I’m about to turn 40 and I can still remember this commercial on TV when I was in high school:
Time to make the doughnuts!
One of the most challenging parts of our business is that we have to constantly sell more homes to get paid. I’ve often felt like the doughnut guy in this commercial. I’m sure you have too! It’s a never ending cycle and it can wear you down. Almost as if you’re stuck on a treadmill and can’t get off.
Several years ago, I spent an entire day at Panera Bread thinking about my real estate business. I left my cell phone in the car and completely shut myself off from the outside world. I made a list of other professions and which ones seemed to be the most profitable. Believe it or not, an author gravitated to the top of my list. The reason why an author was at the top of my list was because the author writes one book and gets paid over-and-over again. In other words, they make doughnuts one time and get to sell them multiple times. As an example, Napoleon Hill’s estate is still receiving income from his legendary book “Think & Grow Rich.” He died in 1970.
Will your family receive income 40 years from now from the home you sell today?
After thinking through all of this at Panera Bread, I made the decision to change my entire business. I wanted to focus on opportunities that provided recurring income. I didn’t want to have to work forever like the doughnut guy. I wanted to engineer my life so I could work when I wanted to work and play when I wanted to play. I wanted to have the lifestyle of John Grisham, one of my favorite authors. He writes books because he wants to, not because he has to.
From that day forward, I vowed to only focus on opportunities which provided recurring revenue. And thankfully, I’ve followed through with this decision. I’ll be honest – it wasn’t easy. Everyone said I was crazy. My agents didn’t agree. It didn’t matter what anyone else said. I stuck to my guns and transformed my business.
I think there is a BIG opportunity for agents to engineer attractive recurring revenue in their businesses. I’ve detailed this opportunity in a new 11-page report you can download right now at this link:
In this report, I share how you can create 3 new income streams from sellers. One of these income streams is recurring monthly revenue. I also share how I evaluate new ideas for my businesses. I think you’ll find this little exercise to be very helpful for your business, too!