The Power of a Mastermind Group

Another option for your climb to the Champion level is a mastermind group. Napoleon Hill put forth the concept of a mastermind group as described in his landmark book Think and Grow Rich. Mr. Hill defines a mastermind group as, "A coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose."

Most people who have had success in their field have done so through the use of a mastermind, either formally or informally. Informally, they look back years later and can see the people or groups that helped them forge their success. Why do it by accident when you can do it by intention? You can be formulating an intended mastermind with anyone you listed on your potential board of directors, if you have put together that list. Another option is to form the most used mastermind: an intentional mastermind structure. The intentional mastermind structure is when you create a mastermind group of like-minded and like-goaled individuals into a mutually beneficial group with a definite purpose.

I was in such a group, and it added to my success significantly. It was a group of about ten agents, and we all had similar production and goals. Our passion to increase and expand our business was at a similar level as well. I didn't say equal level; I said similar. We all, over a series of years, added hundreds of thousands of dollars to our gross sales and profits because of this mastermind group. I am still in contact with many from this group, and it has been over ten years since our last meeting. In forming this type of group, you have a couple of options. You can create a local area group, regionally based group, or national based group. There are advantages and disadvantages to each.

With the locally focused group, you can brainstorm specific market-based issues more effectively. You will also gain the advantage of being able to meet more frequently and for shorter periods of time if you desire. The challenge with a locally based group is the balance of the competition among agents, since you are all in the same market. There might be less of a tendency to share "secrets". Most agents in a local market mastermind are less open to sharing and opening up their success. Nor do you gain the wisdom of evaluating and helping others who might be currently experiencing another type of market.

A regional group expands the potential for differing markets, strategies, and issues. It also increases the sharing between mastermind group participants because the competition is decreased. If you work for a large enough company, you might be able to secure enough people in the firm to participate regionally. This will help when you are trying to implement new tools or strategies in your business or when you work with existing tools and strategies the company has created to help you increase your business. Ease of travel is still part of the equation, as well as reasonable frequency of meetings.

A nationally focused mastermind group was my preference then and now. There are certainly disadvantages due to travel proximity and frequency of meetings. I really believe, however, those disadvantages are small when compared to the advantages. With a nationally based mastermind group, comprised of agents from all parts of the US and Canada, you create a broader base of knowledge. You will benefit from learning about all types of marketplaces. Someone will be transitioning in or out of a buyer's, neutral, or seller's marketplace. It prepares you for those markets in advance – how to spot them and what to do as your marketplace transitions. This widened perspective will make you a better agent and business owner.

The sharing is unfiltered. Since you are not competing, you will see the "true" marketing strategy, marketing pieces, checklists, systems, scripts, pre-listing packages, and many other tools that will help you build or perfect your tools and systems. If you move the meetings around geographically, you will be able to observe other agents' offices and the internal workings of their systems and staff, and how they operate. This knowledge can be extremely valuable in increasing your ability to leverage through people.

A nationally based group gives you the opportunity to get out of town and unplug from working "in" your business to working "on" your business. Because the distractions are diminished when you are out of town, you can really focus on a deeper level than a local mastermind. It will allow you to see other parts of the country, possibly invest in investment property, or just have some fun. This shouldn't be counted as a vacation because it's not. My wife and I would still take a couple of days on either side to add a little fun and adventure to the trip on the business.
The Power of a Mastermind Group
by Dirk Zeller



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