MREA Models
This MREA model guides an agent through the activities required to reach their personal income goals.
What is the Economic Model?
The beginning of your Economic Model starts with knowing the numbers of this activity.
What are buyer and seller appointments?
True/False: You can never have enough good leads.
What is True?
In order to maximize our net income, we must minimize our ___________.
What are Expenses?
3 Forms of Leverage for your business
What are 1. People, 2. Systems, 3. Tools
This MREA model guides an agent through the number of leads required to reach their appointment goal.
What is the Lead Generation model?
Appointments drive __________.
What is income?
3 active ways to prospect for real estate leads
What are:
- FSBO, Expireds, Past Clients, SOI, Allied resources, Farm, Vendors, Open Houses, Door Knocking, Events, etc
The game we play to hold our money accountable. We spend money when we make money.
What is Red Light, Green Light?
Hiring talent is the key to gaining ________ in your business life.
What is Leverage?
This MREA model guides an agent down the path of growing their business past that of a solo agent.
What is the Organizational Model?
Mastering this activity will your drive your conversion ratios which will lead to greater revenue.
What is Script Practice/Role Play?
A systematic marketing and prospecting technique which ensures year-round contact with your Mets.
What is a 33 Touch?
______% Cost of Sales
______% Expenses
______% Net Income
BONUS 100 POINTS: % for individual agents?
30% Cost of Sales
30% Expenses
40% Net Income
BONUS: 30% Expenses, 70% Net Income
Your FIRST key hire, always.
What is an administrative assistant?
This MREA model guides an agent through their business financials to keep them focuses and make the most profit.
What is the Budget Model?
_____________ are the key variables in your income equation. This multiplied by your appointments = the # of buyer and seller listings you will need to take.
What are conversion rates?
3 ways to actively market yourself and your business
What is:
- Advertising (Magazine, TV, billboards, radio), Direct Mail, Website/App, Signs/Directionals, Newsletters, Promotional items, Sponsorships
The frequency with which you should review your budget/finances.
What is monthly budget addressed on a weekly basis?
One difference between talent and nontalent in a hire.
What is:
- Talent pushes, nontalent needs pushing
- Talent shares your goals and fulfills your needs as a natural by-product of fulfilling their own; nontalent doesn't and give you back pieces of its job
- Talent raises the bar and associates with talent; nontalent may not know where the existing bar is set or even what bar you're talking about.
This MREA model guides a mega agent through the process of expanding into different markets while remaining in their current one.
What is the Expansion model?
The 3 basic things (key metrics) your Economic Model should show you
What are your Gross Revenue, Expenses, and Net Income?
The 4 Laws of Lead Generation
What are 1. Build a Database 2. Feed it everyday 3. Communicate in a Systematic Way 4. Service all the leads that come your way
3 Fundamental Budgetary Rules to Follow
What is 1. Lead with Revenue, 2. Play Red Light, Green Light, 3. Stick to the Budget?
The actual compensation you pay someone won't burn you nearly so badly as a bad hire will. The cost of a bad hire in lost time and money is ________ months.
What is 9-12?