In this episode, we sit down with Scott Malouff, the Owner, and Founder of the Scott Malouff-International Group.
Scott got the entrepreneur itch at a very young age. At 6 years old he sold 1,700 candy bars for a school fundraising event. He started out in the mall, owning kiosk businesses across the country. He then got into the entertainment business and quickly discovered the entertainment business had its pitfalls and responsibility for others’ behavior, which was not a comfortable place to be.
He learned very early on as an entrepreneur how important influence was and to find the influencers. Scott’s grandfather was a Chief Master Sergeant in the Air Force and had a huge influence on his leadership. His Mom was a single parent and raised 6 kids.
Training never stops for a successful entrepreneur and therefore growth never stops. Real Estate is the best investment one can make. Highly successful people going back for centuries, most often held real estate as a wealth tool.
Scott came into real estate as a business owner, not as a real estate agent. He was all-in from the beginning. 70% of agents do not make it past their first year and there are a lot of limiting beliefs in real estate. John Maxwell says, “The most important piece of real estate is between our ears.”
It is about people, not about the money, and understanding how to treat people. It is crucial to take advice from the right people. One measurement is to ask yourself, “Would I want to trade positions/switch chairs with that person today?” As bad as you want it for some people, they must want it for themselves. Scott discovered many say they want success; however, most are not willing to pay the price.
Scott’s trajectory in closed units:
Year 1-82 Units
Year 2-151 Units
Year 3-238 Units
Year 4-410 Units-Exceeded $2,000,000 in Gross Revenue.
Year 5*-Goal is 500 Units
Scott is clear he has more potential and he keeps pushing. We create our own ceilings. There are no ceilings. He said, “WE ARE JUST GETTING STARTED!”
How did he grow his business in 4 years from zero to $2,000,000?
*The Right People
*The Right Systems
*Make sure you are profitable
What has he learned about hiring others?
*Take the time upfront and know how to win/lose with them. Have a proven process and follow it. The process removes a lot of the bias.
*First 90 days is the engagement process and after 90 days we will get married.
*Once you bring in the right people, it becomes about them.
Scott’s vision is to create a big enough world so that others can grow into that world and experience opportunities themselves. “If someone comes into my organization and they are not performing, it is my fault,” Scott stated.
Scott shared a performance conversation. He offers them a $2,000 check and tells them they have 2 weeks to perform or they can take the check right now. No one has ever taken the check. Sometimes people just need permission to move on.
We asked Scott, if he could do it all over again, what would he do differently? Keeping your priorities in order and scheduling family and personal time. Sometimes we need to get, “CHIN CHECKED” where something happens to bring you back to reality.
Instant gratification does not always happen. Having coaches and consultants train you is important. It comes down to the 3 C’s; consistency, character, confidence.
Here's what we cover in this episode
- The importance of influence and how to find the influencers
- Training never stops for successful entrepreneurs and therefore growth never stops
- It's always about people
- It's crucial to take advice from the right people
- We create our own ceilings
Scott's Book Recommendation
Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine
Connect with Scott
Facebook
Facebook Malouff International Group
Instagram
