I love masterminds! And this week was all about masterminding – over the 4 days working with 23 delegates and their property business plans, helping get from where they are to where they want to be.
What I love so much about our mastermind sessions is that each individual brings their own unique set of life, business and property experience, perspectives and values, and when we work together in a small group like this, tapping into that is where the magic happens.
My role is to facilitate and coach the day from accountability check ins, to creating the agenda, and working through the day’s objectives until everyone has their own bespoke action plan for the month ahead. In doing so we get to draw on the group’s collective intelligence – more often than not, the person you unknowingly need to hear from the most is one of your fellow masterminders. It may be that they have just pushed through figuring out the very thing you are stuck on, there may be an idea shared in one part of their business that you can lift and apply to yours, their recent actions and results may be the social proof you need to inspire your next steps, there may be a power team intro shared, a software tool..or…..it’s an endless source of possibilities.
Observing this all unfold is just magical, and that’s why I love it. What’s clear is that coming to the table with a learner’s open mind means that we have delegates learning from those in front of them as well as from those who may have less property experience. And of course I’m constantly learning and sharpening the saw.
When I reflect on these mastermind weeks I typically find that common themes and patterns emerge. For those who are curious, here are 4 common themes from this week’s mastermind sessions:
#1: As the CEO of our property businesses we are the ones responsible for making decisions, meaning it’s our responsibility to know what we want and to define the decision making criteria for investments that will inform the search and allow us to say deal or no deal. Without that clarity we can feel lost in a sea of rightmove or in analysis paralysis.
#2: Whether choosing to be hands on or hands off in the property business, it’s essential to understand the numbers for your chosen strategy- and I mean really understand how the unit economics work and interact with each other. Whilst having a template analyser that someone else has created can help get things started, there is no replacement for creating your own spreadsheet templates to analyse your deals and track your comparables and notes.
#3: As property entrepreneurs we don’t have all the technical answers, nor do we need to have them, but what is important is figuring out the questions to ask and who to direct them to.
#4: And finally, to finish with the big overarching theme we finished on this week – creating great deals, service offerings and partnerships is about finding out what people really want and figuring out how to help them get that result.
So there are some core discussion topics that led to multiple learnings and actions for people this week. To everyone I worked over the last few days, thank you for your engagement, interaction and support for each other – here’s to a great month ahead.
So what about you reading this, what’s one thing you learned this week that you will implement in the days ahead?
Well said, Tsen.
That is the one thing that people who have never been involved in a mastermind come to learn — it is the power of the group.
Sure, your Mentor will contribute a lot of value — with accountability, helping plan your next steps and giving you great advice as they have the experience and aren’t as close and involved in the deal or situation as you.
But being in a group of likeminded people who may be further ahead in the journey than you, can give you the drive and proof of concept that you need to have the confidence to take the next step.
Often, others life or work experience can be invaluable as although it may be in a different industry, best practice, particularly in business can be invaluable.