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By Gregg Cohen
Recently I was being interviewed by Preston Ely, one of the best real estate marketers and gurus out there, he asked me about my real estate team that will be flipping 72 homes this year. So I started to tell him about how we got started, how we found our mentors, and why we continue to be successful.
I told him that we've spent almost $50,000 in education to learn this business and that we always continue to invest in our training and education – just like our mentors taught us. I even told him that all of the teammates in our office are required to do a book report which we present every week in our Tuesday Morning Meeting. That's when he started laughing…."Book reports at work? Are you serious???" You can actually watch a clip of the interview by clicking here: Preston couldn't believe it, and you might not either, but everyone in my office continues to do weekly book reports.
We got the idea from our mentors, Than Merrill and Paul Esajian of Fortune Builders and A&E's "Flip This House", and have kept the program going for over 4 years now. It's a great way to stay in the learning mode even as we try to accomplish our goals of flipping so many houses. I'd recommend you do it as well in your real estate business. If it's just you in your business and you don't have a team surrounding you yet, challenge yourself to read one book a month (at least.) If you are working with a business partner or spouse, rotate weeks and make sure you present to one another.
The act of getting up in front of an audience (even if it is only one person) will also help you fine-tune your public speaking and presentation skills. And if you are very experienced in real estate and have flipped a dozen or so homes, don't fall into the trap of "thinking you know it all." In fact, you need this weekly book report more than the newbies, because you are at a point where you can generate a lot more income just by learning one new skill.
Sadly, however, as soon as a real estate investor starts to experience some success more often than not that investor stops investing in their education. And, unfortunately, they find themselves working very hard, often for less money than they were originally anticipating. Does this sound like you or someone you know? Make a very small, manageable change in your routine and institute book reports in your weekly routine and you will immediately see the benefits. If you'd like a great recommendation of the first book to read, go out and get The One Minute Manager by Ken Blanchard. I just read it this weekend….amazing book!