The spokes concept is one of the unique things about our coaching organization. Because we have actually sold real estate at a very high level we know that it takes more than a few methods of lead generation to keep the lights on, or replace your previous job, or even supplement the income of your other job.
Many coaching organizations, brokers or agents will say that all you have to do is get a Realtor.com account, rely on Zillow leads or just talk to your past clients. We have lovingly nicknamed those agents the “one spoke wonders.” Here’s the problem: If you rely on just one revenue stream (or spoke) to talk to , like your family and friends, then who are you going to talk to after the first 6 months in the business? We would all love that kind of friends n’ family business, but it’s not sustainable. At some point you’re going to run out of deals. Now, some of you have better centers of influence than others and you might have survived eighteen months or two to three years, especially during times where there were not a lot of barriers to getting deals done, but eventually that spoke is going to run dry.
Imagine a brand new bicycle that you’re taking to the park. You put it together yourself and OK there were a couple of parts left over, but it seems to track along pretty well, even though it’s only got one spoke on its front wheel. You figure, it’s a really strong titanium spoke! Now, you’re riding along and everything seems fine, but then you hit a rock or a hole in the ground. What happens? You almost immediately crash and skin your knees! Thankfully its not your head! That’s what happens when you have one spoke on your bicycle wheel and that’s what happens in real estate when you only have one spoke; the economy changes and your past clients and centers of influence were buying flips with you and then the great recession hits and people aren’t buying and selling for fun anymore!
What do you do now? The smart agent added the short sale spoke to their lead generation wheel and not only survived, but thrived! The strongest agents did both; they kept talking to their past kinds and centers of influence while doing short sales and maybe even REO’s. Maybe they also got into new construction? They had multiple spokes! So, as you can see from our analogy of the bicycle wheel, you’re going to have to have as many spokes as you can to create that front bicycle wheel. When you take your bike to the park and hit the same rock, you’re not even going to feel it! Why? Because you’ve taken time to develop your expired spoke or your probate spoke or you past client spoke. Maybe you’re not going to do a past client deal for next six months, but because you’ve got these other spokes going on, you don’t even feel it. You’re still trucking along at the volume necessary to not just keep the lights on, but also to live the life of your dreams!
How does this relate to your real estate practice?
Spokes are like the pipelines of business. Rocks in the road are things like the real estate recession, any type of change in your market, higher interest rates, an unexpected illness, relocation of your family, or any other small or large ‘hiccup’ that you have to deal with.
Ordinary agents rely on one or two pipelines (spokes) for their business, maybe three tops. Those spokes are almost always repeat or referral business. We call that ‘luck’ in real estate – it’s not predictable. You can’t tell me the day you’ll get your next referral or when your next past client will call you and need to buy or sell. That’s not a business, that’s a hobby.
In the Premier Coaching Program, you will systematically build your spokes in your own Lead Generation Wheel. Your goal is to have a minimum of eight spokes in your wheel. All of these spokes are implemented at the highest level possible, systematized, scheduled, monetized, and polished. Once you have those, you will continue to make them better and more profitable. You may consider adding as many spokes as you need to have sustainable and predictable cash flow. That will be the end to your ‘cash spurts’ and your 3am Real Estate Night Sweats.
We’ll leave you with that thought for now so you can get comfortable with it. Posted on this site you will find a list of lead generation spokes that we will be teaching throughout this coaching program. On each level past level 2, you’ll get new lead generation systems, scripts, and coaching. Don’t try to implement a new one until you’ve mastered the previous one. Remember that you’re building a wheel here. Don’t be a one-spoke- wonder. Those agents don’t have consistent income. Are we clear about this?