The concept of "3 feet from gold" which became famously known from the book “Think and Grow Rich”, and later a book of its own, can be summed up in the Real Estate space as this ... if you're going to be working your butt off or spending your resources (time, money, etc.) on one particular tactic, you ought to see it through. This does not just refer to quitting the business or throwing in the towel, I am referring to giving up on a lead source, a marketing technique, a skill, etc. before you see the results.
My philosophy before I enter into any agreement to buy advertising or spend money on leads or time on a new resource is simple; I am committing to this no matter what the result for the next 6-9 months is. That's right, I set aside the time, the money or whatever resource it takes to be able to take advantage of whatever it is for at least 6 months and if I don't have 6 months worth of money or 6 months of time, I don't move forward with whatever it is.
Too many agents today are spreading their resources too thin or not giving strategic commitments enough time. Stop buying what everyone is selling, pick one or two arenas and commit to 6-9 months and don't quit, even if you don't see a single result in that time-frame because you could just be three feet from gold.
Of course, given the above, the number one question becomes, “how do you know what to commit to?"
Here's my process for determining if and when I should pull the trigger on a new expense, resource, or tactic for our team:
I look first at WHAT the concept, strategy or idea is.
I look at HOW it could be implemented and fit within the way I do business.
I look at WHO has had success with it by asking for references and scheduling calls with them.
I look at the EXPENSE for the first 6-9 months and make sure I currently have enough to cover the cost.
I look at the potential RETURN and WHEN I should break even with it and what my return could be after year one, two, three and so on.
I look at HOW else I could maximize the spend with this particular resource, sometimes outside of how it's currently being used.
I look at WHAT else is available to me as far as resources go that I'll be saying "no" to for the next 6-9 months since I'll be tied up with this new strategy.
I pull the trigger, but only after negotiating a discount for committing to 6-12 months because I know I'm not going to shift gears during that time. Some say yes, some say no but it never hurts to try.
Next time you get a call from someone trying to sell you something to "better your business," I encourage you to follow the above 8 steps. Of course, the best investment is always going to be coaching & personal/professional development and I encourage you to put any organization, including ours, through the above test.
Broker/Owner
#1 Team in Michigan for Most Homes Sold