Getting together to get ahead.

I was listening to an audiobook by Amy Porterfield, and she mentioned something profound. When she was building her business, she floundered for months until she started collaborating with other entrepreneurs in her industry.

Getting stuck in your business is one thing, but staying stuck is a choice. “Mastermind group” is a bit of a buzzword but what exactly is a mastermind group?

One definition: “A mastermind group is a peer-to-peer mentoring group used to help members solve their problems with input and advice from the other group members.” The concept was coined in 1925 by author Napoleon Hill in his book The Law of Success. But at its core, a mastermind group is a group of industry professionals who meet online or in person to share ideas, experiences and strategies to help each other succeed.

Mastermind groups are worth joining.

That being said, I understand why some agents are hesitant to join these kinds of groups. After all, these people are your competitors for business, so why would you want to “help” them? Some may not see the value in groups or prefer being a “lone wolf.”

However, consider the benefits. This isn’t a paid advertisement for any mastermind groups for anyone wondering, but in my experience, leaning on colleagues from various backgrounds and transactional experiences actually helps you deliver a better client experience.

REW Alberta partner Adrienne Carlton attends periodic agent lunches and monthly mastermind sessions with her brokerage. As a result, she generated an extra $40,000 from implementing one strategy from an industry colleague in just the first year. She is on track to surpass an extra $60,000 in her second year of implementation.

"If you knew you could make an extra $60,000 a year from having lunch with a bunch of agents and masterminding once a month, I would say that’s worth it!” she says.

Finding a group that fits.

Connecting with the right group of agents is crucial. Mastermind groups offer a unique space for real estate agents to share experiences, successes and even failures. A collaborative setting promotes continuous learning and professional growth. Knowing your goals and core business values helps you align with the right group. Choose carefully for best industry practices, as not all groups are created equally.

But how do you find one that fits? Brokerages often hold training sessions which are essentially a mastermind group in itself. What if you need something more? Something outside of your brokerage? Reaching out to top performers in your market is always a great place to start. Those conversations could shed light on how they became successful. Ask in your realtor Facebook groups and get candid feedback from your peers in the process.

These groups are great for setting realistic yet ambitious goals. You’ve heard the saying, “If you want to grow, be the dumbest person in the room.” Surrounding yourself with people who have achieved the success you want for yourself only happens when you become the smallest fish in the pond again. Learn from people who have done it already.

The support and encouragement from fellow members increase your chances of achieving your goals and implementing new systems to better your client experience or business operations. Adrienne Carlton notes that it’s easy to “get locked into your own way of doing things,” and hearing what others are doing can inspire you in new directions.

Tackling challenges together.

A mastermind group also means you’ll have a built-in system of accountability to stay focused and motivated. It’s like having your personal cheerleading squad. The best always recommend at least one accountability partner when you run a business, and if you’re in real estate, then you definitely run a business.

Encountering challenges is bound to happen. These can be anything from a tough negotiation, losing a listing appointment or clunky client systems. Your mastermind group can help brainstorm and provide constructive feedback. This collective problem-solving approach often leads to quicker, more effective solutions, helping you overcome obstacles with ease and confidence.

In my experience, mastermind groups aren’t just about professional growth; they focus on personal development too. Some of the best things I incorporated into my professional life were things that I corrected in my personal life. I’ve found that when you deal with personal deficiencies and embrace your vulnerabilities, it allows you to tackle professional roadblocks head-on.

If there’s one thing I’ve learned in the industry, especially with the current market conditions, it’s that it can be tough and stressful at times. Feeling alone is not good for your mental health or your business, and it’s a tough hole to climb out of. Mastermind groups provide much-needed support and a sense of camaraderie within the industry, ultimately helping you navigate difficult times and celebrate successes together. It’s comforting to know you’re not alone.

If we truly want to elevate the client experience, bring in more business and elevate the industry collectively, then we need to start by collectively sharing knowledge and experience with each other.