Building Masterminds: 4 Steps of Masterminding - Elevated Ed

You’ve got to MASTERMIND to become a MEGA-MIND!!!

(…And I’m not talking about the giant headed, blue character of the DreamWorks animation film…the movie gets two thumbs up from me…AND my kids)

Anyway, as Napoleon Hill puts it…you’ve got to Think and Grow Rich!!! Masterminds is the tool in which you can grow rich in the most efficient way. If you think about it, you preach to your clients that you will sell their home in the SHORTEST amount of time for TOP DOLLAR…why wouldn’t you want to have the same target when your growing your business; Make the MOST MONEY in the SHORTEST amount of time. To do this you can work solo and “gut through” the development of effective systems OR you can work in Masterminds and cut down your learning curve. Here are some pointers to help you identify if a mastermind you find is one you want to be in.

First things…FIRST!!! Masterminds can be intimidating and scary!!!! Why??? …because we are all worried about being judged and concerned if we bringing enough value to the group. So, let’s address those concerns; One, if you feel like you are being judged…SCREW THEM!!! Leave them and never look back! (Even when they start emailing you for advice when you become a powerhouse agent!!!) Second, are you bringing enough value to the group? Well, this could happen, but it won’t happen every time. Understand that everyone has strengths and weaknesses and that eventually there will be topic that will come up that be right in your wheel house!!! Knock it out of the park. Also, if you don’t have a ton of information to offer on a topic you can always do some research. Maybe the information you offer isn’t first hand, but you’re bringing something to the table. Lastly, value can come in the form quality questions just as much as it can come from detailed information. Listen intently and ask good questions.

You’re not sure how a Mastermind can benefit you????  Check this out!!! I’ve got some screenshots of a Facebook Group Page associated with Masterminding can benefit you!!!

Yeppo…It’s FREE!!!

Send It My WAY!!!

STEP 1: Find the Mastermind

Where do you start? Do you put out adds for masterminds…? You can. Do you talk to fellow agents…? You can. Do you just hope and pray that you fall into one…? You can.

The problem with all these options is that you don’t know if the Mastermind that you fall into is going to be a good fit for you given where you’re at with your business. The last thing you want to be doing is bouncing around from one mastermind group to another wasting time. “TIME IS MONEY…and YOU’RE ON A BUDGET!” The best way to find a Mastermind that is a perfect fit is to ask someone that knows who you and where your business is; your broker, your lender, your title company. Each of these are PRIME options that are your “go-to’s” when you start looking for a Mastermind to make you a MEGAMIND! (you gotta check out that movie)

Hint If your broker, lender, title company don’t help you with this…you working with the WRONG people. Remember: as you grow, they grow. They should be invested in you and add value to your business.

STEP 2: Framework of the Mastermind

What should a Mastermind look like? Well the people involved should have characteristics that are similar to yours; driven, goal oriented and willing to share. Demographic means nothing!!! You could have a 20-year-old that is tearing it up on social media and a 55-year-old whose Repeat/Referral business is on FIRE in the same Mastermind. The key point is that they are pushing to improve and grow…AND willing to help others do the same.

Here are a couple of standard expectations…

  1. Meet once a month
  2. Meets are 90 minutes’ minimum
  3. 12-20 members
  4. Level of Accountably

STEP 3:  Mastermind Playbook

Phase I: Topic Creation

Generally, a topic should be introduced either at a previous meeting or on a Mastermind Facebook Group page about a week or two prior to the actual Mastermind meeting. This will give members of the group an opportunity to give feedback on the topic and to share whether or not they have anything significant to bring to the table. This is often when someone will offer to bring in a template or presentation on the defined topic.

Phase II: Topic Discussion

This should be done in an open forum where you have a person (OR a couple people) that walk through their business model for a specific aspect of the business. Potential topics could be: closing process, maximizing social media, improving Repeat/Referral business just to name a few. As someone outlines their business model, others within the group will look to add different things that they bring to the table within their business. If you have 15 highly productive people in a room sharing their methods.  I guarantee you that you will pick something up that you didn’t know before…OR maybe, you hadn’t even thought of it being possible…OR you could get your wheels spinning and inspire you to develop something brand new!!! This is what makes you a MEGAMIND!!! (at least YouTube a clip…click here for one!!!)

Phase III: Goals Reflections

Go around the room and each member will give a report on how they are coming with their goals. This is a great opportunity to get some relief if you hit some roadblocks. There are a TON of people in this meeting that have resources that might be able to help you overcome those obstacles. By being part of a Mastermind, you are extending your support network exponentially!!!

Phase IV: Goal Establishment

Once you’ve reviewed your goals, you then need to establish a new one. We all work better when we have deadlines and when we are held accountable to them. This is just ANOTHER benefit of the Mastermind groups. For that reason, each person needs to make “I will __________, by ______________ (when)”

  • Example: “I will have a completed script or listing presentation video, by our next meeting.”
  • Example: “I will have a Conversion Plan for Open House Leads by our next Mastermind Meeting.”

What does that accountability look like? Here a couple of consequences that can help your group to continue to move forward…. (keep it light and keep it motivating)

  1. Didn’t meet your goal… Wear a T-shirt that says, “I break my promises”
  2. Didn’t meet your goal… $50 donation to an established charity
Here’s a great example of how a Masterminding group can help keep you accountable through a Facebook Group Page!!!

Check it out…it can’t hurt you…IT’S FREE!!!

Send It My WAY!!!

STEP 4: Etiquette

Be present and participate. A lot of Masterminds will have built in consequences for lack of attendance. For example, if you miss two in a row you’ll have to donate to a fund. If you miss three in a row, you’ll be removed from the group. Listen, we all understand that in this business things can come up that prevent you from being able to attend every meeting, but if the Mastermind isn’t a priority…that’s a problem.

MOST IMPORTANTLY: Don’t be Negative and Don’t Judge!!! Understand that everybody has value in some way or another and that everyone is working to grow their business…respect that as fact! A friend of mine was working in a Mastermind that recently had to kick someone out of the group. This individual got the boot because he was overly negative to everyone’s ideas…DON’T BE A JERK!!! Surprisingly, my friend said that it was a shame because he brought a lot of good points to the table.  In this scenario, everybody loses. However, we’ve got to understand that a safe sharing environment is the priority of a Mastermind.

Lastly, if you have insight…share it!!!

Masterminds are essential to efficient growth. Get over your fears, join a Mastermind. Your business and your clients will thank you!

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