The Power of ONE

In this episode, Rick talks about The Power of One, how to harness it for successful lead generation, and how the 80/20 Principle and the Domino Effect have anything to do with it! He also talks about nine myths you shouldn’t probably be falling for, and gives you nine truths instead that will help you hit your goals and live your best life ever.  

This series is based on Lead Generation 36:12:3, The Power of One from Gary Keller and Jay Papasan’s The New York Times and Wall Street Journal bestselling book The ONE Thing. 

Rick Bosley, Team Leader and Owner of The Bosley Team and 3L Coaching, turns the art of real estate into an easy to learn and enjoyable experience in this series. Real Estate Made Simple. 

If you want to know the ins and outs of real estate, Rick Bosley’s got you covered. Bringing with him years of experience leading successful teams at Keller Williams, one of the world’s leading and largest real estate firms, and running his own business, Rick shares some of the most valuable lessons he’s learned to help you succeed—whether you’re a buyer, seller, REALTOR®, or Entrepreneur.[RC1] 

Rick Bosley

The Bosley Team at Keller Williams

3L Coaching LLC

321-277-5791

http://TheBosleyTeam.com/ 

Rick@TheBosleyTeam.com 

You can also listen to Rick talk to friends and professionals in and out of the real estate industry on his podcast![RC2] 

- Apple Podcasts - https://podcasts.apple.com/us/podcast/real-estate-made-simple/id1473998689 

- Spotify - https://open.spotify.com/show/7a3g1YAxxPvQwkfec9OCf3 

Follow Rick and The Bosley Team on socials!

- Facebook - https://web.facebook.com/BosleyRick 

- Instagram - https://www.instagram.com/TheBosleyTeam 

- LinkedIn - https://www.linkedin.com/in/bosleyrick 

- Twitter - https://twitter.com/bosleyrick 

Subscribe to our YouTube channel!

https://www.youtube.com/@TheBosleyTeam 

 [RC1]These paragraphs are part of a template.

 [RC2]Please check the links below. Add, remove platforms you’d like to feature.

Transcript

Rick Bosley: Real Estate Made Simple


Habit to Lead


[Based on Lead Generation 36:12:3, The Power of One from Gary Keller’s The ONE Thing.]


The thing about The Power of One is that the sceptic in us asks, “what exactly is it?” And it refers to two main things—the Principle of the Greatest Leverage or the 80/20 Principle, and the timeless truth that one thing begets another or the Domino Effect.

The Principle of Greatest Leverage

So let's first review the 80/20 Principle. This is also known as the Pareto Principle named after Italian polymath Vilfredo Pareto. A couple of centuries back, research was done and they found out that 80% of a country’s wealth was owned by only 20% of the population. Conversely, it can also be said that 20% of your products generate 80% of your revenue.

If you think about some companies, whether it's sports or anything else, you’re only really looking at a few of their products that generate the mass amount of revenue. Look at Apple for example. When Steve Jobs was CEO of Apple, one thing he did was he trimmed out almost everything in the product line. He asked what the highest performers were and told everyone to focus there, which is why Apple is leading the way with it. 

So how does the 80/20 Principle apply to you? Say, if you spend 50 hours a week working, then 10 hours of your job actually creates 80% of your results and the other 40 hours of your job, they just don't matter as much. So the question is, how do you know which of those 10 hours are the most important? 

At a lead generation and lead follow up, I'd venture to say it's going to be the things that create the greatest number of conversations with your future customers. It's going to be your lead generation, and those habits around it. 

I want you to realize that 20% of your activities do result in 80% of your results. But don't mistake movement for achievement. Movement is not achievement. This means that although you were busy, you might not have been very productive. 

So, we're going to ask you to measure your key performance indicators—measure how many conversations did you have, how many nurtures you found, how many appointments you set and how many are you holding. These are your leading measures that are going to lead to your greatest number of results. If you're spending time doing things that are not allowing you to have realistic conversations, and they're not allowing you to set or go on appointments, you're spending too much time in your 80%. That’s the principle of the greatest leverage, understanding your 80/20, and what is your 20%. 

One Thing Begets Another

The next thing is that one thing begets another—the Domino Effect. As we think about this, once you master one thing, it becomes easier to master the next. Once you have a good habit in place, the next habit is actually easier. Thought this can work inversely as well so take caution about what these habits are. 

But how does it apply to you and your business?

If you wake up to own the day, that's a great step in the right direction. You're probably going to then purposefully plan your day and not be rushed, and you’re going to be in a better mood. So just waking up early in the morning gets your mindset right, it gets it structured—one thing begets another.

Take that first step

When I coach agents and they know that they're not having enough real estate phone calls or prospecting or lead generation, I kind of take the philosophy of Couch to 5k. We're not looking to make you run a marathon right off the bat, but let's just take that first step. 

What if you could just make your first phone call by 9 o'clock? If it’s your last phone call as well but as you make your first one by 9 o'clock, I consider that a win. And that's what we'll focus on—progress over perfection. 

So you make your first phone call by 9 o'clock—one thing begets another. There's a good chance, since you're in momentum mode, you're going to keep making phone calls and you see those good habits coming through there. It's the law of momentum and you can apply that force. All of a sudden, as you do it, you’re also building momentum and it becomes easier and easier and easier to do. 

The other thing that this is doing for you is not only is it make it easier for you to make your next phone call but you're building a habit. You're building a habit that you're going to do it tomorrow, and the next day, and the next day. 

One of the tools they offer us in The ONE Thing is the 66-Day Challenge. You can find this on the resources at the1thing.com, or you can just get a calendar. 

Ask yourself, “What's the habit that I know is the easiest, takes no effort, takes a little no skill?” And go start with that. Do that 66 days in a row and go create that thing into a habit. Now it could be 66 days but for you it might be 21 days or it might be 121 days. 

You think about it like in bowling. As long as you hit that perfect spot without having to hit all 10 pins, the rest of the work gets done. Or with dominoes—you click over one domino; the rest is going to do the work through that energy, and it becomes easier and easier to do it. That is The Power of One. That is how one thing begets another. Just make sure that you are doing the most important one thing that will create dividends and give you the rest of the ripple effect, the compound effect. 

Generate A Lead

When you look at people you aspire to be—your agents or entrepreneurs or your competitors—you sometimes wonder how they did it. You ask how they created their business, or their lifestyle, or their discipline. What is it about that real estate agent, that loan officer, that inspector that keeps them running over and over again? Here's the answer. It's lead generation. 

I'm going to just inverse that for you—generate a lead. Now what's a lead? It's someone who's thinking about doing business and they would consider you—that's a lead. If you have a conversation with someone who's thinking about doing business and they would consider you, then it's your job to convert and cultivate them over time. And the answer is we've got to do that over and over again. 

One Goal

When you think about The Power of One, one goal is going to be your transactions. We are in the for-profit business. When I hear people say I don't do this for the money, I'm sure I think we do this for the money. I'm glad you love what you do when you don't do it only for the money and you never jeopardize your morals or your family or your character for the money. And it's not the end all be all. I believe success does have conditions, at least for me as a husband and father. It's not going to jeopardize the other more important things in my life but at end of the day, I show up to make money. And so our one goal is going to be our transactions and our one discipline around that goal is lead generation every day. 

Your discipline is lead generation and your habit is spending three hours of your morning doing it. Now, you might ask why it has to be the morning. You might say that your clients have a higher pickup rate in the afternoon. That might be true, but I know history tells us that if you can take care of the most important things early on—the less amount of distractions and interruptions and illness your day is going to have—you're more likely to take care of that one thing that will have the biggest ripple effect. 

Time On Task Over Time

Now, what's the deciding factor in becoming the best? Is it talent? Is it intelligence? Is it motivation? Is it your personality? No, that's not the deciding factor. That’s all helpful but that’s not it. You might have an edge, say, a higher conversion rate. 

Here's what the deciding factor is—it's your effort. Time on task over time.

I think about how I was overall a pretty athletic kid growing up. I just took for granted my ability to weather it, whether it was baseball or basketball or football. I was able to just kind of hang and growing up I always said I'm never the first pick and I’m never the last. I remember that I was always just in the middle. But over time, I didn't put in the discipline. I was a starting running back and lost my job, then I'm a fullback, and then all of a sudden I'm second string, and then I didn't make the team. Yes, I stopped growing so that can make all sorts of excuses! But really what happened is I didn't put in the work. And I saw my peers next to me putting in the work. So time on task over time will always outweigh natural talent. If you have a natural talent, don't take it for granted. Go be elite and put in the effort with the talent, that's how you become elite. 

Be. Do. Achieve.

So we're looking at 3. In 36:12:3, 3 is the most important number of this formula. It always comes to a BOLD Law called Be-Do-Achieve. If want to achieve 36 transactions, first, you have to be someone who can lead generate three hours every day. It's the single most important commitment. 

Nine Myths, Nine Truths

So let's talk about nine truths and nine myths around lead generation. These are tightly held misconceptions that I want to debunk right now. 

1. Not all leads are good leads

This is just a myth. They're not bad leads, they're all just not equal. I could give any list of people, of any age and if I tell someone that these are amazing leads, they're going to go into the mindset that these are amazing leads. Much of them being good or bad is how we think they are. 

Treat every lead as equal until they tell you otherwise. The way to do that is to not have a bias against them and if we put in systems. If we get a new lead—an inquiry, or a sign call, or a referral—our only objective really is to talk to them. 

A system that we have in place is the “10 days of value”, and we'll get into this more when we talk about converting the database but it’s essentially where for 10 days in a row, you're going to make an effort to establish that conversation and establish that contact. Once you do it, you convert them to an “8 x 8” where you offer an item of value eight times over the next eight weeks. This cements you as someone who they can trust as the expert of your industry. 

Depending how they respond to you for those 10 days of value and how they're responding for the 8 x 8, they'll tell you what kind of lead they are. But if we don't treat them all the same at the beginning, we're going to miss out on some great opportunities. 

So every lead is good lead until the actions tell you otherwise.

2. Lead generation is really hard

Here's the truth—it's actually really simple and easy. Nothing I've written here required a doctorate. Nothing I've written here's required a translation. Don't confuse effort with enjoyment. It's actually simple. It just takes a little bit of effort. Sometimes it’s monotonous and sometimes a little bit boring, so sometimes it’s not all that fun. 

But it's not hard. It really is a choice. Don’t choose to make it hard through a lack of discipline and a lack of structure, and don’t confuse ease or difficulty with enjoyment and effort. Think about that. 

3. Too busy / no time

If you don't have time to talk to agents and tell them to hit 36 closings and lead generate for three hours a day, well, it's a choice. It's not an issue of having time, it's an issue of making time and how important it is. Because unless you have some formula that we haven't been aware of right now, you’re going to put in the effort to get the results whether you want the six pack or whether you want to make the starting team or whether you want to be a professional musician or go sell 36 homes or 360 homes or 3600 homes. 

It's about creating time. The way you can create time is better discipline and better structure. And then you can incorporate some leverage—some people, some systems, some tools—to go create the time. You have the time but you're likely just a little bit sloppy or inefficient or selfish or undisciplined. Let's go make the time, the time is there. 

4. If I do a good job, people will come to me

You can say, “I don't have to lead generate. If I do a good job, people will come to me.” You know what, they might but not all of them will. In this day and age, information is not something that people are short of. They can Google it, they can find it and maybe even find 15 different things. They don't need information. They need a service of useful and needed information. And sometimes, if we wait for them to call us, that's under the assumption that no one else is target marketing or prospecting towards them. And frankly, especially in an industry like real estate, it's never further from the truth. 

So there are two things when we talk about our database’s moat—and think of a moat like in Game of Thrones—it's to keep out the other kingdom from coming in, and a barrier so people don't leave. As long as we can provide every service and every value and every resource for people in our castle, they don't have to leave our kingdom. And so the two things that the moat does is it keeps our enemies out, and it keeps our leads in as long as we can provide and let them thrive within it. 

When you're doing lead generation and you're offering items of value—whether it's philanthropy, whether it's connections, whether it's resources—just understanding how you can help them is essential. So if you do a good job, they might come and refer you and you’ve got to keep playing offence because it's almost like wandering sheep or toddlers in middle the road—they're going to wander, they're going to be curious. And they're susceptible. 

5. I don’t know what to do and what to say

I've been talking a lot about this with our agents, and I tell them that the deadline is more important than the contents. This means that if you don't know what to do or don't know what to say, just doing something for three hours will only make you better at what to do and what to say. 

Through BOLD, included in our job description is doing five things: (1) lead generation, (2) lead follow up, (3) going in appointments, (4) negotiating contracts, and (5) scripting and roleplay. And I'm going to put in education and growth. If you don't know what to do or what to say, then let's go make that part of your time block—part of that 20%—but not at the expense of you doing your core habit and that's doing your three hours and get better and better and better. Over time, it becomes easier. It's like riding a bike. 

6. I don’t need to lead generate, I have enough business

You do need to lead generate. There is no such thing as too much business because we never know when life is going to show up, or we never know when the market is going to shift. If you have the opportunity to create more leads and you choose not to, you're being a little bit selfish. And I say that you're being a little bit selfish because not only are you not doing your best service for your clients or customers out there, but they might also get less than service. There are also jobs you could have created where you could have employed people to help support and change their lives. 

Keep going. Keep that core discipline and watch your business flourish because that’s how you build and leave a legacy. Keep growing that business.

7. I don’t have anyone to help me

That's kind of like the chicken or the egg, or the cart or the horse. When you have enough leads to get your closings, then you can have choices and get some help and support. 

If you don't want to do paperwork anymore, hire someone else do your paperwork. If you don't want to show homes, hire someone else to show homes. You're able to make an impact and contribution in their lives, and you can create better customer service for your customers because you have a team of people. 

It's Be-Do-Achieve again. If you if you'd like to achieve the team, then go be the type of person who has a team and keep going there. But don't sacrifice the 20%. 

8. I don’t have the money to lead generate
There are two ways to lead generate—with money or with time. If you don't have the money, then you probably have the time. If you don't have the time, then you probably have the money. They kind of counterbalance people. If you have no job and no money, then you have all the time in the world. If you got five jobs, then you probably have all sorts of money in the world. 

Lead generation does not have to cost money. Find ways to do it. Gary Keller talks about his first year and he said that the only thing you should budget for is a new pair of shoes every two months and maybe some ice packs for your hands because you're going to knock on so many doors and walk on so many sidewalks. 

Just get out there have the real estate conversations. 

9. I’m not a natural lead generator

Truly, no one's a natural lead generator. You’re going to match those skills when you master them over time. It relates to the previous myth about not knowing what to do or what to say. If it doesn't come natural to you, find ways that it can. Figure out who you are in your previous life and merge that into who you can be as a realtor or whatever your profession is. 

To be great, you have to be willing to do things that don't come natural to you and lets you leave your comfort zone. When you can leave your comfort zone, great things can happen.