When we’re in a tough market, it can feel like there’s no end in sight. But one constant you can always rely on, whether the times are good or bad, is change.
And boy oh boy do things change fast in the real estate industry.
So while the temptation is strong to doom scroll, or spend gobs of time reading the tea leaves on rate hikes, resist that urge. Do yourself a favor and position yourself to withstand changing headwinds by using this time to consistently focus on your real estate business basics instead.
What are the real estate basics I should be focusing on?
We’re talking about all that unsexy stuff you’ve probably heard about before. The main pillars:
- Putting strong systems into place,
- Focusing on community connection, and
- Building up your referral network.
It’s the every day actions that feel oh so mundane in the moment…
But showing up consistently in this way puts you on a completely different wealth-building path than you would have been on otherwise.
Now, you might be thinking to yourself:
Consistency is all well and great, but the key pillars I need to dial in to hit 7 figures are huge. You could easily spend an entire career perfecting a single pillar, let alone managing all three at once while also having a life.
That’s why you need the 2M Framework. It breaks down all the core functions of your business based on size and frequency. This empowers you to allocate your time and resources to get the best return on your investment.
The 2M Framework for 7-figure real estate businesses
The 2Ms are Microbasics and Macrobasics.
Microbasics: These are the everyday actions and core skills that have been with you since day 1. They’re the real estate equivalent of drinking enough water everyday. Without these, your business won’t survive.
Macrobasics: These are your business-wide basics. The core systems and processes you rely on to 10X or 100X the impact of your time and effort. Without these actions, you’ll be stuck at a 5 to low 6 figure take-home because you don’t have the right leveraging tools in play.
Microbasics
Microbasics are your daily action items and skill set.
Daily actions:
The actions you need to focus on everyday are going to be specific to you. If you haven’t already, complete the vision to reality workbook to define the daily actions that will have the highest impact specific to your brokerage, team, or book of business.
Example daily actions include:
- Completing your priority goal of the day and getting your daily win
- Sending out a minimum number of texts, emails, DMs, or calls
- Getting out to at least 1 local event a week
- Time blocking, pomodoro, or using another system to prioritize your time
- Cleaning up your real estate database so you’re not getting reams of return to sender mailers
Skill set:
- Overcoming objections
- Negotiating
- Refining and practicing scripts
- Video scripting and editing
- Networking
Macrobasics
Macrobasics are all about systems, systems, systems. A thriving real estate business relies on you getting the maximum output from the input of your time, energy, money, and experience. These are things you should re-visit annually (or quarterly at most).
Going back to basics in this sense can mean:
- Reevaluating the software and services you’re paying for, and measuring if they’re delivering on their promised value (or even being used at all)
- Looking at your marketing strategy, and seeing if what you’re doing right now is working, and how it can be improved
- Identifying gaps in your skills or knowledge that you can hire or upskill to address
- It can even mean switching up your niche or expanding your services
Putting In The Work
The specific micro or macro basics you need to work on will look slightly different agent to agent, and broker to broker. The key takeaway of the 2M framework is to identify your bread-and-butter activities. From there it’s up to you and your team to put in the work. To do those core activities consistently and with excellence.
Prioritize the basics. Live the basics. The basics are your best friend. They’re the girl in the bar’s bathroom that is 100%, unconditionally in your corner. The ultimate hype person for your business.
Being Basic: Your Wealth-Building Advantage
Getting these good habits into place and making sure you’re supported with the right systems is like going into the 9th inning with your bases loaded. It’ll look like your unfair advantage to the folks that don’t see you putting in the work everyday, only the results.
It will position you to capture the upside the next time the market goes wild (and it will).
