total revenue of $966,229.
Speaker:This was a significant increase over the previous year and showed that our
Speaker:business was starting to gain traction in the local market.
Speaker:This is also the year I stepped away from working with buyers.
Speaker:Our Team Consisted Of -
Speaker:•One Team Leader (who also acted as a Listing Specialist)
Speaker:196 00:10:30,480 --> 00:10:32,720 •Six Buyer Specialists
Speaker:•One Assistant (who acted as the Personal Assistant to the T. L. ,
Speaker:Listing Coordinator,
Speaker:and performed Closing Coordinator duties)
Speaker:In 2014,
Speaker:we sold 252 properties for a total revenue of $1,476,233.
Speaker:This was an even greater increase from the previous year and demonstrated that
Speaker:our reputation and brand were gaining recognition in the area.
Speaker:Our Team Consisted Of -
Speaker:•One Team Leader (who also acted as a Listing Specialist)
Speaker:207 00:11:08,840 --> 00:11:11,280 •Eight Buyer Specialists
Speaker:•One Listing Coordinator
Speaker:•One Closing Coordinator In 2015,
Speaker:we sold 290 properties for a total revenue of $2,002,402.
Speaker:We passed a significant milestone and felt that we were doing something right.
Speaker:Our Team Consisted Of -
Speaker:•One Team Leader (who also acted as a Listing Specialist)
Speaker:215 00:11:38,560 --> 00:11:40,160 •One Listing Partner
Speaker:•Ten Buyer Specialists
Speaker:•One Listing Coordinator
Speaker:•One Closing Coordinator In 2016,
Speaker:we sold 380 properties for a total revenue of $2,633,084.
Speaker:This was a record year for our team,
Speaker:and we demonstrated that we had become a major player in the local real estate
Speaker:market.
Speaker:Our Team Consisted Of -
Speaker:•One Team Leader (who also acted as a Listing Specialist)
Speaker:226 00:12:11,000 --> 00:12:12,600 •One Listing Partner
Speaker:•Fourteen Buyer Specialists
Speaker:•One Listing Coordinator
Speaker:•One Closing Coordinator
Speaker:•One Inside Sales Associate (I. S. A. )
Speaker:In 2017,
Speaker:we sold 386 properties for a total revenue of $2,725,410.
Speaker:This was another successful year for our team,
Speaker:showing that our business continued to grow and thrive.
Speaker:Our Team Consisted Of -
Speaker:•One Team Leader (who also acted as a Listing Specialist)
Speaker:238 00:12:47,120 --> 00:12:51,160 •One Listing Associate to support the T. L.
Speaker:•One Listing Partner
Speaker:•Sixteen Buyer Specialists
Speaker:•One Listing Coordinator
Speaker:•One Closing Coordinator
Speaker:•One I. S. A. In 2018,
Speaker:we sold 412 properties for a total revenue of $3,225,062.
Speaker:We established ourselves as one of the top-producing teams in the area.
Speaker:This is the year I stepped out of production as the team leader and focused on
Speaker:marketing,
Speaker:recruiting,
Speaker:and expansion.
Speaker:Our Team Consisted Of -
Speaker:•One Team Leader (who also acted as a Listing Specialist)
Speaker:253 00:13:30,560 --> 00:13:33,880 •One Listing Associate to support the T. L.
Speaker:•One Listing Partner
Speaker:•Sixteen Buyer Specialists
Speaker:•One Listing Coordinator
Speaker:•One Closing Coordinator
Speaker:•One I. S. A.
Speaker:•One Full-time Photographer In 2019,
Speaker:we sold 398 properties for a total revenue of $3,225,062.
Speaker:Although the number of properties sold was slightly lower than the previous
Speaker:year,
Speaker:the revenue remained at the same level,
Speaker:demonstrating the strength of our team and our ability to sell higher-priced
Speaker:properties.
Speaker:This year we also opened a property management company.
Speaker:Our Team Consisted Of -
Speaker:•One Team Leader
Speaker:•Two Listing Partners
Speaker:•Eighteen Buyer Specialists
Speaker:•One Listing Coordinator
Speaker:•One Closing Coordinator
Speaker:•Two I. S. A. s
Speaker:•One Full-time Photographer In 2020,
Speaker:we sold 528 properties for a total revenue of $4,908,508.
Speaker:This was driven by the high demand for properties due to low-interest rates and
Speaker:a strong economy.
Speaker:Our Team Consisted Of -
Speaker:•One Team Leader
Speaker:•One Director of Sales
Speaker:•Six Listing Partners
Speaker:•Thirty-two Buyer Specialists
Speaker:•One Listing Coordinator
Speaker:•One Closing Coordinator
Speaker:•Two I. S. A. s
Speaker:•One Full-time Photographer In 2021,
Speaker:we sold 446 properties for a total revenue of $5,032,880.
Speaker:This was another strong year for our team,
Speaker:despite the challenges posed by the ongoing pandemic.
Speaker:Our team's ability to adapt and pivot to meet the changing market conditions
Speaker:helped us grow.
Speaker:Our Team Consisted Of -
Speaker:•One Team Leader
Speaker:•One Director of Sales
Speaker:•Eight Listing Partners
Speaker:•Thirty-two Buyer Specialists
Speaker:•One Listing Coordinator
Speaker:•One Closing Coordinator
Speaker:•Two I. S. A. s
Speaker:•One Full-time Photographer These statistics demonstrate the impressive
Speaker:growth and success that teams can achieve in any marketplace when they focus
Speaker:and persevere.
Speaker:While many teams focus on goals over a single year,
Speaker:they often fail to see the impact they can have over a decade.
Speaker:I didn’t want to win one championship,
Speaker:I wanted to win several;
Speaker:becoming a dynasty.
Speaker:Even if you aren’t looking to build a real estate team,
Speaker:it is still good to understand how they function and most of the principles in
Speaker:the following pages apply equally to individual agents and teams.
Speaker:Mastery .- I recommend all team leaders achieve the highest level of licensing
Speaker:available.
Speaker:You are not only a team leader,
Speaker:you are the thought and regulatory leader.
Speaker:You must know how everything works,
Speaker:even at a franchise or office.
Speaker:As a leader,
Speaker:you may be able to delegate the tasks of compliance but don’t think you are
Speaker:not responsible for your team's compliance.
Speaker:As our team grew and my agents became more experienced,
Speaker:I paid for them to get the highest level of licensing.
Speaker:Outline your growth strategies and organization structures with the following
Speaker:questions -
Speaker:•What are your short and long-term goals for your real estate business?
Speaker:•Who are your ideal clients,
Speaker:and what are their needs and preferences?
Speaker:Where do they live,
Speaker:what do they do and where do they go outside of their home?
Speaker:We will go over this in Chapter 5.
Speaker:•How do you plan to differentiate your team or yourself from your competition?
Speaker:•What are the key skills and traits you are looking for in new team members?
Speaker:•How will you manage and distribute leads among team members?
Speaker:•What systems and processes will you put in place to ensure efficient
Speaker:communication and collaboration within the team?
Speaker:•How will you measure the success of your team and individual team members?
Speaker:•How will you stay up-to-date with industry trends and changes in the
Speaker:marketplace?
Speaker:•What kind of support and resources will you offer team members to help them
Speaker:grow and succeed?
Speaker:•How will you foster a positive team environment that is conducive to
Speaker:encourage the team member to choose to be productive?
Speaker:Next Steps — How to build growth and success - 2.
Speaker:Identify your three strengths,
Speaker:weaknesses,
Speaker:greatest opportunities,
Speaker:and biggest threats.
Speaker:3.
Speaker:Create a detailed organizational chart to clarify roles and responsibilities
Speaker:within the team.
Speaker:Build an organizational chart for how your team will look in two,
Speaker:five,
Speaker:and ten years.
Speaker:4.
Speaker:Implement systems and processes that help streamline communication and
Speaker:collaboration.
Speaker:5.
Speaker:Set clear performance expectations and regularly evaluate team members'
Speaker:progress.
Speaker:6.
Speaker:Invest in training and development programs for yourself and your team.
Speaker:7.
Speaker:Gather feedback from team members and clients to improve your services and
Speaker:processes.
Speaker:8.
Speaker:Stay organized and focused on your goals but be flexible and adaptable as the
Speaker:market and your team evolves.
Speaker:Establish a team that is resistant to major changes over ten-year cycles.
Speaker:This isn’t a sprint.
Speaker:9.
Speaker:Surround yourself with experienced and knowledgeable advisors who can help you
Speaker:make informed decisions.
Speaker:Seek out and join like-minded team leaders and broker-owners in a mastermind
Speaker:setting.
Speaker:Have a business coach who knows your industry inside and out to guide you.
Speaker:10.
Speaker:Celebrate your successes and learn from your failures.
Speaker:A healthy team celebrates wins and works through losses.
Speaker:Don’t pretend there is a perfect team,
Speaker:seek to create a committed team.
Speaker:In the following chapters,
Speaker:I will show you exactly what we did and how we did it.
Speaker:This has been
Speaker:Million Dollar Agent:
Speaker:The proven playbook to build a real estate empire Written by
Speaker:Nick McLean, narrated by russell newton.
