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Forming A Real Estate Mastermind Group

by Jim Crawford

In real estate we all too often hit a glass ceiling or brick wall, and feel it's impossible to take our careers to the next level of achievement. All too often, we sit back and wonder how someone becomes a success, but we don't have a clue on how they attained it. We look at other successful agents around us in our office, and would kill to know what techniques they use to be successful. Perhaps you even approached them and asked, but the answer you received was evasive and lacking. Why? It's because you are in direct competition with them. If they share real knowledge, their fear is that you'll take business away from them. So unless that successful agent is your broker, it doesn't make any sense for an agent in your office to give you any real details.

This is a sobering reality of the real estate office, and local real estate market. So how does a person meet others, and learn to be really successful. Could you find what you are looking for in a mastermind group?

A mastermind group's purpose is to share thoughts, ideas, opinions and information. To be successful, it is also important to be supportive, and industry-based. When we create a group that is industry-focused as in real estate, we gain the ability to see things not only from our own perspective, but also with the collective group experience, we have the ability to see things from a new and different perspective. It is from that collective process… we can tap into new ideas. As individuals, we cannot achieve this on our own because our own views are limited, but with a mastermind group, the possibilities for expansive thinking are endless.

I believe one of the most important decisions of my successful real estate career was to join one of these groups when asked. I am a fortunate to be a member of a very successful real estate mastermind group called the CyberProfessionals. We keep in touch by attending semi-annual meetings, or keep in touch via e-mail, online chats or meet other members at conventions or seminars. The successful ideas I share now are a direct result of meeting, sharing with other fine real estate professionals with similar interests and pursuits. As a direct result from being a group member, I've been able to successfully implement some of the ideas that other real estate professionals have offered. In turn, I shared my own ideas, made new friends across the country… and enjoyed every moment of it! So if you aren't a member of a mastermind group, I'd highly recommend you form one, or join one right away.

So what are the benefits of a Real Estate Mastermind Group?

• As members you'll raise your income, and productivity.

• Group Members will be more efficient from ideas shared. (Smarter not harder!)

• New sources of creative ideas for improving the members business.

• Support and encouragement from within a group of your peers.

• Inspiration from those persons that have already achieved success.

• A networking source of great contacts, referrals, and connections.

• Sharing your experience and contributing to other's success.

• A great way to monitor your progress, and accountability.

• Learn practical solutions that work from other active successful agents.

• An opportunity to reflect on your business and business strategies.

• A great place to air out your ideas and plans.

How can you form one?

There area many ways to meet other real estate agents that have the same goals as yourself. A great place to meet other potential mastermind members is at a company convention, a real estate seminar, retreat, your company's Intranet site, a real estate designation course (CRS, GRI, ABR…etc), or on line with other e-Pros etc. In your own area, it's easy to create a small group from noncompeting sections of your marketplace. Perhaps an agent that is technology or Web-savvy that is on the other side of town, someone that you co-op with, or an agent that exclusively works the higher-end luxury market, lakefront, or commercial real estate. The more you think about it, it's easy to do, and a great way to build a local network for referrals in areas that you do not specialize in.

Locally, a great idea is to create a monthly breakfast or lunch meeting, and limit the membership size to perhaps 6 or 8 members. This will ensure, that everyone gets an opportunity to share ideas within the timeframe of the meeting. Limit the time of the meeting, to no more than an hour and a half. If you keep the group's rules flexible so the experience is fun, the ideas will flow freely. However, it is wise to have an agenda or a topic set for each meeting. Members that miss several meetings should be replaced and their position filled. It's important to keep a focus that it is more than just a social gathering; it is about raising the level of the entire group. (A suggestion, I would recommend not limiting the group to just members of your own company or organization.) This will ensure the most creative solutions for all are shared.

To create a larger group, perhaps one from conventions, seminars or on-line, I would recommend limiting the group size. Perhaps the goal of a newly forming group would be to meet once a year, and limit the first few meetings to perhaps a dozen, to 16 members. This would be a great opportunity to meet, draw up some group guidelines, and form an identity or focus for the group. Meetings should be no more than a few days, be held at an accessible location, be structured for time, agenda and focus. To get the ball rolling, one of the groups founding members can host the event in their own town! During the day, presentations, sharing marketing materials, technology ideas or dilemmas could be shared, and solutions can be offered. Perhaps and outside speaker in the real estate technology or Web, could make a presentation to the group. Lunch, dinner, coffee, and entertainment time will also offer some incredible opportunities to learn and share ideas from other pros! Keep in mind; it is wise to keep prices for hotel accommodations, meals, and travel reasonable. Allow for shared expenses from members such as coffee, snacks, copying, incidentals, meeting room, and rental of display equipment for presentations. Remember, to keep costs realistic.

Another item that I cannot emphasize enough is that when forming a group, is that you have a good mix of ideas, personalities, and a general group focus. Do not limit membership to just techies, Webmasters, or multimillion-dollar producers, but to members that are real estate professional, and embrace success as you do. There are many ways to be successful in real estate, whether it is from traditional marketing, the Internet, technology, buyer agency or teams.

So diversify, and you'll appreciate the variety, and synergy the group offers. You'll appreciate it as successful agents freely share their skills without asking for a fee, or that you buy their tapes before leaving!

Published: November 1, 2002