People with multiple streams of income start with one engine for their business before they add something new. What misconceptions do people have about this process? What misconceptions do people have about being the digital mayors of their local area? Why is it a bad move to dilute your focus? On this episode, we answer these questions and provide massive values to our listeners.
Before you focus on developing another stream of income, make sure the first one is actually working. -Matt Johnson
Takeaways + Tactics
If you can’t afford good photography for a high-end listing, partner with someone who can.
Most self-made millionaires build their wealth through their business then they get into real estate to preserve it.
Even if you have an online community, the only way to maintain the sense of community is to get people to connect in person.
Online to real life
At the start of the show, we talked about the importance of finding the engine of your business, and why you need to go deep and not wide. Next, spoke about how wealthy people use real estate to preserve their wealth, and the importance of not diluting your focus. Towards the end of the show, we talked about the power of online communities meeting in real life.
We moved on to talk about non-negotiables and how knowing what isn’t an option for you can really help you with your future plan. Greg, Matt and Lane all shared their non-negotiables as well. Lane then explained how Changing Lanes came to be and how being fired six times helped him build his own business. Lane also mentioned the importance of consistency. Then, with a personal story, Lane showcased how helping others can make you more successful. Finally, we stressed how important life is and how making the most of it should be a top priority for everyone.
We also shared insights on;
- Photography for high end listing
- How to handle a seller who micromanages a listing
- The truth about being the digital mayor of the local area
Create your core first
If you focus on developing multiple streams of income at the same time, it’s very hard to focus on one thing and create the core of your business. Before you focus on developing another stream of income, make sure the first one is actually working. It’s impossible to be an inch deep and a mile wide, so have your priorities set before you try to diversify. Remember, the people who have the most money go deep on one thing first.
This content brought to you by Real Estate Uncensored, a sales and marketing training podcast, that gives you actionable ideas, insight, inspiration to turn your real estate career into a life of freedom, featuring co-hosts Greg McDaniel and Matt Johnson.