How To Scale Your Real Estate Business | The MSM Method
Scaling your Real Estate Business can be one of biggest challenges once you achieve the first level of success. Knowing where to begin and creating a roadmap is crucial!In this video Alexander Fazelani breaks down the 3 Phases or a Successful Real Estate Agent. Including the MSM Method as a guide to growing your Real Estate Business. Have questions? Chime in on the comments below and we’ll answer!
The first step in the NSM method is making money. This phase requires hard work, dedication, and the ability to hustle. Building a book of business, especially in the early stages of your career, is challenging but essential. To start making money, real estate agents need to develop their scripts and communication skills. Prospecting plays a crucial role during this phase, which involves reaching out to everyone in your sphere of influence, including friends and family. It is vital to position yourself as a resource and offer your services in the real estate industry. Cold prospecting, door knocking, calling expired listings, and hosting open houses are effective ways to connect with potential clients and build relationships.
After generating income, the next step is spending money. Many agents struggle in this phase not because they lack skills or business acumen, but because they run out of money and lose momentum. To avoid this, agents must be mindful of their spending habits and focus on reinvesting in their business rather than extravagant personal expenses. Start by identifying your baseline zero, which is the amount of money needed to maintain your current lifestyle. Create a spreadsheet or use tools like Truebill or QuickBooks to track your monthly expenses. Understanding where your money goes allows you to make informed decisions and allocate funds accordingly.
The final step in the NSM method is making more money. Once you clearly understand your expenses and have established a baseline zero, it's time to scale your business and generate additional income. One effective way to achieve this is by investing in money-making assets, with real estate being a prime example. As a real estate agent, consider investing in properties, leveraging your industry knowledge and expertise. By diversifying your income streams, you can create wealth and improve your lifestyle.