My next guest on The Richard Robbins Show has already graced this podcast once with his experience, insight and incredible attitude. He began selling real estate at just 19 years old and today, at only 37 years of age, he’s retired from selling real estate and, instead, focuses his attention on being CEO of his own, industry-leading brokerage.
Matthew Regan, CEO of The Regan Team, is in the Top 10 of 18,000 agents at Royal LePage. While the real estate industry has given Matthew the life he lives today, he tells me, “Not enough people talk about what’s wrong with the real estate industry.”
In an industry that offers so much opportunity, there is a severe shortage of financial literacy.
“I am amazed at how agents don’t concentrate on the net dollar,” Matthew tells me. He continues, “A lot of people do well financially, but they don’t have a profit. They have an income but they don’t have a profit. A lot of people get burnt out, sacrifice health and family and are always looking at their phone.”
While I am a true advocate for the real estate industry, it is scary to imagine real estate professionals leaving this industry when they retire with nothing to their name.
Though it’s not all doom and gloom and Matthew shares an optimistic viewpoint, “Imagine you could mould the average agent with some financial literacy and a plan because the burnout rate is real, the anxiety rate is real, the divorce rate is real, but the really cool thing is, you can do something about that.”
In this episode of The Richard Robbins Show, Matthew and I talk about the importance of understanding the costs of doing business. Matthew talks about financial literacy, why it’s crucial to focus on the net dollar and how to survive when markets take a turn.
Listen to the Full Episode:
What You’ll Learn In Today’s Episode
- How to run a business and get a profit, not just an income
- How to generate more leads in a changing market
- Setting a financial goal to hit
- Creating end-of-year goals that bring you closer to retirement
- How to get buyers off the fence in a transitioning market
- Why prospecting is the number one thing you should be doing when the market is changing
Ideas Worth SharingI don’t try to avoid distractions, I try to eliminate distractions. Matthew Regan @richardlrobbins Click To Tweet Imagine you could mould the average agent with some financial literacy and a plan because the burnout rate is real, the anxiety rate is real, the divorce rate is real, but the really cool thing is, you can do something about that.… Click To Tweet Determining your cost of sale. If you don’t know your cost of sale, you don’t know anything. Matthew Regan @richardlrobbins Click To Tweet
Resources in Today’s Episode
- Matthew Regan
- Episode 60 with Matthew Regan
- Psychology of Money by Morgan Housel
- The Motley Fool
- Rich Dad, Poor Dad by Robert T. Kiyosaki