One secret that high achievers all share is that they follow models. No matter what area of life they’ve excelled in – sports, business, science, the humanities – this principle holds true.

Successful people either create new models or master existing ones. Henry Ford created the moving assembly line – a model that revolutionized the manufacturing process and is still the standard used today. The great actor Sidney Poitier studied a “method” – a model – to help perfect his craft. Elite athletes like Mia Hamm and the Williams’ sisters hire coaches who help them model top players who have gone before them.

Of course it’s easy to see why you’d want a coach to help you win an Oscar or Wimbledon. But what most people don’t realize is that even in the real estate industry, just like in any arena, you need to master the models to stay on top of your game.

Interestingly enough, many people who aren’t the least bit familiar with the real estate profession enter it without first seeking the advice of a top-notch agent (a coach). They may enter with dreams of earning $1 million in commissions, but they don’t see the value in taking the time to find out how mega-producers achieve this level of success.

You see, many people skip this first step, what I like to call “working to learn” and plunge right into “working to earn.” They think that taking the time to prepare, to set goals, and to learn is precious time they could be using to list homes and earn money. What they fail to consider is that discovering what highly successful agents do to produce specific results – what’s called “modeling” – would better prepare them for their real estate sales career.

The importance of modeling is an “aha” that I had in 1987 when our four-year old company was faced with a collapsed economy. We had hit a few ceilings that kept us from breaking through to the next level, and I realized that we needed to do something differently if we were going to survive. Fortunately for me, and for our company, I learned from reading Anthony Robbins’ Unlimited Power that “success leaves clues,” and that modeling is the way to find these clues. We consciously started to analyze what successful people were doing and how they did it. We were then able to learn from their mistakes and experiences and incorporate their best practices – their models for success – into our own.

So it came as no surprise to me that the top agents we interviewed for The Millionaire Real Estate Agent (McGraw-Hill 2004) followed Big Models. This is one of the foundational ways they think. They may not have consciously started out following models. But in pursuit of their Big Goals, they implemented four fundamental business models: The Economic Model, The Lead Generation Model, The Budget Model, and The Organizational Model.

We explore these “clues” left by mega-producing agents in detail in the book, but here are the basics. The Economic Model does three things for you: shows you where your money comes from (gross revenue); where your money goes (expenses); and how much is left for you (net income).

The three key areas of the Lead Generation Model are prospecting and marketing; setting up your database and feeding it constantly; and systematically marketing to that database. The Budget Model helps you lead with revenue not expenses; hold the money you’re spending accountable for results; and helps you stick to the budget. When you follow the Organizational Model, you’ll learn the importance of hiring talented people who can help you accomplish more; and that to achieve your goals you need to train and consult your associates to help them achieve their goals.

The most important thing that you need to know about these models is that they work! These models are the path to excellence.

So if you’re a new agent, begin your career by studying these models and implementing them. It’s the most effective way to launch your career. And, if you’ve already begun your career, take some time to step back and analyze what you’re doing. If you want to achieve greater results, then focus on mastering the models of others who have gone before you. You’ll not only gain market share, but you’ll soon be taking center stage.

Published: June 29, 2004

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