In this episode, Dr. Matt Motil talks about the key to creating predictable results!
If this is all you remember from the podcast, please remember something my mentor told to me… “you’re either consistent, or non-existent.”
This is a universal concept, not just for real estate!
Let’s get started…
Creating Predictable Revenue Results
1. The Sales Roller Coaster
The sales roller coaster is an up and down roller coaster consisting of putting in the work, enjoying the end result and ultimately not taking the next steps to again go up the roller coaster.
When you ride the sales roller coaster, you realize sales don’t just happen. You need to put in the work (do the marketing, advertising, etc.) to make the sale.
If you aren’t happy with your sales number, its because you aren’t putting the work in up front that would result in the end outcome….. a sale!
So in the beginning, you put in all the work to make the sale and you subconsciously ride down the roller coaster in joy because you made enough money to cover all the bills!
Suddenly you take your eyes away from what needs to be done and again get yourself in a situation of where’s the revenue?
2. Firing Your Boss
I find myself guilty of riding the sales roller coaster.
With my real estate business, I struggled a lot when I was building up my team and ramping up the business. I would take my eyes off what was necessary for making revenue.
You would ask yourself what you were doing wrong and then soon realize you stopped doing the things you needed to do to make money. You stopped being consistent.
Again and again we talk about firing your boss in this show.
I did it back in 2015, and my ultimate goal is to help 100,000 people do it too!
This is very exciting and scary at the same time.
Scary because you tend to build a security net when you rely on a paycheck and when it gets taken away you need to be putting in the work to the make the money.
But, also exciting! Exciting because as an employee it doesn’t matter if you put in 80% or 110% because at the end of the day you were getting paid the same, and just enough to not get fired.
So as an entrepreneur, you realized that you wanted to work 24 hours a day. 24 hours a day means 24 hour results.
So what does it look like?
What would that take?
The average American household makes between $40-60K per year.
This is, on average, 4-6 deals if you did $10K per deal. This is 8-12 deals if you did $5K per deal. This is less than one deal per month.
So what does it take to make that happen?
The key to creating predictable results in anything you do is taking consistent action and then analyzing the results of those actions. Then scale accordingly.
3. Example Time…
If we know that when we send out a certain number of direct mail pieces, we get a percentage of those people that reach out to us.
We then know that a certain percentage of those people that reach out will actually turn into deals.
We send out 1,000 mailers and we get 3% response rate. Your response rate might be higher or lower.
This means we send 1,000 pieces of mail, 30 people call us! Thats great!
We find that 3-5% of the people that call us actually turn into a deal. So that means 1-2 deals out of those 30 calls. Is that good? Is it bad?
It is what it is!
So 1-2 deals at 5-10K per deal comes out of 1,000 mailers.
So if I want to be doing 1 deal per month, I need to be mailing out 1,000 mailers per month, or 250 per week and then following with the leads.
If I then decide to send out 3,000 mailers per month and my percentages hold true, then I’m now talking to 90 people and getting 3-6 deals per month.
So what if I want to be doing 10 deals per month? I need to be mailing out around 10,000 mailers per month then following up.
Consistency is key!
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