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Are you tired of the real estate hustle? Constantly chasing deals, showing properties at all hours, and still feeling like you’re just scraping by? Let me hit you with a truth bomb that might just change your entire perspective on this business.
HARD TRUTH: Residential real estate sales alone will NEVER make you rich.
Now, before you close this tab thinking I’ve lost my mind, hear me out. This isn’t just my opinion. My mentor, Hank Sorenson, who I call the Grand Poobah of all things real estate, once told me, “You don’t get rich off selling real estate. You get rich by taking advantage of all the opportunities the real estate industry affords.”
Let that sink in for a minute.
Follow the Money: Your Roadmap to Real Estate Riches
Here’s where you might be going wrong. You focus solely on the commission check. So, let’s play detective and follow the money trail in a typical real estate transaction:
- Mortgage fees: $500-$5,000
- Home inspection: $300-$1,00
- Appraisal: $300-$700
- Transaction management: $350-$500
- Home repairs and staging: $1,000 to $10,000+
Each of these is an opportunity.
From Frazzled Agent to Cool, Calm CEO
Now, I can almost hear you thinking, “Great, Cheesette. You want me to juggle even more balls? I’m already dropping calls faster than a teenager with a new crush!” But here’s the thing – I’m not talking about adding more to your plate. I’m talking about working smarter, not harder.
Most agents are stuck in what I call the “active income trap.” You’re trading time for money like it’s going out of style. But what happens when life throws you a curveball? When your kid gets sick, or you finally book that dream vacation? I’ll tell you what happens… Your income screeches to a halt faster than a new agent at their first closing.
That’s why in my CEO Blueprint, we focus on moving from active to passive income. Let me break it down with some real numbers:
Imagine you’re spending $400 per transaction on a transaction manager. If you’re closing 5 deals a month, that’s $2,000 flying out of your pocket faster than free food at an open house. But what if you brought that in-house?
Not only do you save that $2,000, but you can scale it. Hire someone to manage it, and suddenly you’re handling 50 transactions a month. At $400 per transaction, that’s $20,000 a month in revenue. Even if you’re paying your manager 25%, you’re still pocketing $15,000 in passive income. That’s $180,000 a year for something that used to be an expense!
One Passive Income Stream at a Time
You don’t have enough hours in the day to make the kind of money you dream about through active work alone. You need systems that work without you.
In my own business, I’ve set up multiple passive income streams:
- Transaction management company
- Title company
- Mortgage company
That’s $$$$ passive income, folks. And the best part? It keeps flowing whether I’m showing houses, sipping margaritas on a beach, or binge-watching the latest Netflix series.
The Spiritual Side of Business
Now, I know some of you might be thinking, “Cheesette, this all sounds great, but it feels a bit… mercenary,” or like an episode of “Shark Tank” gone wild. But let me share something: there’s a spiritual component to this too.
The Bible promises us “ideas and witty inventions.” When you start thinking creatively about your business, you’re tapping into that divine spark. You’re not just making money; you’re creating value, providing jobs, and building a legacy that extends far beyond your commission check.
Your Action Plan: Think Like a CEO from Day One
If you’re new to real estate, congratulations! You’ve got a clean slate to start thinking like a CEO from the get-go. Don’t wait until you’re five years in, wondering where all your hard-earned cash went. Start now with this action plan:
- Analyze your business: Track every penny in and out for a month. You might be surprised (or horrified) at what you find.
- Identify opportunities: Look at your expenses. Which ones could be turned into income streams?
- Create a plan: How can you systematize these opportunities? Remember, if you can’t take a vacation without your business falling apart, you don’t own a business – you own a job.
- Take action: Start small, but start now. Rome wasn’t built in a day, and neither is a real estate empire.
Remember, your goal should be to create a real estate business that’s a passive long-term strategy. You want to be actively working your way out of the day-to-day grind, not deeper into it.
So, are you ready to stop being a slave to your phone and start building a real estate empire that works for you? It’s time to think like a CEO. Trust me, your future self (and your family) will thank you.
Now, go forth and conquer, you real estate royalty in the making!
