Mastermind groups have been used for decades as a powerful forum for professionals to collaborate, gain new ideas, and achieve shared goals through peer mentoring. If you’re an agent or team leader interested in creating a real estate mastermind group, follow this comprehensive guide to learn the essential steps.
1. Understanding the history and definition of a mastermind
The mastermind group concept was coined in the early 1900s by author Napoleon Hill after studying the success habits of inventors, investors, and entrepreneurs. Hill defined it as “a friendly alliance with one or more persons who will encourage one to follow through with both plan and purpose.”
Hill envisioned a peer mentoring format where a small group of 4-8 professionals meets to brainstorm ideas, provide accountability and support to solve problems, and achieve career or business goals.
Today, groups embody much of what Hill envisioned. They typically have 8-10 people, but some groups include up to 50 people or more. Successful mastermind groups meet weekly or bi-monthly, and the purpose is to tap into the group’s collective genius by creating a space where participants can develop skill sets, grow personally and professionally, and connect with like-minded individuals.
2. Defining your purpose for creating a mastermind group
Masterminds are created for various reasons. For agents, there are typically three reasons to host and facilitate a real estate mastermind group.
- Build relationships with other top real estate industry professionals for future business partnerships
- Generate real estate investment deal flow
- Recruit new team members
- Share knowledge and give back to your industry
Whatever your objective(s), having a well-defined purpose directs who you invite, how you leverage the value proposition, and how you structure the mastermind, making it a rewarding experience for everyone involved.
3. Curating the right members for an effective group dynamic
Once your purpose is clear, curate a group of 8-10 real estate professionals at similar career stages but with diverse specializations, levels of experience, and strengths. For example, you may want to invite these types of industry pros:
- Residential agents
- Real estate investors
- Commercial brokers
- Mortgage brokers
- Hard money lenders
- Title & escrow managers
Ideal members should have common goals around driving business opportunities, increasing productivity, sharing trade tips, discovering alternative strategies, networking with real estate industry experts, and developing actionable plans that focus on solutions.
Your primary role in creating the mastermind is establishing a valuable environment that facilitates the exchange of ideas and collaboration between industry professionals. Do not use it to openly recruit agents, find investment deals, or build up an email list! Nobody will attend if they are being solicited to. The goal is to give, and over time, members will connect with you in different ways, creating conversations that serve both of you beyond the initial networking and relationship-building experience.
4. Setting guidelines for participation and accountability
Productive groups require commitment, confidentiality, vulnerability, and equal contribution from all members. Develop guidelines that set clear expectations around member participation, accountability to the group, and maximizing the value of each meeting.
For example, require that real estate mastermind members:
- Prioritize attendance and come prepared
- Participate actively in discussions
- Provide constructive feedback and advice
- Avoid self-promotion
- Respect the confidentiality of issues shared
5. Sample meeting agenda and format
Now that you’ve defined your purpose, curated members, and established guidelines for creating your mastermind group, outline the meeting structure by answering the following questions:
- How often will this group meet? Weekly? Bi-monthly? Monthly?
- Where will the meeting be held? Your office? The brokerage? A restaurant? Your title partner’s office?
- How long will each meeting last?
With the date, time, and location in place, the next step is to create an agenda. Failing to have a purposeful plan where the meeting is well-managed and ROI is delivered will lead to a fallout in attendance. We recommend creating segments and assigning a purpose to each part. This consistent structure creates an engaging rhythm to your meetings over time.
Consider this sample 60-minute real estate mastermind group agenda:
- First 10 minutes: Allow everyone to express their recent wins and losses.
- Next 10 minutes: Outline the most important topics to discuss with a quick vote to determine a few topics to address right away.
- Next 30 minutes: Discuss selected topics that may include best practices, solutions, challenges, ideas, etc.
- Last 10 minutes: Allow each participant to define their action items between now and the next meeting.
Adapt meeting components as needed but aim to incorporate personal check-ins, focused discussion, and accountability. You may also want to consider other perks you could offer. Will you serve food, drinks, or snacks? Are there vendors that may want to offer something special to this audience?
6. Personalized invitations and follow-up
Now, it’s time to attract members to your mastermind group through personalized invitations. Reach out individually by phone to explain the group, emphasize the value proposition, and pique interest in joining. Here’s a sample script:
“Hi _____, it’s [your name]. Hey, I realize we don’t know each other all that well, which is part of the reason why I’m calling you. We’re going to be crossing each other’s paths around here, and I feel like you, myself, and the local agent community should know each other better. That’s why I’m launching a local mastermind group and limiting it to ___ agents. We’ll meet every ____ at _____ for around an hour. We’ll brainstorm and problem-solve together. I’ve already talked with _______ and ______ – do you know them? They are both _____ and committed to the group. I’d love it if you could join us. What do you think?”
Follow up invitations with phone calls, emails, or one-on-one meetings to answer questions and lock in commitments. It’s wise to “overstock” the room. For example, if you want a 12-person mastermind group, consider inviting 15 to 20 to your first meeting. Some agents will not show up no matter how great your offer is, and others eventually fall out because that’s just how it goes sometimes. Maintain a roster of backup members in case of no-shows or dropouts. Set a minimum member commitment period to maintain group consistency.
7. Running engaging mastermind group meetings
As host, your role is to facilitate productive conversations and connections between members. At meetings, introduce discussion topics, keep conversations focused, and ensure equal airtime between members. Summarize key takeaways and action items at the end of each session to maintain accountability. Let members drive sharing ideas and solutions based on their experiences. Avoid dominating discussions or excessive self-promotion.
Check in periodically with your mastermind participants to gather feedback.
- What do they value most?
- Are there topics they’d like to focus on more?
- What are the biggest benefits they are experiencing?
- What value does it add to their personal life or professional lives?
Track metrics like attendance rates, member retention period, new business partnerships formed, and deals collaborated on.
By following these best practices for creating and facilitating a successful real estate mastermind group, you can build an impactful peer mentoring program that achieves your growth strategy through meaningful connections.
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