Episode 037 - Do You Have a Board of Directors?
Episode 037 - Do You Have a Board of Directors?
Running a business is not for the faint of heart. Agents run businesses every day, so it pays to learn to do it properly. Successful companies have a designated group of individuals that offer suggestions and feedback to help the company grow and prosper. Agents should do it, too! A Board of Directors is crucial to helping your real estate business become legendary.
In this episode, we talk about why, how, and what to put together to form your own personal Board of Directors. Agents, it's time to run your business like a business. Let’s get real and knock this out!
SHOW NOTES
- 00:35 – We are pushing it today…how many agents can we improve? We shoot for 4…here goes everything!
- 01:55 – Episode 37, Do you have a board of directors? Whether or not you are running an intentional business, it needs your attention and help.
- 02:50 – Introducing our new “Song of Episode Jingle.” Longer than the segment. Is B cheap???
- 03:40 – Song of the episode: Dream Academy, “Life in a Northern Town”.
- 06:50 – What is a board of directors and what do they do? “Two heads are better than one.” Takes more than just yourself to be successful.
- 08:10 – Cate: This is not a BNI group with the intent to network or share referrals.
- 08:58 – Who needs to be on this board? People you can trust and be honest with you…brutally so if needed.
- 09:34 – Cate: friends are great and can be supportive, but likely not what you need in a board member.
- 10:08 – Producer Christian: have people that will challenge you; helping you look at long, horizon events or maybe a specific issue.
- 10:50 – B has a quick side note tangent: B does not have the ‘rona.
- 11:25 – Other people on the board: highly educated people; they have a lot of background and education that might help.
- 12:05 – Another agent can be on your board but be careful with who you share information with. Cate: might be an experienced agent and not a competitor. Can have an expertise that you do not have: residential, commercial, property management, etc.
- 12:48 – Other real estate professionals such as title people, appraisers, inspector, mortgage rep that can bring a different side of the real estate business into perspective.
- 13:06 – Directors can be from any type of business…even windshield wiper replacer businesses. Butcher, insurance rep.
- 14:03 – Cate: people that you fully trust. Even if they do not specialize in real estate sales. Cate has a mortgage person that guides her with her business.
- 15:00 – There is not an ideal number but 4 to 6 is probably best. Too many can muddy the conversation, and too few won’t give enough insight.
- 15:32 – Cate’s side note tangent: Oxford comma. Cate changes everything else in B’s life.
- 17:33 – What are you talking about in this meeting? Past, present, and future of your business.
- 18:54 – Cate: talk about your daily activities. How you are structuring your day.
- 19:00 – Paint a picture so your board knows what you have to work with to get you to where you want to go.
- 19:23 – Get their opinion on your business. You don’t have to follow through with their suggestions.
- 20:14 – Cate: set goals for each meeting; talk through each specific item.
- 20:25 – How often should you meet? Most likely once a month; spend a day together and make it a round robin where you each help each other. Each member of the board gets an hour to “speak” about themselves and what they want to accomplish.
- 21:26 – Cate: everyone will gain something from everybody’s conversation and play off of each other.
- 21:58 – Cate: everyone can chip in to have an accountant come in to give advice.
- 22:14 – Cate: have this in a location that does not have distractions. Turn your phone off, restaurants can be bad because of the noise and TVs. Maybe a conference room. Have lunch brought in.
- 22:54 – You might need an emergency meeting. A blanket email might be needed or a Zoom meeting.
- 23:55 – Cate: OINII; take your notes and prepare before and after.
- 24:20 – In your meetings, make sure you are setting goals for the next meeting.
- 24:50 – B is so inspirational; Quote of the Episode: “One of the first questions I ask agents is, “What is the purpose of your business?” Their answer tells me volumes.” -B. Be intentional with your business.
- 25:56 – Closing: get a board of directors that you trust and can help guide you. Meet regularly and be accountable to them.
SHOW LINKS
- Dream Academy, “Life in a Northern Town” – https://www.youtube.com/watch?v=5UXnulANF8g
- What is a board of directors? – https://en.wikipedia.org/wiki/Board_of_directors
- BNI Group – https://www.bni.com/
- Do you use the Oxford comma – https://www.oxford-royale.com/articles/oxford-comma/#aId=62074afa-2808-4409-89ed-19d794bdc4ba
BETWEEN THE LINES LINKS
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https://www.facebook.com/groups/realestatebetweenthelines/
https://www.facebook.com/Brian-C-Lee-111822417027919/?
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