Realtors who started the year with a solid business plan know exactly where they stand. They have been evaluating their progress weekly and monthly all year, and hopefully, that is you; if not, read on.
Most choose a goal at the beginning of the year but pay little attention to where they are coming into the summer. They discover one of two things: they have reached their goal or are close to it. Be careful! You need to set another goal or risk declining motivation as the year progresses.
Others who set a goal will discover they need a head shake or a kick in the butt because they have no benchmarks. They are on a treadmill getting them nowhere, doing, doing, and thinking their busyness is their business; it is not; it is a job and a poor paying one at that!
There are some Realtors who did not set a goal for the year. Or, set a goal but can’t remember what the goal was or don’t think about it again until next year!
The following business planning work will take about an hour if you already have good data. Some questions may require gathering data on your activity so far this year. If you gather that information and follow the instructions, I promise you a business plan that will take you to higher production levels than you have ever achieved. So, if you are serious about your Real Estate career, schedule time to sit down with your computer or pen and paper and do the following.
If you get bogged down or do not see yourself completing this, give me a call, I can help you.
Setting – Resetting Goals
Look back to the beginning of the year and write down at least three things you accomplished, personal or professional. Smile and pat yourself on the back.
Can you write down three goals you want to accomplish by the end of the year, personal or professional? The next three years?
If you set goals this year, were the goals in the following categories?
- Sales Volume
- New Prospects
- Calls, texts, emails and appointments
- Posts, blogs, marketing, letters
Are you on track ahead or behind? If you still need to set goals, could you do that for the rest of the year?
Do you have monthly goals set for the months for the rest of the year? If so, re-examine them to see if they should be adjusted. If you still need to set monthly goals. You can start this month and set them now. (Hints: Set written sales volume first. Then translate that into several sales. Choose how many of those sales will be listings sold. That will dictate the number of listings needed. Income is a result that is easy and important to track but hard to set as monthly goals.)
Weekly Activity Goals
This is a key to your peace of mind and taking time off with greater ease. Review your calendar and count how many appointments you have had with new buyers and sellers. List them by name and source. (How did the person get to you?) Now count how many you sold or are confident will successfully buy or sell with you this year. The result gives you a success ratio – Total Appointments: Sales.
Experienced Realtors achieve a two-to-one success ratio. In other words, they sell about half of the people they begin working with. Higher producers have a sixty to eighty& success rate. Newer and less experienced Realtors may have a three-to-one success rate.
If this makes you crazy, just use fifty percent like this. Choose how many sales you need to make by the end of the year to achieve your goals. Multiply that times two. That’s the number of appointments with new buyers and sellers you need this year. Divide that by the number of weeks left in the year, and you now know how many appointments per week you need for the rest of the year to achieve your goals.
It is simple. You need 15 sales to hit your goal. Times two means you need 30 appointments between now and the year-end. With 19 weeks left in the year, divide 30 by 19. You need 1.6 appointments per week to hit your goal. Just have new appointments with two people per week between now and the year’s end, and you will have an excellent finish to this year.
Appointments each week is something you can easily control. Conducting the required number makes your goals happen. Keeping track and knowing you are on track gives you tremendous confidence and comfort. Keeping track and realizing where you are on or off track leads you to discover the precise parts or systems of your business that need your attention.
What are the best ways to make the number of appointments you need to achieve your goals? Go back to that list of people you had appointments with this year and look at how they got to you. Then look at your sales and listings this year and how those people got to you. The theory is that your future business will most likely arise from the same sources as your past business.
This research and analysis will dictate your business’s best sources and resources.
As you do this, note who sent you referrals and reward them or reward them again. Call to say you were thinking about them and thank them again. Send a small gift. Stop by. In minor ways, your attention makes them think of you and refer you again.
As you look at your business and consider how to make the number of appointments that you need to reach your goals, a few questions to answer will zero in on precisely what it will take to achieve your goals. Your honesty in answering these questions leads you to recognize the habit, skill, tool, or system that will make you more successful.
- Are you already generating enough leads to achieve your goals but not following up effectively or staying in touch well enough with the leads you are generating?
- You do not need to contact all the leads you generate. But are you contacting enough of the leads you are generating to make the number of appointments you need to achieve your goals?
- Do you have the skills and approach to convert the leads to client appointments? Or do you meet and speak to people but not make appointments with them?
- Do you have a system to stay in touch with the leads until you discard or convert them?
Are you clear on your goals for the rest of this year? Now you know what you must do each month through the end of the year. And you will have a clear weekly guide that provides stability and peace of mind.
You will also see whether you need to pay attention to your prospecting, communicating and converting your leads and your CRM as part of your plans for the next six months.
When I ask Realtors how their business is doing, whatever answer I get, I know what they did or didn’t do six months ago!
Need some help, contact me; I’ve been there, done that and not done that; I know what works if you want to work and build a nice lifestyle for you and your family.
Ty Lacroix Broker of Record 519-435-1600