What You’ll Learn From This Episode:
- What to do when you're feeling stuck and don't how to go to the next level
- Knowing the importance of seeking help
- Applying the 'P factor'
Related Links and Resources:
I suggest that you go to my book website, www.knowingisntdoing.com and you have free downloads there. One is a playbook on how to go out and start building that business in life that you desire. And another one for a lot of you out there who's starting to make money, no doubt hack strategies are essential and you'll still would not believe whenever we are in the period of cycle, either politically or administratively, attack-vengeance you have as an entrepreneur, solopreneur, independent contractor, we lay out those for you as well.
Rod Santomassimo's greatest professional joys were launching a college lacrosse recruiting service, inventing and patenting a workout watch and creating Massimo Group which has gone on to work with 1,000’s of entrepreneurs in helping them build the business and life they desire.
Rod is the author of three books and a syndicated columnist. His first book, Brokers Who Dominate, became an Amazon best-seller and is still highly acclaimed in the commercial real estate industry. Teams Built to Dominate followed, and his latest book, Knowing Isn’t Doing, became the #1 Sales book in America upon its launch in late 2020.
He is a two-time recipient of the Duke University, Fuqua School of Business Impact Alumni of the Year Award. In 2020 Rod was recognized by Globe St. and the Real Estate Forum as a “Best Boss” for his leadership of the Massimo Group.
Here are the highlights of this episode:
2:03 Rod’s ideal Client: Our ideal clients start with the independent contractors, solopreneur or small business owner, more particularly in the commercial real estate arena or those that service that arena. That doesn't include commercial real estate brokers or agents but mortgage brokers, mortgage bankers, appraisers, engineers, architects, insurance agents, and the likes. All those folks that service thing we called commercial real estate are our ideal clients.
2:39 Problem Rod helps solve: We have 3 avatars in our firm: Ned or Nancy Newbie, we have Peter or Paula Plateau, and then Bob or Betty Topper. But definitely I would say it's the Peter/Paula Plateau that is the majority of our clients. That generally means that they're stuck; they just can't figure out how to get to that next level, it could be success, it could be production, or could be a variety of things but generally they're stuck.
3:32 Typical symptoms that clients do before reaching out to Rod: It could be several things, but let's stick with Peter and Betty for now. Look, you're not getting a good night's sleep, you know that you could do better but you just don't know how; you can't figure out. Potentially, you're lost. Emotionally, without a doubt you're frustrated. You imagined yourself like that force that you carry out there, you know you have the strength to get it but you just can't get there. So, those are the emotions that most of our clients in that second theory, those what are clients go through in regards to why they reach out to us.
4:30 What are some of the common mistakes that folks make before finding Rod and his solution: Bill, you just said it, they don't seek help, that is a major obstacle. They assumed "well, I will just work harder" and the problem is, they'll increase your production, your velocity... you could work harder, effort definitely isn't an issue but, are we doing the right things? Because if we continue doing the same things, we know that results in, right? So, I think it's an element of we're not doing the right things and let's face it, it does. It takes confidence and it takes courage to ask for help. No matter where you are in life. I get coached by at least three people simultaneously every single day of my life. I just do it on different elements of my life and my business. Because I think I can get better, I know I can get better and I have the courage to say "I'm not that good" and that's what you really need to think about.
5:52 Rod’s Valuable Free Action (VFA): Number one they're doing it, they're taking time away from their work to listen to this podcast, listening to you, listening to your great show. That itself is a significant act, it is. But to make that short 7-minute section you're wondering what you'll do to get off that 'transaction treadmill', we all understand the transaction treadmill theory, right? You work hard, you're running hard, you think you're doing well but in actuality, all you do is chase deals. Going back to that other question, you are working harder but the treadmill itself is not getting done anywhere. You worked, but it isn't moving. So, get off that treadmill, work on your business, listen to others, figure out other ways and other solutions.
6:59 Rod’s Valuable Free Resource (VFR): I suggest that you go to my book website, knowingisntdoing.com and you have free downloads there. One is a playbook on how to go out and start building that business in life that you desire. And another one for a lot of you out there who's starting to make money, no doubt hack strategies are essential and you'll still would not believe whenever we are in the period of cycle, either politically or administratively, attack-vengeance you have as an entrepreneur, solopreneur, independent contractor, we lay out those for you as well.
7:51 Rod, you coached thousands of independent contractors and solopreneurs. What would you say are the significant steps to success? What would those look like? Bill, I will tell you, I am a very anal guy and I look at numbers all the time, I look at my client' numbers too, how they're doing it, which one's outperformed. And there are two tiers of success we find. The first is what we called Tier , it’s called the 'P factor'. There are 3 things you have to do to have initial success. Number one, how strong is your value proposition to your market? It's so important, people take it for granted. Number two, how strong is your presence within that marketplace. And number three, what does your prospecting campaign look like? So, when we put those things together, we measure, we analyze with metrics, it's amazing the exponential production you'll have. Again; Tier 1 value prop, presence, prospecting. And a lot of folks are struggling to get to Tier 1. The mega producers that consistently earned a lot of dollars quite frankly they're on Tier 2. Tier 2 is simple; that's the P-Factor, they surround themselves with talented people. I'm not saying full-time jobs, but like outsourcing, virtual clients, part-time talented people to process. They process everything they do. They have processes in place and documented that others understand how to do the work they wanted done. And three, they have some type of platform for communication and delivery. Could be a CRM, could be a Slack, Chat channel, whatever it might be. But people process the platform that gets you a Tier two production. And that production is what creates the wealth.
“So, get off that (transaction) treadmill, work on your business, listen to others, figure out other ways and other solutions" – Rod Santomassimo