Latest / Productive and Paid with Jamila Payne / How to Transition from Owner Operator to CEO

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How to Transition from Owner Operator to CEO · Productive and Paid with Jamila Payne

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(Transcribed by TurboScribe.ai. Go Unlimited to remove this message.) All right, welcome to another episode of the
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Productive and Paid Podcast.
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We have a very special guest today and
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I am excited to introduce her.
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Lacey Newman is a top 1% luxury
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listing agent and leader of the Elevated Living
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Advisory at Compass and host of an Emmy
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nominated and Telly Award winning TV show, The
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American Dream.
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Through her rapid growth coaching program, Lacey shares
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proven strategies and mindset level ups that she
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used to go from zero to running a
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multi seven figure real estate team.
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With over 20 years of experience in the
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industry, Lacey guides agents to magnetically attract high
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-end clients, create captivating, consistent content that boosts
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brand visibility and build a business that supports
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the life that they truly want to live.
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Through her speaking engagements, media appearances and podcasting,
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Lacey shares inspiring stories of overcoming her own
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struggles as a single mom in real estate
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to building a real estate business that is
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aligned, solid and sustainable while helping others to
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do the same.
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Lacey is determined to help as many women
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as possible as she can build a business
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that they can be proud of and that
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they love and that can give them the
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security and freedom that only comes with having
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something of your own.
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Welcome to the show Lacey.
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Thank you, I'm so excited to speak with
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you today.
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Yeah, same here.
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So I want to start off the show
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with a little bit of a story.
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Can you think of a moment in your
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career where you decided to kind of own
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your worth and get paid for the full
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value of your work?
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Absolutely, how about every day, all day long?
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You know, real estate is one of those
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industries that the lowest common denominator kind of
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drives the industry, right?
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How many times have we been told, oh,
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well, you know, my cousin who just got
2:36
their license, they'll do it for X percent
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or whatever.
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And there is this pressure to always compromise
2:45
ourselves whether that is our value, our, you
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know, the amount that we're being paid, our
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time, our boundaries, whatever the case may be.
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And so I think that to directly answer
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your question, I think that going through the
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motions of standing in your worth and identifying
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and truly claiming your value is something that
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people in real estate have to do over
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and over and over and over again.
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Yeah, a hundred percent, I agree.
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Not only in real estate, but all across
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businesses, right?
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Like especially as women, right?
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Like really owning our worth is something that's
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really important.
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Okay, so today we're talking about your experience
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of going from operator to CEO.
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And I'm really excited to dive into that.
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I first like to start off with hearing
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about what did your business look like when
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you realized that you were hustling and losing
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in that operator role?
3:52
Yeah, absolutely.
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So there's been a couple moments that I
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hit what I would consider burnout in my
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business.
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And that always came on the tail end
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of overworking, over-functioning, living in that hustle
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mode.
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And the very beginning of that came in
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my early days as an agent.
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I, for the first, gosh, almost decade that
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I was in real estate, I was your
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typical mom with a real estate license.
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I was not running a business.
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I didn't know how to run a business.
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I mean, I would joke like, I'll sell
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your house if you really beg me to.
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I mean, I had no marketing strategy.
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I had no prospecting plan because I felt
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like everything I was told I needed to
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be doing to get business, door knocking, cold
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calling, felt salesy and gross and just wasn't
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anything that I was ever gonna do.
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And so I kind of just sat back
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and waited for business to come to me.
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But then when I got business, because I
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was the mother of two small children, I
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would, of course, be stuck in the pantry
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taking phone calls while my kids were on
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the other side of the door crying for
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a snack.
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Or I would be on vacation with my
5:03
husband at the time and we would be,
5:05
you know, supposed to be hanging out on
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the beach.
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And then, of course, an offer comes in
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right as we're having a margarita and I'm
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back up in the condo waiting on a
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signature all afternoon.
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And so it was that, that was really
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the first moment in my career that I
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realized that what I was doing was not
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sustainable.
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But instead of making a change, I really
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didn't know how to make a change.
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So I became one of the 85%
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of agents that fail out of the industry.
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So I quit, retired my license, said I'm
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completely done with this forever.
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And then in 2014, I went through a
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divorce.
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And when I was faced with the decision
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of, okay, do I wanna go get a
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nine to five and be a W-2
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and have, you know, I would know what
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to expect, but I would also be limited.
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Or do I wanna bet on real estate
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again?
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Do I wanna get back in this and
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give it another try?
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And I did, but when I came back,
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I was coming from a very different place
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because with these two still small kids at
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home, I was not going to let the
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real estate industry take me away from them
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any more than my parenting schedule already was
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going to.
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And so I really started running my business
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like a business.
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And I started saying no to things that
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weren't aligned.
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And I started putting proactive boundaries in place
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so that I wasn't, you know, writing offers
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at the dinner table every night and doing
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all the things that we just take for
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granted in the industry and other female entrepreneurs
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also experience in their businesses.
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And I just said enough is enough and
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I'm not gonna do it anymore.
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Wow.
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So let's paint the picture for someone that
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is listening to what you're saying and they're
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curious for themselves.
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Like, I wonder if I'm in operator mode.
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Can you give us a couple of signs,
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signals, warning flags that we're in that operator
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mode and not in CEO mode in our
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businesses?
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Absolutely.
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Okay.
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So sign number one would be you wake
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up in the morning, you think you have
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a plan.
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And at the end of the day, you
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look back and realized none of the things
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that you thought you were gonna do today
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actually got done.
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Number two would be if you refresh your
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email inbox like you have OCD and you
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use it as your personal to-do list.
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Those are other people's to-do's for you.
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Those are not your to-do's.
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Another one would be if you are scared
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to use the DND, do not disturb function
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on your phone.
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That's another big sign.
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Yeah, those are probably three of the biggest.
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I mean, really it's about protecting your time.
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It's about, I think the biggest shift from
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being in reactive operator mode and being a
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proactive professional that's in CEO energy is that
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you keep your own commitments that you make
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to yourself first and foremost.
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Ooh, I say that all the time.
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Yes, absolutely.
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Absolutely.
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I love that.
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So let's drill down into thinking about the
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operations.
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So if you could kind of paint a
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before and after picture, if we look at
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our marketing activities, for example, right?
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Like what, how are we operating?
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How are we, what does our day look
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like, our activities look like in our marketing,
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in our systems, when you're in operator mode
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versus when you're in CEO mode?
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Great, okay.
8:57
So an example of being in operator mode
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as it relates to your marketing would be
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if you are creating content, you're creating social
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media posts and you're only ever doing it
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off the cuff and you make it, you
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tell yourself that you wanna post three to
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five times a week, but you only post
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once a week because you always get too
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busy to actually follow through on your posting.
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And you tell yourself, well, I was busy
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serving clients and I just didn't have time.
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So if that's the excuse that you give
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yourself, that's a sign that you're in operator
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mode.
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What I would say as it relates to
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creating content specifically is that you've gotta have
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your inside out content and you've gotta have
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your outside in content, okay?
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And what that means is your inside out
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content is your batched content.
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It's where you've sat down and you've thought
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out strategically what are the types of things
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that I wanna post on social media that
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I want to give value to my audience
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that's gonna connect me with my ideal client
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and I'm gonna sit down, I'm gonna map
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it out, I'm gonna create it, I'm gonna
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batch it and I'm gonna have it posted
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no matter what my day ends up looking
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like.
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So that's being in CEO mode with your
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marketing.
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But then you also have to have the
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stuff that you make up on the fly,
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your behind the scenes, your day in the
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life, your, hey, this just spontaneously happened.
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But if everything you're doing on content is
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spontaneous and you're not doing some strategic batching,
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you're definitely in operator mode.
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What was the other one you asked besides
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marketing?
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Yeah, I'm thinking about your sales process and
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systems.
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Systems, okay, yes, all right.
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So if you are telling yourself the lie
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that you custom curate a marketing plan for
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every listing, that is actually you not having
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any systems in place but putting a fancy
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label on it.
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So if you reinvent the wheel, if you
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create something new every single time you have
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a client, you're really just in operator mode.
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So the best real estate agents, entrepreneurs, service
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providers, name the industry, you have a process
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that you follow.
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And yeah, do you tweak it and make
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it custom for everybody?
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Absolutely, but it doesn't all live in your
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head and you aren't always rewriting the same
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onboarding email.
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You're not always going in and trying to
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remember what is the process that I follow
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every time this thing happens.
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You have something in place that takes the
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mental burden off yourself to have to remember
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everything you're supposed to do.
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Yeah, absolutely.
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How did your selling change from operator to
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a CEO?
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I stopped saying yes to everything.
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I stopped saying yes to misaligned clients.
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I stopped saying yes to certain price points.
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I stopped saying yes to certain geographies, but
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I started building a team around myself that
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could handle those things for me.
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So I didn't have to say no to
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the business.
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I just became more and more and more
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specialized and niche in what I specifically did.
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So that as over time, I spent more
12:17
and more time in my own zone of
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genius and less time doing things that were
12:21
below my hourly rate, below the price point,
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outside the area, any of those things that
12:27
cost me more than what they provided.
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And so I just got more and more
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niche, but of course I built the structure
12:34
around myself that every client can still be
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served at a high level.
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Yeah, I know Lacey, you have a personal
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philosophy that business shouldn't be about how busy
12:46
you are, but more about how you feel.
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Can you say more about that?
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Absolutely, I don't believe that success just for
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the sake of success is winning because I've
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been at a place in my own business.
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I remember I sold the biggest house of
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my career.
13:03
It was $10 million, it was off market.
13:06
It was an absolute home run of a
13:09
deal.
13:10
And when that deal closed, I should have
13:13
been elated.
13:14
I should have just been on absolute cloud
13:16
nine, but I remember sitting in my car
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and just feeling nothing.
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I just felt numb.
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And that was the sign that I really
13:27
began to realize that even though I was
13:31
earning seven figures at that point, I was
13:34
overwhelmed and hustling to the point that I
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couldn't even experience joy in what was and
13:41
should have been one of the most exciting
13:43
moments of my entire career.
13:45
And that was a real wake up call
13:46
for me was to start where I realized
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like, okay, if I can't get, if I'm
13:51
not thrilled selling a $10 million house off
13:54
market, what am I actually doing here?
13:57
You know, Lacey at 10 years before would
13:59
never have even believed that was possible.
14:02
But the current Lacey was so overwhelmed and
14:05
overworked and overstretched that it didn't even register
14:08
on my excitement.
14:12
Yeah, yeah.
14:13
Yeah, when we're missing the moments, right?
14:16
Because we are just on to the next
14:18
thing, right?
14:19
That's so common.
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We can't even sit in a second and
14:23
just celebrate what has just happened.
14:25
We're completely missing the moment because we're like,
14:27
what's next?
14:29
So that's a perfect example of just being
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misaligned completely in your business.
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So it really sounds like what you're saying
14:40
Lacey is that, you know, when we're in
14:42
that operator mode, we are not planning ahead,
14:48
you know, not taking the time to batch
14:51
our work, get systems in place, do things,
14:56
you know, at a decent pace without feeling
14:59
rushed, without the hustling.
15:02
And the opportunity, right, is for us to
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more step into that CEO role where we
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can really have the opportunity to grow our
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business.
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So tell us about how do we make
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that transition?
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Because I feel like a lot of women
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entrepreneurs are, you know, they're momming, they're wifing,
15:22
they're lifing.
15:23
You know, it's like we are managing all
15:26
of the things and even with the best
15:30
intentions of wanting to scale your business and
15:34
be able to grow revenue and produce better
15:38
outcomes, it can feel tough with everything swirling
15:41
as it is.
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So how did you make the transition for
15:47
yourself in your business?
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And then maybe share with us some tips
15:51
that other women can apply for their own
15:53
businesses.
15:55
It's so true, Jamila, what you just said.
15:57
I mean, that's one of the biggest things
15:59
that I see with women in business because
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we are not just business women.
16:05
We are also daughters, sisters, mothers, wives, all
16:08
of the different things, friends.
16:10
I mean, we carry so much more than
16:12
just our careers.
16:16
And when so many times I speak to
16:20
women and they stay stuck in the place
16:24
that they are because they think that the
16:26
answer to having more, having scaling, making more
16:31
money, any of those things that they want
16:33
is going to require more effort, more energy,
16:36
and more time.
16:37
And that's the last thing that they have
16:39
in reserve.
16:40
But the really cool thing is, is that
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shifting from operator into CEO and scaling your
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business is not about doing more.
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In fact, it's actually about doing less.
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And that's one of the biggest misconceptions.
16:53
And so I will be talking to agents
16:55
all the time who will bring me their
16:58
marketing plan, for example, and they'll have 10
17:01
things on their marketing plan and they'll ask
17:03
me, is this enough?
17:05
And I'll say to them, okay, well, this
17:07
year, how many of these things did you
17:09
do?
17:09
And they're like, four.
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I'm like, okay, how on earth are you
17:13
gonna do 10?
17:14
And you're asking me if you need to
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add more to it when you only had
17:18
the time and capacity to do four last
17:20
year.
17:20
So how about instead of doing four, how
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about you do three, but you do them
17:25
really well and you do them really consistently?
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And that really is the answer, is it's
17:31
not about doing more, it's about everything that
17:34
you do, doing it to the absolute highest
17:37
level, world-class level, and doing it with
17:39
excellence and consistency.
17:41
And the secret to those things is, frankly,
17:45
just choosing to do things that you like.
17:47
Because if you don't want a cold call,
17:51
I mean, here's the thing, cold calling works,
17:53
door knocking works, open houses work, paying for
17:55
Zillow leads works, farming neighborhoods works, social media
18:00
posting works, all of the different things that
18:02
you know that you can do to grow
18:05
your business, real estate or otherwise, all of
18:07
those things work for people who work them
18:10
well and consistently.
18:12
But the problem is, is that we should
18:14
ourselves and tell ourselves, well, I should be
18:17
doing these things.
18:18
You put them on your own action plan,
18:20
but you don't actually wanna do them because
18:22
they aren't aligned for you.
18:24
And what I've discovered, the secret is, is
18:27
that if we just spend most of our
18:28
time doing things that we enjoy and that
18:31
make us happy, we will be more productive
18:33
than ever because we actually want to go
18:35
do those things.
18:37
And so what I do is give people
18:39
permission to stop worrying about all the things
18:42
they think they should do, pick the one
18:44
or two or three things that really light
18:46
them up and then become absolutely exceptional at
18:49
that.
18:51
Yeah.
18:52
Yeah, I definitely agree.
18:54
Narrowing down, it was so funny.
18:57
I was at a conference speaking and I
19:02
said to the women in the room, how
19:05
many people have more than 10 things on
19:08
your to-do list for today?
19:10
And literally like 90% of the room
19:14
shot their hands in the air.
19:15
And I said, but this conference is from
19:19
nine to five.
19:22
How are you gonna do that?
19:24
Right, how in the world are you gonna
19:27
get, like, it's not even possible.
19:30
So I just feel like in a lot
19:33
of cases, we're not even setting ourselves up
19:36
with realistic expectations for ourselves in terms of
19:41
what we can do in a particular day.
19:44
So no wonder we're overwhelmed and burning out
19:49
and leaving the end of the day feeling
19:52
like we didn't get enough done, right?
19:54
Because the expectation was never set properly in
19:58
the first place.
19:59
Now, it sounds like you're kind of taking
20:02
a note from your own handbook and doing
20:06
less because you are starting to transition out
20:11
of selling real estate and to focus more
20:15
on coaching.
20:16
Tell me more about that and what inspired
20:19
that shift.
20:21
So yeah, so I have been fully out
20:23
of selling for close to 18 months now.
20:27
So last deal I personally did was in
20:31
August of 2024.
20:33
I have still been leading my real estate
20:36
team until November of 2025.
20:39
But in November of 2025 is when I
20:41
stepped aside as CEO and continued as a
20:46
role of a founder, but am fully focused
20:48
on coaching and consulting.
20:51
And the reason that I did that is
20:54
because, and I think this is a lesson
20:55
for so many of us, is I woke
20:57
up every day for two and a half
20:59
years.
21:00
I woke up every day and it was
21:02
like I was split down the middle.
21:04
I had my real estate team and I
21:07
had my coaching team.
21:08
I had my real estate marketing and my
21:11
coaching marketing.
21:12
I had my real estate business bookkeeping and
21:15
my coaching business bookkeeping.
21:17
I mean, I was running two completely separate
21:20
businesses, which BTW, real estate and coaching are
21:24
two completely different business models that have no
21:28
similarities really.
21:30
And so it was just, I woke up
21:32
every day and I felt like I was
21:33
split in half.
21:34
And what I've realized, what I came to
21:37
realize and what helped me make that very,
21:40
very difficult decision to leave behind something that
21:43
had brought me so much success over 20
21:46
years, made millions of dollars doing, but to
21:49
fully focus on something else was the realization
21:52
that by splitting my time and energy in
21:55
two different directions, I was not giving 100
21:58
% of myself to either thing.
22:02
And my energy was split, my brain was
22:04
split, my time was split.
22:06
And I knew that I wasn't performing at
22:08
my absolute highest on either thing.
22:11
And so I made the very difficult and
22:14
scary decision to go all in on coaching
22:18
and consulting because at this point in my
22:20
life after 20 years, to be frank, I
22:22
can sell real estate blindfolded with my hands
22:24
tied behind my back, but helping other women
22:27
is so much more fulfilling and such a
22:30
fun challenge and just really the thing that
22:33
lights me up in a completely new way.
22:36
And I think giving ourselves permission to say,
22:41
just because I've done something for a really
22:42
long time, just because I've been successful at
22:44
it, doesn't mean that I can't go do
22:47
something completely different and become super successful at
22:50
that too.
22:51
But it's about giving ourselves permission and it's
22:54
about having the courage to let go of
22:57
what's keeping you safe that might be also
22:59
keeping you small.
23:00
That's so good, that's true.
23:02
I was watching a, I've been sort of
23:08
following the journey of another real estate professional,
23:12
Trisha Lee.
23:13
Are you familiar with her?
23:14
I'm not.
23:15
Okay, she's out of New York, but she
23:18
got started by running nail salons.
23:24
I mean, that's what she did.
23:25
And she ran successful nail salons in Brooklyn,
23:28
New York and then decided to make the
23:31
shift into real estate.
23:34
And so I'm just bringing that up as
23:37
another example of a woman in the field
23:41
who said, listen, I can, who had a
23:46
successful career doing one thing and said, listen,
23:48
I'm gonna do something else and it's okay
23:52
for us to make a change.
23:54
And the only thing I would add to
23:56
that Lacey is making that change.
23:59
Cause another story that I hear women and
24:03
my clients tell themselves is I'm starting over.
24:06
It's not starting over because you had all
24:10
of the knowledge and expertise and everything of
24:13
years of running a successful real estate business.
24:18
And now you're transitioning that same knowledge and
24:22
expertise into coaching and consulting.
24:25
So really awesome.
24:27
So what is your team look like right
24:32
now?
24:33
So right now on the real estate side,
24:37
I have, there are four selling agents that
24:41
are handling all of the real estate business.
24:43
So all of the referrals, all my past
24:45
clients are being fully managed by the team
24:48
now, which is just absolutely amazing.
24:50
And they are complete rock stars and honestly
24:53
doing it at a level that I can't
24:55
even, I can't even comprehend, it's incredible.
24:58
And then on my coaching and consulting side,
25:00
I have two virtual assistants and then I
25:02
have two in-person team members, a COO,
25:06
Meryl, who is my right hand and Maddie,
25:10
who is our program director.
25:11
So we are a team of five currently.
25:15
Awesome, awesome, that's great.
25:17
So I'd love to hear about you making
25:22
the decision recently to start paying yourself.
25:25
You've transitioned into coaching full-time, you started
25:28
to pay yourself.
25:30
Tell me about how you came to that
25:33
decision and how does it feel now to
25:38
kind of fully step into this new section
25:42
of your career?
25:44
Yeah, so for the first two and a
25:46
half years that I started the coaching business,
25:48
I was reinvesting every dollar I made back
25:51
into the company.
25:51
And so it wasn't until October of 2024
25:55
that I started taking a paycheck out of
25:57
the consulting team, out of the consulting business.
26:00
And that's one of the things that I
26:03
think what was so limiting for me on
26:07
the real estate side for so many years
26:09
is that I had the mentality that so
26:11
many agents do, which is I would sell
26:13
a house, I would get a commission check,
26:15
I would put the entire thing in my
26:16
personal bank account and I wasn't actually reinvesting
26:20
anything in my business.
26:22
I mean, for many years, I was paying
26:23
the very bare minimum to market a house.
26:27
I was spending the very bare minimum to
26:31
advertise myself.
26:33
I mean, the goal that I had was
26:36
how do I spend as little money as
26:38
possible on my real estate business?
26:40
That was literally my mentality for so many
26:42
years.
26:43
And one of the biggest shifts that I
26:45
made that helped me be successful as an
26:47
agent is I stopped thinking like that.
26:49
And I started thinking more like, how much
26:51
money can I spend to get ahead as
26:53
quickly as possible?
26:54
How can I throw money at this situation
26:57
to make it go away?
26:58
What can I invest in that's going to
27:00
allow this to happen so much more efficiently?
27:03
And so I knew when I started the
27:06
new business, like what you just said, I
27:08
came into the second industry so much farther
27:11
ahead because I had 20 years worth of
27:13
business experience in real estate.
27:15
And so I knew from day one, I
27:17
was like, hey, I'm just going to reinvest
27:19
everything I make until I hit a particular
27:22
point that then I'm willing to start drawing
27:25
money out of the business.
27:27
But it was, yeah, it was two and
27:29
a half years before I paid myself anything
27:31
in the new business.
27:32
And I was really supporting myself still on
27:35
the real estate side.
27:36
And now I'm at this tipping point where
27:39
I've gone, okay, I'm now ready to let
27:41
go of what's kept me safe, what's been
27:43
paying the bills for all these years.
27:46
I'm now ready to say goodbye to that
27:48
because I'm ready to fully go.
27:51
I know that as long as I put
27:53
all of my time and energy into the
27:56
new industry, I know that it will be
27:58
wildly successful.
27:59
But I was having that same conversation with
28:03
an agent that I coached this week.
28:05
And she was actually kind of beating herself
28:09
up because she's newer to the industry, she's
28:11
still working a full-time job.
28:13
And she was saying, I know, I know,
28:16
I'm never gonna be able to be successful
28:17
in real estate until I let go of
28:19
my full-time job, but I'm just not
28:21
at a financial place to do this yet.
28:23
And I said, hey, I want you to
28:25
reframe that right now.
28:27
What you are doing is you are doing
28:29
what is necessary in order to get what
28:33
you actually want to happen.
28:35
And so she was feeling really down and
28:38
really resentful about the fact that she was
28:40
still carrying a full-time job.
28:41
And I said, hey, you need to look
28:43
at that instead of the thing that's holding
28:45
you back.
28:45
You need to look at it as actually
28:47
the key to you hitting your next level
28:50
and be grateful that you have that full
28:52
-time job.
28:53
And hey, look, you're just gonna have to
28:55
work two jobs for a while, that's the
28:57
reality.
28:58
Like when people want to start a new
29:00
career, they wanna start a new business, you're
29:02
gonna have to ride two horses at the
29:04
same time for quite a while.
29:06
And a lot of people won't ever make
29:09
a big transition because they aren't willing to
29:11
do the work.
29:12
And then they aren't willing to let go
29:14
of the thing that's been keeping them safe.
29:17
And, but for those who are, that's the
29:21
secret.
29:21
That's the secret to having the freedom to
29:23
live the life that you want.
29:25
Yeah, well said, Lacey.
29:27
I 100% agree.
29:30
And I always say to clients that your
29:36
job is your investor.
29:38
Like that's bankrolling your business until your business
29:43
can bankroll itself.
29:44
So, you know, just kind of look at
29:46
your, that position as your angel investor, that's
29:50
allowing you to do the work you wanna
29:52
do until that can become your full-time
29:56
thing.
29:57
100%.