What Is The 10X Rule In Real Estate? (2024)

FAQs

What Is The 10X Rule In Real Estate? ›

Universally acclaimed yet often misunderstood, we aim to demystify this game-changing strategy for aspiring real estate moguls. At its core, the 10X rule mandates that one should set targets that are 10 times what they initially thought achievable and then expend 10 times the effort to reach those targets.

The 10X Rule or formula for success is: set goals that are 10 times bigger than the average, then work 10 times harder than average to achieve them. Cardone refers to the latter as taking “massive” action. It takes extraordinary thinking and effort to achieve extraordinary success.

The 10X Rule says that 1) you should set targets for yourself that are 10X greater than what you believe you can achieve and 2) you should take actions that are 10X greater than what you believe are necessary to achieve your goals. The biggest mistake most people make in life is not setting goals high enough.

And that is when you take for example, how much money you want to earn, say $100,000, you should multiply that by 10, and figure out the steps you'll want to take and the amount of time it will take to get that goal. If you fall short of that 10X goal, there's a pretty high chance you'll be above your original goal.

What does 10x Mean — At a Glance. The 10X Rule essentially revolves around what is considered that Principle of Massive Action — this concept that any time you put an exceedingly great amount of effort into anything you do, you're guaranteed to achieve exceedingly great results.

The 10X Rule Summary Chapter 7: Four Action Levels

There's no formula for calculating how much action it will take to reach a specific goal. But in general, the more effort you put in, the better your chances of success. Your actions must be both consistent and persistent.

In general, it just means 10 times. Other than that, it depends on the context. Usually, it means to make ten times the money that you invested. As in, an investment that you bought for $100 and sold for $1,000 has 10x'd.

Put very simply, the 10X rule is taking any goal you've set for your company or sales team, and multiplying it by 10. So if a goal is to increase revenue by 5%, using the 10X rule, you'd increase that goal to 50%.

10x means to maximize and expand your results ten times over, rather than just by 10%. Anyone can make an increase in sales, get more leads, and create better content by 10%, but why would you want to do what anyone can do?

The 10X Rule guides you toward the frame of mind that all successful people share. Aim ten times higher than you are right now―and if you come up short, you'll still find yourself further along than if you had maintained your life's current status quo.

Should I read the 10X Rule? ›

His success has come from taking massive action and refusing to procrastinate and waste time. If you want to replicate his success, I strongly recommend you buy and read “The 10x rule”. It has had an almost immediate impact on my life and helped me achieve so much more in my business.

You obsess over how to keep your fire burning—or it will turn to ashes. To create a 10X reality, you have to follow up every action with an obsession to see it through to success. You need to stay seriously motivated to take 10X actions every day.

Once you take 10X actions and start getting traction, you must continue to add wood to your fire until you either start a brushfire or a bonfire—or burn the place down. Don't rest, and don't stop—ever. I learned this the hard way after achieving a lot of success and then resting on my laurels.