Today, we are featuring a guest post from Christel Silver, Broker/Owner of Silver International Realty!
The concept of the Mastermind Group was formally introduced by Napoleon Hill in the early 1900’s. In his timeless classic, Think And Grow Rich he wrote about the Mastermind principle as: “A friendly alliance with one or more persons who will encourage one to follow through with both plan and purpose.”
A mastermind can make a huge difference in your real estate business. Here’s how to set one up, what to share, and an example from my own experience!
How to Set Up a Mastermind Group
The ideal size of the group can be anywhere from 4 and 6 members because if your meetings are 60 to 90 minutes long, everyone should have enough time to talk. You don’t have to be from the same area – you can meet virtually!
It is not a networking group. This group helps one another to achieve success.
It is not about a facilitator coaching each member. It is about sharing with each other and empowering one another. Everyone in the mastermind is unique in skill, experience, and connections. They are interacting and sharing any challenges.
The group decides the agenda. At the end of each meeting, the topic for the following meeting is discussed. You challenge each other to set goals and share your accomplishments. The group helps one another in making wise decisions.
In my group we discussed customer relationship management (CRM) systems. Each one of us was searching the Internet and exploring the possibilities and then reported why they liked one over the other at our next meeting.
Yes, you could Google this yourself – but the brainstorming, interaction, discussion and creative thinking would not be available.
The Benefits of a Mastermind Group for Real Estate
The group helps with creative ideas and wise decision-making. Then, as you begin to implement your plan, you bring both success stories and problems to the group and problems are solved through peer brainstorming and collective, creative thinking.
The biggest value of a mastermind group is that in an instant, you have multiple minds using their brainpower to help solve your individual business problems. It’s very much peer-to-peer mentoring and if you are lucky enough to get invited to one, you will most likely see a marked change in yourself and your business.
Whether you are invited to join an existing mastermind group, or start a new group, you’ll love what this group process can help you accomplish!
What to Share at a Meeting
Here are some suggestions to ask your members when holding a meeting for your new group:
- Share one thing that is currently working really well in your business activities.
- Share one thing you are struggling with.
- Share one resource, such as a blog, podcast, service, product that you believe the others in the group would appreciate knowing about.
An Example – My Mastermind Experience
I have been a member of a mastermind group for about 3 1/2 years, and it has shaped my life and my business, besides becoming close friends with the group. We can openly discuss our concerns, successes, and frustrations – without being criticized.
Our members – all CRS’s (Certified Residential Specialist) are Clark Niblock from Texas, Joanne Fraser and Jeff Dowler from California and Silvia Dukes and myself from Florida.
We have created a real estate agent marketing Think Tank. We get together once a month via a conference call and when possible in person at real estate events we all attend.
Silvia Dukes, our newest member, says “As one of the newer members of the mastermind group, I appreciate the different perspectives every member brings to the group and the topics we discuss. I find it beneficial to know how things are done differently across the country and maybe even apply that knowledge to my own real estate practice.”
Clark Niblock says, “My monthly interaction with these fellow agents inspires, encourages, enlightens, challenges me and keeps me focused. Each of these 5 successful agents come with very different individual and geographic perspectives, professional insights, and career achievements. I absolutely believe this consistent think tank agent interaction facilitates and increases sales performance plus helps me objectively evaluate and quantify the real estate Supermen’s team sales results.”
Joanne Fraser shared, “Even working in totally different market areas with different challenges and real estate procedures, we find common ground to help each other.”
Jeff Dowler says, “Participating in a Mastermind with other top-producing agents from other parts of the country over the last 3 1/2 years has been tremendously rewarding, personally and business-wise. It’s been an excellent learning experience to find out what others are doing as far as marketing, lead generation, pricing, and multiple other business topics, and to try new strategies that are working in our respective markets which are quite diverse. Our Mastermind has blossomed into a very personal forum where we can all share our concerns, frustrations, questions, and ideas to obtain feedback and input from others in a positive, supportive way, without fear of criticism. Not only do we learn new things, but also we learn about ourselves and our personal styles that contribute to our successes and help us improve the real estate industry. Lastly, we have become very good friends who are there to help each other out, whenever needed.”
What about you? Can you benefit from a mastermind? Try starting one in the new year – it’s a great way to set yourself up for success in 2018!
Christel Silver is a full-time Broker/Owner of Silver International Realty servicing the East Coast of South Florida. The National Association of Realtor’s (NAR) President appointed her (2010-2014) as the President’s Liaison to Germany, where she grew up and worked at the Justice Department for 17 years prior to coming to this country. Fifty percent of her business is in the International arena. For more information visit www.silverhouses.com.
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