Chapter of The MREA: Part Two – The Four Issues of Receive A Million: The Three Key Hires of a Millionaire Business 

In The MREA, Gary Keller maintains that you are no more than three hires away from building a Millionaire Real Estate Agency. This is down to one fundamental theory, the Three-Foot Rule, which dictates that everyone who reports directly to you should be magnificent at what they do. This requires you to hire wisely, consult regularly and set standards that will propel your business forward.

Gary Keller proposes that your three key hires should be:

1. A Lead Listing Specialist.

2. A Marketing and Administrative Manager – this person will eventually become your Business Manager. 

3. A Lead Buyer Specialist.

If you are organising your business correctly, maintaining a solid culture and using the Three-Foot Rule, your organisation should promote excellence automatically. Each of your three key hires will ensure the people that report to them are magnificent, so on and so forth.

In The MREA, Gary proposes three critical considerations you need to make throughout the hiring process:

Five-Year Commitment

It is essential to assure your team are fully bought into your business. Beyond tangible examples of their commitment and enthusiasm, Gary Keller recommends that you get a five-year commitment from each individual. Why? Because you want people who will be with you for the long run, people you can trust to handle the day-to-day when you decide to step away from the business.

Weekly Meetings

Once you have found three critical hires committed to your business in the long term, a weekly huddle to discuss your goals and targets will allow you to work closely with those people on goal setting and accountability. The general idea behind these meetings, as Gary puts it in The MREA, is to discuss “your business goals, whether or not the business is on track, and how to get it on track or keep it there.”

Hiring

Your immediate hire should be your Marketing and Administrative Manager, the person most likely to take the reigns of the business should you ever decide to move to the 7th level and step back from the day-to-day. While your hands-on time will decrease with the more people you hire into the business, the hires your company makes should have your input in some way or another. Devoting your energy to ensuring those three key hires are the exact right fit will serve you in the long run, making every new hire easier than the last.

By hiring the right people, you ensure not only the longevity of your business but the quality and sustainability of your output whenever you decide the time is right for you to step away. You will continue to generate passive income because your business has a base of individuals moulded in your image, working to your set standards.