5 Keys To A Successful Mastermind Event
DateAugust 24, 2022
I conducted my first Mastermind in 1996, which was the most fun and valuable thing I have ever done in business. Ever since that first magical Mastermind event, I’ve always made attending them a priority. There is nothing I love more than facilitating Masterminds with mortgage executives, loan officers and Realtors.
Everything I share in this article applies regardless of whether it’s a Mastermind for mortgage executives or loan officers, but I’m going to focus on loan officers facilitating Masterminds with Realtors because it's one of the single-most valuable things any loan officer can do to build long-term quality partnerships with top Realtors.
Since that first day in 1996, I have conducted thousands of Mastermind video interviews, and I’ve received countless requests from Mortgage Coach members and top producers who would like to know how to lead and facilitate their own Mastermind for Realtors and other referral partners. Here are my suggestions.
First, you need to be clear on your Mastermind WHY. Your WHY should be to build long-term relationships with referral partners and the customers you manage together.
How would you use a Mastermind? There are several things you could focus on. For example:
- Highlighting the biggest opportunities and challenges in your local marketplace today
- Creating customers and partners for life
- Helping Realtors improve lead conversion
- Helping Realtors increase their customer base
- Working on leadership, team building and team culture
There is no one correct approach to holding a Mastermind, but I do have 5 keys to success that have always worked for me:
- Keep the size small. I’m a fan of events with six to 12 participants. Too few limits the energy; too many limits the ability to dive deep and get personal.
- Customize your invitation to the right audience. Having the right people in the room matters. If you have a concern about someone, trust your gut; don’t invite them.
- Choose the right location/ambiance. The more inspiring and creative the space, the better. A lack of budget should never hinder you from having an awesome event.
- Select a leader, but the leader/facilitator should talk the least. That leader maintains control, ensures that everyone participates, and comes away with much value. You’ll know you were a good leader if lifelong friendships are created and everyone is raving about the value they got out of it.
- Start by establishing expectations and rules so everyone is on the same page. My rules are simple: 1. Participation is mandatory, and 2. Being candid and transparent are keys to igniting robust dialogue. Building a steady rhythm is critical for ensuring everyone gets the same opportunity to share.
Prep ahead of time by sending a few questions to a small inner circle of your most valued partners, colleagues and/or friends. Build a list of several more questions to ask during the event. Prioritize the questions based on the broadest value and weed out the weakest ones.
A few questions to consider for your next Realtor Mastermind experience:
- Lead conversion and marketing are always a hot topic, so any questions that pull out the best strategies to convert listing and buyer leads and create leads is a sure way to build value.
- What is your CRM? How often do you communicate with your database?
- What borrower intelligence or trigger alert platform do you use?
- What scripts and sales strategies are you using to optimize business and referrals from your database?
- What are your highest-value touch points?
- What are the most efficient ways to market yourself in today's real estate world? Consider bringing in a social media marketing expert like Deborah Byrd.
- What is your priority for winning the business of millennials? And what is the best way to win this business?
- If you could be a lender for a day, what would you change?
- What is the #1 thing you love about the best lender you've ever worked with?
- How do you master keeping in touch with your past clients?
- How do you build a team that caters to your clients and allows you to focus on making it rain?
Watch the recording of my interview with Jeremy Forcier after hosting a high-end Realtor Mastermind event.