English
Fundamental Models: A Basis for Creativity and Innovation
Foundational Model: A proven framework based on best practices and successful experiences. In real estate❓, it’s a set of processes, strategies, and practices proven to achieve specific goals like increased sales, improved customer service, or risk management.
Importance of Foundational Models:
- Saves time and effort by providing a strong starting point.
- reduces❓ risks by being based on real experiences.
- Improves performance.
- Facilitates innovation by providing a solid foundation.
Creativity: The ability to generate new and innovative ideas.
Innovation: The process of applying creative ideas and transforming them into new and improved products, services, or processes.
Relationship between Foundational Models, Creativity, and Innovation:
- Foundational models provide a structured framework for creative thinking.
- Innovation is the process of modifying and developing foundational models to improve performance or adapt to new conditions.
- Balance is needed between adhering to foundational models and encouraging creativity.
Achievement Ceiling: The point at which performance stops improving, regardless of effort.
Factors Affecting Achievement Ceiling:
- Natural Ability: Determines the maximum performance that can be achieved.
- Foundational Models: Help overcome achievement ceilings by providing effective strategies and techniques.
- Creativity & Innovation: Allow for the development of foundational models, adapting them to new circumstances, leading to breaking through the achievement ceilings.
Approximate Mathematical Formula:
A = N + M + C
Where:
A= Achievement LevelN= Natural AbilityM= Foundational ModelsC= Creativity & Innovation
The Three L’s (in Real Estate):
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Leads:
- Importance: Essential for any successful real estate business.
- Strategies: Building a strong network, using digital marketing, participating in real estate exhibitions and events.
- Approximate Equation:
Lead_Conversion_Rate = (Number_of_Sales / Number_of_Leads) * 100
-
Listings:
- Importance: Maximizes sales and profit opportunities.
- Strategies: Building strong relationships with property owners, providing distinctive marketing services, using technology to improve the management of listed properties.
-
Leverage:
- Importance: utilizing available resources❓❓ to maximize productivity.
- Elements:
- People: Employing a competent and qualified team.
- Systems: Using effective management systems to improve processes.
- Tools: Using modern technological tools to increase productivity.
Examples:
- A real estate company that followed the “Three L’s” model increased its sales by 30% within one year.
- A real estate agent used a Customer Relationship Management (CRM) system to improve lead management, resulting in a 15% increase in lead conversion rate.
Chapter Summary
The chapter focuses on the importance of starting with tried and tested basic models❓ to achieve success in real estate❓. Creativity and innovation should come later after the complete application of these models.
Adopting proven❓ and systematic work models is a necessary starting point❓ for stability and success in real estate. These models provide❓ a solid foundation that reduces❓ the likelihood of failure and ensures positive results.
Prioritizing creativity and innovation over the effective application of basic models is not advised. Creativity is more effective when added to a successfully applied model, increasing the chances of achieving the best possible results.
Starting with creativity before applying a proven model can render it ineffective, and creativity is often used as a shortcut or to cover up deficiencies in the proper implementation of the model.
Natural abilities alone are not enough for continued success. Everyone will eventually reach their achievement ceiling. Exceeding this ceiling requires adopting effective work models and then adapting them with creativity.
Adopting basic models helps raise the ceiling of achievements. Upon reaching a new ceiling, creativity is added to develop the model and achieve another breakthrough to a higher level of performance.
Large and ambitious models allow for greater growth before reaching the achievement ceiling, providing a greater competitive advantage.
The chapter presents three fundamental pillars of success in real estate: leads❓, Listings, and Leverage (The Three L’s). Acquiring leads is a fundamental and continuous function. Focusing on acquiring the largest number of listings increases the chances of achieving higher income and improves control over the market, time, and professional future. Leverage involves utilizing others through delegation and relying on appropriate systems and tools to increase efficiency and productivity.
Sustainable success in real estate depends on a strong foundation of tried models. Creativity and innovation are valuable tools for improving basic models, but should come after their full application. Natural abilities alone do not guarantee success, and reaching higher levels of performance requires adopting effective models and then adapting them with creativity. Leads, Listings, and Leverage are the fundamental pillars for building a successful business model in real estate.
