Today I am going to talk about why you need to know your four pillars of income.
I have been training for my first marathon and tomorrow I am going to go out and run 20 miles. You don’t do this kind of running without planning. A few weeks ago, I ran in a mud race. Before I started I thought about how I wanted to run it and visualized running it in my mind.
In real estate, the same idea exists. If you don’t have a plan, you plan to fail. In our business, we haphazardly jump around doing one thing for a little while before going to the next. Eventually, we are two years in and 97% of us leave the business because we think it stinks and it is too hard.
One of the things that I learned in graduate school is how important it is to have a business plan. I got home from work the other day and there was a flier from a brand-new agent on my doorstep. My Ring doorbell never told me it rang, so I watched the video and saw that he never rang the doorbell. Instead, he dropped the flier, never giving himself the opportunity to have those great, sometimes tough, conversations with homeowners in the neighborhood.
My question is this: How is that part of the plan? He could be sending these fliers in the mail, but, instead, he is wasting the one thing that we don’t have an abundance of—time— by going door-to-door and leaving fliers. He is going to think that door-knocking doesn’t work because nobody will call from the flier. In reality, what he did isn’t even considered door-knocking.
This is where planning comes into place. While you don’t have to draw up a business plan today, you should think about what your four pillars of income are. What are the four things that you need to do every day systematically to generate a regular income stream? You could be calling for sale by owners, contacting expired listings, writing thank you notes, etc.
It doesn’t matter what it is, but you have to do it daily. You have to know what your plan for success is so you can time block them and then focus on them so you can get the earnings you deserve.
If you have any questions for me, please feel free to reach out by phone or email. I look forward to speaking with you soon.