I could not have launched my real estate business and built my real estate team without the MREA Real Estate Agent Business Plan. It’s a guide that breaks down the models and gives us worksheets to create our own. I used this in conjunction with my studies of The Millionaire Real Estate Agent Book.
What is MREA?
MREA Models
MREA is the acronym for the book titled Millionaire Real Estate Agent. The book was written in 2003 by Gary Keller with Dave Jenks and Jay Papasan. The book is a practical guide that aims to help readers become successful real estate agents.
One of the main themes in the book is the importance of models and systems in businesses, and how they can be used to achieve success. The authors provide readers with a step-by-step guide on how to create and implement models in their own businesses. They also offer advice on how to troubleshoot problems that may arise when using models.
The book provides readers with an abundance of information on different models that can be used in real estate businesses. It is divided into three main sections: the first section covers the basics of models and systems, the second section provides an in-depth look at different types of models, and the third section offers advice on how to implement models in businesses.
The first section of the book introduces readers to the concept of modeling and discusses the benefits of using models in businesses. It also explains the difference between a model and a system. The second section of the book provides readers with an overview of different types of models that can be used in businesses. These include sales models, marketing models, and lead generation models. The third section of the book offers advice on how to implement models in businesses. It includes tips on how to choose the right model for a business, how to troubleshoot problems that may arise when using models, and how to make the most of models.
The book is a valuable resource for anyone who is interested in learning about different models that can be used in businesses. It provides an abundance of information on different types of models and offers advice on how to implement them in businesses.
The Budget Model
A budget model is a tool that can be used to help businesses manage their finances. The budget model can be used to track income and expenses, and it can also be used to forecast future income and expenses. The budget model can be used to create a budget for a business, and it can also be used to monitor a business’s progress towards its budget goals.
The Economic Model
MREA Models
MREA is the acronym for the book titled Millionaire Real Estate Agent. The book was written in 2003 by Gary Keller with Dave Jenks and Jay Papasan. The book is a practical guide that aims to help readers become successful real estate agents.
One of the main themes in the book is the importance of models and systems in businesses, and how they can be used to achieve success. The authors provide readers with a step-by-step guide on how to create and implement models in their own businesses. They also offer advice on how to troubleshoot problems that may arise when using models.
The book provides readers with an abundance of information on different models that can be used in real estate businesses. It is divided into three main sections: the first section covers the basics of models and systems, the second section provides an in-depth look at different types of models, and the third section offers advice on how to implement models in businesses.
The first section of the book introduces readers to the concept of modeling and discusses the benefits of using models in businesses. It also explains the difference between a model and a system. The second section of the book provides readers with an overview of different types of models that can be used in businesses. These include sales models, marketing models, and lead generation models. The third section of the book offers advice on how to implement models in businesses. It includes tips on how to choose the right model for a business, how to troubleshoot problems that may arise when using models, and how to make the most of models.
The book is a valuable resource for anyone who is interested in learning about different models that can be used in businesses. It provides an abundance of information on different types of models and offers advice on how to implement them in businesses.
The Budget Model
In the MREA book, one of the popular models for real estate agents, that is still used today, is the economic model. The model helps you determine how you make money as a real estate team.
It’s a formula that helps you determine which activities you need to be involved in each day to achieve your goals.
These include:
1. Leads (prospects)
2. Sales (closings)
3. Volume (listings)
4. Price per unit
5. Number of units
The model is also known as the 70/30/100 model because it’s based on the premise that 70% of your business should come from listings, 30% should come from sales, and 100% should come from leads.
Here’s how it works:
If you want to earn a commission of $3,000, then you need to generate $10,000 in gross commission income (GCI).
To do this, you need to list four homes at $250,000 each.
Or, you could list two homes at $500,000 each.
Or, you could sell six homes at $200,000 each.
The point is, that you need to generate $10,000 in GCI to earn a commission of $3,000.
You’ll also determine how many appointments you need to be on each week based on your conversion rates.
The Lead Generation Model
The MREA lead generation model is a system that helps real estate agents determine how they will generate leads.
Once you know how many appointments you need to be on each week, using the economic model, and you know your lead to appointment conversion, you’ll know how many leads you need to generate.
Your lead generation model could be based on the premise that you need to generate 10 leads for every one appointment.
So, if you need to be on 10 appointments each week, you’ll need to generate 100 leads.
You can generate leads through a variety of methods including door knocking, cold calling, online marketing, and so on.
The Organizational Model
The MREA organizational model is a system that helps real estate agents determine how they will organize their business.
Most real estate teams have a sales team that consists of listing agents and buyer agents. These agents earn a portion of the commission (25% to 50%) usually.
The listing agent is the agent who is responsible for marketing and selling the home. The buyer’s agent is the agent who works with buyers to help them find a home.
Some teams also have an administrative team that consists of an assistant or a transaction coordinator. These team members help with the paperwork and scheduling for the sales team.
Larger teams might have inside sales agents, outbound sales agents, and showing assistants.
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