Tuesday mindset: I’m not sure who counted, but research says we can have as many as 60,000 thoughts a day.
Go figure: The person we have the most dialog with is ourselves.
The implication? Ask a better question and get a better answer.
Examples:
What can I learn from this? vs. Why does this always happen to me?
Why do I never have enough money? vs. How will I set aside more money for my emergency fund next time? What can I do differently that will make it easier?
Over time, if we are not aware of our self-talk, questions included become a cyclical habit — and, more often than not, a negative one.
With some intention, you and I can turn that around to win the day.
When it comes to growing your real estate business, all the folks I work with have ambitious ideas for growth. Yet, have you stopped to consider that trying to execute too many goals at one time is a barrier to your success? As you and I know, the only way to ensure your ideas for growth succeed is to have a very clear plan of action.
For me, in sports and business, I’ve found success in 90-day sprints.
Whether it is completing the LA marathon or starting a new division of my company, I’ve used 90-day springs. For me, 90 days is long enough to stay engaged, yet not so long it seems out of sight.
Yet, for some of my clients, 90 days is an eternity. For my friend and mentor – a recovering alcoholic – early in his journey, he would say 1 day at a time is too long; some days, I work one minute at a time.
So, if 90 days is too long for you, pick your time: 1 day; 1 week, or 1 month the same concepts outlined here can apply.
So, where do I start? I’d suggest a 7-step approach:
Close the gap. Assess your current state. Where are you, and where do you want to be? In real estate, which one of the 16 factors will create the most momentum for you?
Choose your goals and actions.
Plan your days and weeks.
Block your time.
Find an accountability partner.
Review, reflect, and redirect.
Step one
What is your vision? Your goal? Your outcome? Are your goals – between now and the end of the year – well defined and measurable?
What are your financial expectations and your milestones for success?
What key performance indicators and targets, such as new appointments created and appointment conversion rates, will help drive you forward?
Step two
Assess your current state using a gap analysis. Where are you now, and where do you want to be? Now this is where so many of my clients go overboard.
As type A’s, we want to close the gap on everything and do it now. Step back and think, “Less is more!” I’ve had more success with a singularity of focus.
Step three
Only you can choose your goals and actions. One exercise I’ve always found helpful is the red light and green light exercise:
What do I need to STOP doing?
What do I need to START doing?
What can I do LESS of?
What can I do MORE of?
This can lay the foundation for a perfect 90-day sprint.
Step four
The perfect day exercise. What does a perfect day look like for you? What would your daily routine look like? This is the foundation for your 90-day sprint.
Step five
Time blocking and the daily action checklist. I use a hybrid of the David Allen “Getting Things Done” or GTD and time blocking to manage and prioritize my tasks and projects.
On the other end of the spectrum is Elon Musk: Even though many people point to Elon Musk’s ‘superhuman’ ability to focus without distractions or his freakish level of genius, he states that time blocking is the explanation for his effective time management.
Elon Musk 5 5-minute rule is his secret sauce. It makes you divide your day into blocks of time. Each block is dedicated to accomplishing one or more tasks, allowing you to have a concrete schedule that lays out what you will work on and when.
Step six
Let’s face it, the number one tactic you and I can execute to exponentially grow our business is accountability. The top three barriers to accountability:
Lack Of Definite Expectations
Low Engagement
Fear of Failure
My formula?
Clarity On What You’re Accountable For and Who You’re Accountable To
Be Honest With Yourself & Everyone Else
See It.
Own It.
Solve It.
Do It.
Step seven
Review, reflect, and redirect.
In the business world, the term “debrief” frequently has had a negative bias associated with it, probably because it is used only when there’s a mistake, a negative outcome, or a fault to find. Yet such a fear-based approach is the opposite of how Blue Angels pilots structure their training, practice, and subsequent success. On the contrary, their goal is to drive fear out of the organization.
The best pilots in the world. Blue Angels pilots create a safe environment for debriefing, where they open and share their wisdom of success and failure side by side. It’s something elite teams know well.
The U.S. Navy Blue Angels use a debrief tool at the end of every single day. It is built into their culture. You might wonder why, if you had a great performance, you would need to deconstruct it.
In sports and in business alike, debriefing sessions have led to wins and increased bottom lines. And the benefits can be even greater. In the right setting, debriefs have the power to save lives. The extreme environment within which Blue Angels pilots perform airborne acrobatics demands effective debriefs—both for the safety of the pilots and spectators.
How often do you debrief wins and losses and capture key learnings to incorporate into your process?
Wrapping up:
The 90-day sprint is all about stretching your ambition. My experience with 1,000 of clients and connections is your growth goals need to be realistic, yet they should stretch you just a little beyond your comfort zone and what you think is possible.
You have a lot to share with this world. So, make this 90-day sprint ambitious. You know it’s perfect if it scares you.
Here is what I know, it is easy to overestimate what you can do in a single week, and that can often leave you feeling like you’re just not making progress on the things you want. However, you can totally underestimate what is possible in a 90-day sprint. So, surprise yourself.
Just received some edits from my Ph.D. friend, who is giving my textbook on the introduction to real estate economics a test drive. That got me thinking: The recession of 2023 is postponed and more likely canceled.
Moody’s Analytics has the GDP estimate for the current quarter at 3.9 percent annualized growth The Federal Reserve of Atlanta estimates growth at 5.9 percent. Either way, you slice it, healthy stats.
A point in time:
Unemployment is low at: 3.8%
Business investment: holding steady
Consumer spending: steady
Consumer sentiment: improving
Non-residential investment: contributed 25% of GDP growth and increasing
Industrial and Manufacturing: turn-around with slight improvement
Inflation is moderating with some disinflation for housing rent and vehicles
Housing? The challenge remains a lack of resale inventory and mortgage rates. The lack of inventory is moving homebuyers into the new home market. New residential construction is accelerating. Fun fact: NAR’s chief economist stated the resale market could absorb a 50% increase in inventory. That’s not likely to happen at current rates – thus, new home sales OR sales activity from the 10,000 Americans turning 65 each day, many of whom own their homes mortgage-free.
As seasonality picks up its pace, your buyer clients will find some opportunities between now and the end of the year.
It appears the US economy has proven more robust than the pundits thought. As inflation continues to improve and when growth remains steady, that could erase the final fears of negative growth. At the end of the day, what can we control?
We CANNOT control the market.
We CANNOT control what others think.
We CAN control our business process.
We CAN control our thoughts, behaviors, and routines.
Every Monday matters. Working with a client to listen in on sales calls and role-playing = is priceless.
Do you debrief after every mission? Read this:
In the business world, the term “debrief” frequently has had a negative bias associated with it, probably because it is used only when there’s a mistake, a negative outcome, or a fault to find. But such a fear-based approach is the opposite of how Blue Angels pilots structure their training, practice, and subsequent success. On the contrary, their goal is to drive fear out of the organization.
We had tickets to tonight’s doubleheader: Reds vs. the Angels, and I was the designated driver. My family trusted me to drive to get them back and forth safely; in fact, Tim fell asleep in route. That’s trust. Trust is so important in so many ways.
Whether it’s driving my family or friends or working with my associates, clients, and vendors, trust is everything. There’s nothing more impactful on people, their work, and their performance than trust.
Stephen Covey said it best, “You can ignore the principles that govern trust—but they will not ignore you.”
In other news, it was a tough night for the home team.
Here is what I know as an entrepreneur, you try 10 things, and 9 don’t work out as planned, and 1 (after tweaking it) works.
The problems entrepreneurs confront every day would overwhelm most managers.
The point? Persistence. If you believe in what problems you are solving, you keep iterating until you find the formula.
I’m in the game.
It’s not about the money… it’s the challenge of solving a problem that helps people and firms grow.
It’s the community, connection, and servant leadership.
#WinTheDay
PS: Checklist
1. Is my vision clear and compelling?
2. Are my goals defined?
3. Do I have the right strategy?
4. Can I execute the strategy?
5. Is it fun with people I love and respect?
For my friends in real estate and my friends that are buyers and sellers… some real estate market observations thanks to my friends over at Altos:
We all know that a change in mortgage rates reduces the real estate sales rate and vice versa. With the highest mortgage rates in 20 years, a few observations:
35% of sellers are taking a price decline from the initial sales price, which is ticking up slightly. Austin, Texas, has the highest level of price cuts, with nearly 50% of listed homes with a price cut. The lowest? Irvine, California, at 15% of homes listed.
There are 10% fewer homes on the market now than this time last year. The inventory of homes for sale tends to peak at the end of August – yet not this year with higher rates – inventory might continue to rise past normal seasonality.
Late August Observations…
Unsold homes ticked up this week.
Inventory gain week over week is the highest in a few months – and good news for your buyers that can afford to buy
The sales rate has slowed; part seasonality and part rates.
On a national basis, 365K homes are in contact right now, up a fraction vs. last week.
However, new pending sales this week were 63K vs. 70K last year.
As we enter into seasonality, the trend to look for – how quickly will new pending sales shrink? Will it be more significant than normal seasonality? That is the stat I’ll be watching.
One bright spot – 10,000 Americans turn 65 daily and are typically cash buyers when they downsize or move closer to family.
“What do you really really want?” This Is really the second most important question. Say what?! The more important question is: “What are willing to give up to get it?”
Are you willing to give up chill time for gym time?
Are you willing to trade busy work for prospecting, business development, or recruiting?
Write a book? Are you willing to give up what you usually do from 7 to 9 pm and go to the library instead?
I’ll do whatever it takes to get what I really, really want.
I’ll give up whatever it takes to ______ (fill in the blank)
To get _________, (fill in the blank) I’ll do whatever it takes.
When you are willing to do whatever it takes, you’ll earn want you really want.
“Onward and upward” is a mindset that requires a few key ingredients: optimism, empathy, curiosity and action.
Optimism is the ability to overcome adversity despite the circumstances.
Empathy is the ability to understand situations from another’s perspective with no judgment. The ability to choose to respond rather than to react.
Curiosity. To be effective be curious: curious about how people are feeling, curious about why things happen, curious about the future, curious about steps to take to navigate difficult waters.
Action. The winners are the doers. Talk is cheap, action speaks.
When we make changes by design vs. default we can craft a future the supports the growth we deserve.
Perfection is not a standard, progress is.
With 80 to 90 working days left in 2023 I’m opening up 10 slots for “what’s possible” strategy sessions. Because it’s not how you start the game it’s how you finish.
Trust. The speed of trust.
We had tickets to tonight’s doubleheader: Reds vs. the Angels, and I was the designated driver. My family trusted me to drive to get them back and forth safely; in fact, Tim fell asleep in route. That’s trust. Trust is so important in so many ways.
Whether it’s driving my family or friends or working with my associates, clients, and vendors, trust is everything. There’s nothing more impactful on people, their work, and their performance than trust.
Stephen Covey said it best, “You can ignore the principles that govern trust—but they will not ignore you.”
In other news, it was a tough night for the home team.