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This article was last updated May 23, 2023.
One of the best things I did for my business during the pandemic was to use the time to invest back into my business in any way that I could think of. One goal I set for myself very early on was to create a mastermind group of like-minded agents throughout the country.
I spent hours emailing dozens of top agents throughout the United States, and after several weeks, I had put together a group of about seven. I was thrilled. That was back in 2020, and since then we have regularly met once per month, and are stronger than ever today.
At the time, I knew that investing in this mastermind group was a good idea, but I had no sense of how many ways it would become an integral part of my business. When newer brokers ask me for advice, my number one answer is to create a mastermind group. Here are the ways it has been most useful to my own business:
Seamlessly captures this year’s buyer
Every market is different, and the 2023 market is made up of a lot of buyers who need to move versus want to move. Many buyers this year are moving for professional relocation, to be closer to family, or for health. With a mastermind group network, you are positioned to capture and service this type of buyer, who is not necessarily moving locally, through your referral system.
Brand extension
I was very discerning about who I invited into the group because if we were going to trade clients, I wanted the other brokers to feel like a true extension of my brand. What we have created is a seamless network of referred business that clients love because all of the hard work of vetting, interviewing and researching a broker has already been done for them.
I also love not having to stop and think every time I have a client moving out of state. Depending on where they are going, I know that I have an amazing broker ready to go with a warm introduction. And if one of my mastermind brokers doesn’t live in a city a client is moving to, I know that between the group we collectively know a top broker.
Idea generation
Learning about how other top brokers are successful in their respective marketplaces has been one of the most important and impactful outcomes of my mastermind group. Real estate is local, but effective ways to work as a top broker can be universal.
My group has shared everything from open house protocols to gift vendors to website tips and tricks. Much of the advice from other brokers in the group is used on a daily basis by my team. Without fail, I leave every single one of our meetings with a long list of great ideas.
Encourage accountability
Knowing you have a monthly meeting on the calendar, is a great way to ensure you do what you say you will do before the next meeting rolls along. We start every meeting by recapping the month prior and any big wins, which is also informative.
Gain a national perspective
Yes, real estate is local, but more than ever, it pays to have a basic understanding of top marketplaces across the country. Knowledge of other markets is helpful to clients moving out of state and/or investing in a second home, and sometimes other markets act as bellwethers for what is around the next corner.
One last thought: We have found that our meetings work best when we stick with a theme for each meeting. For example, in one meeting each of us brought one piece of great marketing collateral. In another meeting, we focused on CRM software; we run the gamut. The theme helps us focus our thinking in advance of the meeting so everyone comes prepared.
Julie Busby is the founder and president of Busby Group, and in the top 1 percent of Chicagoland brokers. Follow her on Facebook and LinkedIn.
