Brainstorm Your Real Estate Business to New Heights

In 2014, while practicing cold calling with agents at the office, Edmund Bogen, broker-associate of The Edmund Bogen Team at Douglas Elliman Real Estate in Boca Raton, decided to start an online mastermind group. “I owned a conference company in New York and have always been a peer-to-peer networking guy,” he says. Along with learning successful strategies from other agents, he could build community and increase his referral fee income, he figured.

Edmund Bogen

Enter REIGNation Mastermind Group, whose mission is to “make you the best version of yourself in this business,” explains Bogen. With the aid of a full-time administrator, he’s built the group to a membership of around 200 (some abroad). “REIGNmakers,” as Bogen calls them, pay a small monthly fee to access Zoom meetings, a private Facebook group with archived meeting videos and a WhatsApp group for real-time chats.

Above all, the Zoom meetings are REIGNation’s lifeblood. Lasting 30-45 minutes, they occur five or six times per month (mostly at 9 a.m. ET on Wednesdays). Topics range from marketing strategies to new technology and handling rejection. While Bogen moderates (sometimes with a special speaker), members brainstorm and share resources. “Each meeting, we come up with golden nuggets,” he says. “That’s why we’re here—to get those pieces of advice we never considered.”

Take inspiration from his wisdom to start your own group.

Benefits of starting or joining a mastermind group

“I can’t think of anything that would have a bigger impact on your career,” says Edmund Bogen. Here are a few of the main benefits:

• Camaraderie: “Real estate is a very lonely business, and a Realtor® in Seattle has the same headaches I have in Boca Raton,” shares Bogen. “We have a collective knowledge base and can help each other.”
• Referral Fees: You’ll network with out-of-state agents to increase your income.
• Product Reviews: By hearing reviews first-hand (instead of just sales pitches), you can make the best purchasing decisions. For instance, Bogen shared how spending $15,000 on a letter-writing robot wasn’t cost-effective for him.
• Economical Coaching: “It’s almost like open-source coaching—you’re getting an advisory board you never knew you had.”

How to keep meetings dynamic

Edmund Bogen moderates the Zoom calls, welcoming and connecting members, explaining acronyms and summarizing lessons. “The biggest challenge is getting people to participate,” he admits. “No one wants to be the first person on the dance floor.” Try his tips to encourage flowing conversations.

• Send reminders. A few days before, send an email invitation (with the meeting topic and details) via Constant Contact or Mailchimp. Then, send a reminder five minutes before each meeting begins.
• Begin with some banter. This technique works well, especially to accommodate latecomers. Try asking a basic question like, “How was last week for you?”
• Remind everyone there’s no confidentiality. Meetings are being recorded. “Don’t say anything you wouldn’t want your grandmother to hear,” he’ll caution. And, stay away from conversations that may violate antitrust laws.
• Briefly introduce the topic, and reveal your approach to solving the issue. Be honest about your struggles to make participants feel less alone, he advises.
• Pose an obvious question that participants won’t be afraid to answer. Try something basic like, “Are any of you outsourcing your marketing copy?” Then, ask for a show of hands.
• If no one speaks, call on someone. Ask them to share their name and location.
• Post resources (such as links and contacts) in the chat. If resources are mentioned, such as websites or books, link them.
• Count on “default participants” to carry on the conversation. “Like any classroom, there are always some kids who hold their hands up before their friends,” says Bogen. “With others, you need to pull the words out of them.”
• Don’t tolerate jerky behavior. Along with focusing on real estate full time, members must avoid nastiness. “I have a very low threshold for jerks,” says Bogen, admitting he’s removed a few members for this reason.
• Have a “wants, needs and brags” segment. During this portion, participants might thank a fellow member for a lead, share their new listing, announce a major deal or ask if others are going to a particular conference.
• Summarize the meeting’s lessons. You can do this after the meeting as well as via an email to participants.
• Ask for topic ideas for the next meeting. If a member suggests one, ask participants to raise their hands if they’re interested.
• Say goodbye. For example, one of Bogen’s members sings out each meeting.

Marketing ideas from REIGNation calls

Steal these ideas, all shared during REIGNation meetings.

• Save on marketing costs by hiring a student or a Fiverr freelancer. They can build your website, make videos, take photos, create postcards and post on social media. A member paid a freelancer a mere $15 for an alternate floor plan.
• Target absentee owners. Review tax records and reach out to homeowners with primary mailing addresses in other states or countries. A past speaker revealed 90% of his business comes from absentee owners.
• Send hand-addressed notes to owners of expired listings. Use greeting card envelopes and hand-write the addresses. “People will open them because they look like they’re from Grandma, and everyone’s sick of junk mail.” Include a letter with a note like, “I noticed your home listing expired. Here’s some info about what’s going on in your market. If you’re open to interviewing another agent, I’d be keen to meet with you.”
• Get contact info using skip tracers. For about $15 per job, these freelancers will search the internet for names, email addresses and phone numbers. Since the cost is low and each skip tracer usually gleans only a portion of your target contact information, run your list through a second skip tracer.
• Use Homebot.ai to keep in touch with your farm area. Subscribe to this app and upload your contacts. Each month, it will send individualized emails with information about home values. Then, follow up with anyone who clicks through. Cost varies depending on the features.

Dina Cheney is a Connecticut-based freelance writer.