In 2004, Gary Keller published the book “The Millionaire Real Estate Agent” which was a bold and compelling title for his book. Almost 2 decades later, this book is considered to be the best book for real estate agents and the starting point for any agent looking to get serious about their sales career.

By Then, I had left Keller Williams, partnered in a company that dissolved, and became an independent broker.

I did not read this book at the time it came out.

On the contrary, I was not a millionaire real estate agent in 2004. To be honest, I wasn’t even achieving enough income to survive. I was struggling to make ends meet. I had to find something that would allow me to feed myself.

On the whole, Gary Keller was a leader who was worth following. Our market center had great leadership as well. I didn’t leave because of any problem that I had with the company. It was a little sad because the agents and personnel were my friends. They saw me fail, succeed (and drink too much at parties). I learned a great deal about the executive level of life there. 

I joined Keller Williams in 1999 after a chance meeting with the charismatic operator of a newly minted market center in my area.

  • Up until then, I was splitting 50% of my commission with a broker in a nearby city.
  • My income was not predictable or attractive at all.
  • There were higher sale prices in this area (higher commissions).
  • The 70/30 (not exactly the case) split with KW seemed like a no brainer.
  • Back then, KW had A LOT of training opportunities.
  • I had been an agent for 2 years at that time. This was what I felt that I needed.

Why is “The Millionaire Real Estate Agent” considered the best book for real estate agents?

Looking back with the benefit of hindsight, I see the wisdom contained in this book.

Let’s look inside of “the redbook”

The mindset of a successful agent must be understood, at the base level. Success begins in the mind. Identify chokepoints of the sales system with insight into your internal makeup. BTW, a system cannot grow if there is an unidentified chokepoint that cannot be overcome. The two of the main limiters are; the fear of success and the fear of change.

insight # 1 of the millionaire real estate agent

The next insight, #2, from the book is also based around one’s mindset.

Release yourself from the paralyzing grip of fear and spur yourself to action by embracing failure as a necessary part of success.

The rate of success can be influenced by your attitude when you review the diagram. Act in the face of failure and have a possible “failure goal”.

insight #2 of the book "the millionaire real estate agent"

Look at the Virtuous/Vicious Cycles to understand the meaning of  Insight #3 reminds us that one action leads to another.

Agents, who are successful, protect their time and make sure to not give up the activities that lead to success.

insight #3 of "the millionaire real estate agent"

The wisdom of insight # 4 addresses the limiting effect of an agent’s efforts. Administrative tasks mount up and siphon a productive agents’ time.

Once an agent has enough production, they should hire an administrative assistant.

This is system analysis and I use a causal loop diagram to show a “limits to success” scenario.

insight #5 of "the millionaire real estate agent”

Talented employees should be retained. We see that insight #5 teaches us that by considering the conditions under which they work which is done by comparing the industry standards of compensation.

insight #6 of "the millionaire real estate agent”

My last insight is #7 . This explains that successful agents should do the harder tasks first.

If given the choice many, many will choose to do trivial tasks that have larger emotional payoffs vs those that do not.

Here is an analogy: making a nice bicycle shed is more emotionally rewarding than handling a meltdown at a nuclear facility.

The nickname for this cognitive bias is sometimes called “bikeshedding”. To combat this, we should connect handling the meltdown with some kind of goal one has.

insight #7 of "the millionaire real estate agent”

To sum up, “The Millionaire Real Estate Agent” is a valuable resource for any agent who desires to move from the occasional sale involving friends and family to a business owner involving real estate sales.

Read about an agent who deserved better: CLICK HERE

If you buy the book here, my kids school with get a little something: Here is the Amazon link to “The Millionaire Real Estate Agent”