Mastermind Groups: A Formula for Business Success
There’s an old saying that “two heads are better than one” right? Well, if that saying has any truth to it, wouldn’t five, or even ten heads be that much better? Have you ever heard of a Mastermind Group? Well, if you have, I’ll give you my take on it, and if you haven’t, I’ll explain what a Mastermind Group is, what it does, and who can benefit from it. The only disclaimer I should mention is that I’ll primarily be talking about Real Estate Mastermind Groups. In Real Estate, just as in any business, Federal Antitrust Law prohibits “price fixing”, so talk about whatever you want among yourself, but do not discuss fees or charges. Now with that out of the way, let’s get going.
What IS a Mastermind Group?
A Mastermind group is usually a group of peers in a related industry or career field, usually with moderate diversity, whereby everyone offers each other their support, ideas, “Devil’s Advocacy”, education, and accountability, in a group setting, with the intention of improving and sharpening each other’s skills, and also by accomplishing your own personal business goals. Mastermind Group members are known for instilling challenges or motivations in their fellow group members, competing fairly, and keeping an eye on one another to step up each other’s game and to encourage that everyone’s business operates more successfully and profitably. A key factor is that group members always support and encourage one another, even though you may be a direct competitor.
What is a Mastermind Group NOT?
A Mastermind Group is not for anyone who is afraid of sharing ideas and stories of success. A Mastermind group is not for anyone who only wants to take and not give. A Mastermind Group is not for anyone who has the intention of directly harming another member’s business. It is also not a class or school. While it may be reasonable to bring in the occasional “guest speaker”, each member should be able to stand independently, on their own two business legs, so to speak. Meaning it’s not for beginners. Not just any beginner anyway. It’s also not a referral network. Like some networking groups that many may be familiar with, where each different profession is represented by only (usually) one person from that category, and their primary goal is to give and obtain business referrals from each other within the group… this is not a referral network.
Who Should Join a Mastermind Group?
Anyone who wants to better themselves and/or their business, and simultaneously help and learn from other cooperative top industry professionals. Generically speaking, Mastermind Groups work best when everyone has at least one specific thing deeply in common, such as a shared profession, career, or even a hobby, but with diversified experience, backgrounds, and/or positions within that general field. Anyone who is considering joining a Mastermind Group should be fair-minded, willing to share and receive information or advice with other perceived competitors in a friendly, confidential environment, and to be prepared to help each other improve and achieve their individual business and/or personal goals.
Reasons why a Mastermind Group work.
When you want something bad enough, your subconscious mind works to hard create solutions, but sometimes we need reminders and encouragement for it to work. This is what you get from a Mastermind Group. Amazingly, there are Mastermind Groups across the nation with as many as 200 minds in them! The more thought-power brought toward any situation or goal, the better the odds at achieving it. It’s no surprise why Mastermind Groups are integral components of many top world earners’ success.
How to Start a Mastermind Group?
The easiest way to start a Mastermind Group is to begin asking around. Check to see if you can post something at your local Association of Realtor’s Office, either on their “Bulletin Board”, or perhaps, website. Or you could write a blog or article like this. I happen to be interested in participating in a new Mastermind Group, so if anyone in my area (Tri-Cities, Washington) wants to talk about it, let me know. There is no actual cost to start or run a Mastermind Group, other than the time commitment to be there, and the willingness to help and openly participate. Occasionally groups may chip in a small amount at each meeting to pay for snacks, or perhaps for guest speaker fees, but there are usually no regular membership fees or dues. It’s all volunteer. But likewise, members need to agree to diligently participate. I’ve found that weekday lunch meetings work best, usually from 11a-1p on Wednesdays. Properly managed, that’s two hours of talk and one hour of lunch and continued discussion.
Mastermind Group for Real Estate
I know from personal experience what it’s like cooperating and working with local competitors, but in the Real Estate profession especially, we want to make sure our bar is set as high as possible. Having also listened to advice from other successful Real Estate Brokers and Property Managers, I’ve learned ways to make my own business better, while also, collectively, as a group, raising the bar on the others in our competitive field who aren’t doing something like us. Remember how I said at the beginning, how the cream always rises to the top? A strong and intelligent Mastermind Group can be a huge asset to any business owner or independent contractor. Where else can you have regular thoughtful business discussions with members of your own profession? We’ve all been to the meetings that consist mostly of everybody “schmoozing” and you know no real conversations take place at those things. So in lieu of schmoozing, here are five reasons why I believe Mastermind Groups are ideas for successful Real Estate Professionals:
Certainly a group of heads is better than one. Everyone knows there is power in numbers, especially if they belong to the same industry like Real Estate. If run correctly, a group like this can lead to tremendous success for all its members over time. When multiple members get together to brainstorm or discuss a situation, problem, or idea, the possibilities are limited only by the power and imagination of the group itself.
Opinions and Advice
Do you have a difficult situation? Perhaps a home that won’t sell? A home for rent with problems? Maybe a problem owner? Or my favorite… How to manage personal and family time while still operating a successful (and busy) business? Usually members of a Mastermind Group have had similar experiences and can offer you an opinion or advice. Real Estate can be very difficult, but having an opportunity to regularly share opinions with others in my field can be hugely beneficial. Everything is open for discussion, except for fees (no price-fixing!), so whatever you gain from the group is only limited to how open and engaged you and your fellow members are.
If you discuss a plan or idea in a Mastermind Group, you’re more likely to stay on top of it, if for no other reason than to have answers if questions come up about it at the next meeting. Yes, group members, or even group “membership” (as long as there is regular participation), can have a personal influence on one’s individual accountability standards. No one wants to get called out in a group and not have an answer, so your habits begin to change.
Collective Years of Experience
Having the same or more experience than someone in a Mastermind group can be a great thing. It’s great to help anyone who’s struggling, or having a difficulty. Likewise, this is a benefit that you also gain from the group too. When Real Estate Agents are trying to help each other instead of out-do each other, the entire profession and community benefits. Everyone’s experience grows faster because they’re hearing and learning about issues different from their own and seeing ideas and solutions play out in real time. This truly benefits everyone involved.
Enhancing your Real Estate Skill Set
While you’ll not only be challenged to enhance your skill set, you decide to change it completely! Who knows what great idea someone could share with you that opens the magical door. Many of our world’s greatest gifts come from simple sources or ideas. Having Real Estate Brokers with such varying experiences as traditional buying and selling, as well as Property Management, Mortgage Lending, Escrow, Legal, Home Inspection, Mold Inspection… the list could go on; having all that experience in one room can produce amazing things, lead to amazing experiences, and generate amazing friendships.
The only other suggestion I would make about your Mastermind group, is to make some kind of in-group agreement to establish a permanent, volunteer, rotating, or other basis, in such a way that one person be named as leader of the group and who is willing to take on the responsibility of terminating another member’s membership if need be, and only if a majority of the remaining members agree. It’s unfortunate, but Mastermind Groups have to be managed in order to be successful, and if there’s a member who’s causing problems or not carrying equal weight, there needs to be an authority to remove them.
We hope you find this article useful and that you’ll contact me with any questions. Start a Mastermind group to build yourself up, as well as a select group of others in your industry. It’s a win/win and really does work if managed properly, so I hope you’ll give it a shot. You don’t have anything to lose.
Leave a ReplyWant to join the discussion?
Feel free to contribute!