Post Written by Rob Minton
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I recently watched the movie "Layer Cake." It was a pretty good movie about a drug dealer. In the beginning, the main character opened by highlighting his business and a few of the rules he followed. Yes, believe it or not, this drug dealer had rules for his business.
He started off by saying:
"I'm a businessman whose commodity just happens to be cocaine."
I found this comment to be extremely important because you and I are entrepreneurs and our commodity just happens to be houses. The problem is that most real estate agents do not have this same perspective with their businesses. They do not view themselves as entrepreneurs. When you truly think of yourself as an entrepreneur, your business begins to change. You begin to see new opportunities. You begin to do things differently.
Here are the rules as stated by the drug dealer in Layer Cake:
- Only deal in kilos
- Give people what they want
- Always work in a small team
- Only deal with people who come recommended
- Keep a very low profile
- As long as you take care of your customers, they'll always come back for more
- Never be too greedy
- Always respect your enemy
- Make hay while the sun is shining
- Avoid attention seeking 'wanna be' gangsters in it for the glory
- Stay away from the end user, they always cause you problems
- Very, very important – always pay your suppliers promptly, in full without fail
- Everyone likes to walk through a door marked "private"
- When business is on the up and up, have a plan and stick to it
- Quit while your ahead
When I first heard him explain his rules, I immediately stopped the movie and grabbed a notepad. I began taking notes using the pause button on my DVD player. I have since found this scene on YouTube…
Can you apply these rules to your real estate business? Here is how I've applied them…
1. Notice that he only dealt in kilos. He specifically niched his business to work in a specific quantity of cocaine. This meant that he eliminated all of the smaller, less profitable business. This volume of cocaine apparently is more profitable and eliminates a great deal of risk. (I don't know for sure because I'm not a drug dealer!)
2. He worked with a very small, trust worthy team. This meant that he kept a close rein on the people he worked with. He made sure that he could trust them. If you don't trust someone on your team, they need to go.
3. To avoid legal problems, he worked by referral only. This meant that he didn't work with any Tom, Dick or Harry off of the street. He was very selective about who he spent time with. Should you be selective about which clients you accept?
4. Take care of your clients.
5. Never be too greedy. If one of your clients is unhappy, fix the problem even if you have to invest money to do so. Keep your prospects and clients happy and they will come back to you.
6. Always respect your enemy. Your main enemies are your competitors. Pay attention to what they are doing in their businesses. Look for gaps in the marketplace that you can exploit to your advantage.
7. Avoid hiring agents with big egos. They are impossible to please.
8. Stay away from the actual client. They are extremely time consuming. You're an entrepreneur, not an agent, remember? You shouldn't be showing homes and negotiating offers because you lose control of your time.
9. Always pay for advertisements promptly, in full, without fail. They are the pipeline of your business.
10. Make your clients feel special. Do special things for them that you don't do for others.
11. Have a plan for your business and stick with it. Do not allow yourself to be distracted. Don't listen to what everyone else is complaining about. Keep your head down and work your plan.
12. Sell your business when you're on top.
Remember, I'll be releasing a new program that real estate agents can use to dominate the buyer side of the foreclosure market within the next week or two. You can receive advance notice of this by joining the pre-release notification list at: http://www.NotificationList.com