The 80/20 Principle
The Blueprint with Mike Prewett
Mike leads a discussion on the 8020 principle, explaining its relevance in various contexts, including business and personal productivity. The principle, developed by Italian economist Fredo Perito, suggests that 80% of outcomes are determined by 20% of causes. Mike uses this principle to highlight that 20% of activities generate 80% of sales, and 20% of people cause 80% of problems. They encourage participants to identify their 20% activities and people, and focus on them to increase productivity and business outcomes. Mike reassures participants about road conditions and encourages them to...
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'Sticky' Follow-up Campaign
The Blueprint with Mike Prewett
Mike leads a discussion on lead generation and open house strategies, emphasizing the importance of volume, follow-up, and speed in generating and nurturing leads. They highlight the need for a 'sticky' follow-up campaign to build long-term relationships with clients, leading to future transactions and referrals. Mike stresses that the value of a sale is not just in the immediate transaction but in the potential for future business. They encourage agents to adopt a business mindset to maximize these opportunities.
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FSBO and Expired Listings
The Blueprint with Mike Prewett
Mike leads a meeting discussing how to generate $100,000 annually by engaging with for sale by owners (FSBO) and expired listings. They suggest a simple strategy: reaching out to FSBOs with a straightforward call, and using a CRM to maintain contact. Mike emphasizes that this can be achieved with just 30 minutes of effort per day, four days a week. They use a hypothetical scenario to demonstrate that one listing every ten hours is possible, leading to an average income of $10,000 per listing. Over a year, this could amount to $100,000. Mike encourages participants to adopt this strategy,...
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Networking Strategies
The Blueprint with Mike Prewett
Mike leads a discussion on networking strategies, emphasizing the importance of meeting a large number of people to support business goals. They highlight that only 3% of the population moves annually, stressing the need for extensive networking. They advise against virtual networking events and encourage participation in live events. They suggest exchanging business cards and setting a minimum number of people to meet at each event. Mike also emphasizes the importance of follow-up communication via text, email, and mail to maintain relationships. They encourage sending weekly video messages...
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Spear Of Influence
The Blueprint with Mike Prewett
Mike leads a discussion on leveraging the 'spear of influence' for business growth. They explain that the average person knows 250 people, and only 3% of the population moves annually, limiting the number of transactions from direct contacts. However, by considering the connections of those 250 people, an agent can indirectly influence 62500 transactions. Mike emphasizes the importance of a robust CRM for maintaining contact details and building credibility through consistent engagement and assistance. They advise against common social media practices that lack substance and credibility,...
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Four Key Concepts
The Blueprint with Mike Prewett
Mike shares four key concepts that transformed their business: having a specific target audience, treating the business like a business, starting the day early, and understanding cost versus benefit. They emphasize the importance of considering the cost of not doing something, which is often greater than the direct costs. Mike encourages agents to take risks on themselves, as it is a crucial aspect of self-employment.
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It Changed My Life
The Blueprint with Mike Prewett
Mike discusses the second of four key changes that transformed their real estate business. They emphasize the importance of running a business like a business, adopting practices similar to a traditional job. This includes starting the business day earlier, treating the business as a top priority, creating and adhering to a weekly schedule, setting daily and monthly goals, and accepting the risks inherent in self-employment. Mike encourages agents to consider these strategies to improve their business outcomes.
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Target Audience
The Blueprint with Mike Prewett
Mike shares their experience and strategies for success in real estate, emphasizing the importance of focusing on a narrow, specific target audience. They discuss how their approach has evolved over time, from geographic farming to targeting specific demographics like investors or seniors. Mike advises against broad categories like 'seniors' or 'luxury homes', suggesting a more focused approach like 'senior housing over 55' or 'high-end neighborhood'. They encourage agents to start small and grow their business based on their strengths and interests, suggesting they become active in local...
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Communication Skills In Real Estate
The Blueprint with Mike Prewett
Mike leads a discussion on improving communication skills in real estate, focusing on eliminating outdated, cliché expressions and adopting more engaging conversational styles. They encourage agents to replace generic greetings with genuine interest in others, asking open-ended questions to keep conversations lively and meaningful. Mike emphasizes that changing these patterns requires effort but can significantly enhance interactions and business outcomes.
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Importance Of Consistency - Pt.2
The Blueprint with Mike Prewett
Mike leads a meeting discussing the importance of consistency in real estate, emphasizing the need to do the right things. They encourage agents to stop using outdated practices, such as the traditional newsletter format, which is boring and ineffective. Instead, they suggest sending out a 'deal of the week' or highlighting a trusted partner, sharing a home maintenance tip, or discussing a unique trend in the industry. Mike encourages agents to be creative and mix up the content each week to increase engagement. They highlight the need for agents to actively make these changes to improve their...
info_outlineMike leads a business call, encouraging participants to observe successful businesses and individuals like John Mango, who has built a successful career focusing on a narrow aspect of real estate. Mike uses the example of toothpaste brands, noting how each targets a specific problem, to emphasize the importance of focusing on a niche market. They advise participants to narrow their focus and become the best at one thing, rather than trying to appeal to everyone. This approach, they suggest, can lead to increased income and industry leadership.