Statistics show that New Year’s resolutions don’t work:
25% abandon their New Year’s resolutions after one week.
60 percent abandon them within six months.
From the remaining 15%, only 3% actualize their resolution.
At the same time, statistics show that writing specific measurable goals and an action plan (business planning) actually increases the chances for success.
So lets talk about business planning.
Boy o' boy do we love business planning!
The best time to start your business planning and actually write down a plan of action for the year is around September. So obviously, today is November 30th...It's little bit late to bring this discussion right? I don't think so! I believe its better to do it now (for all of us that didn't) than never.
Its been proven that most Americans fail not because they write goals and don't achieve them, but because they never take the time to actually write their goals. Its safe to assume that if we only write our goals down, we'd be better off. So lets just do it shell we?
Easy layout for goals writing: Asking the right questions.
What is your income goal for 2017? be specific & realistic, aim higher than your last years 1099.
What's your average commission per sale/closing?
How many sales/closings will you need in order to hit your income target?
Divide number 3 by 10 (assuming you'll work roughly 10 months in 2017). Write the answer down.
Based on number 4, how many listings/contracts will you need to take/write per month (assuming only 75% will actually sale/close)?
What is the # 1 activity that causes you to get a listing/sale? (tip: the answer should b Prospecting)
How many hours a day will you need to devote to that # 1 activity? (whatever # you write, make sure to add 25%)
What is the # 2 activity that causes you to get a listing/sale? (tip: The answer should b follow up)
How many hours a day will you devote to that #2 activity? (add 25% and write it down)
What are the distractions that normally take your attention away from activities #1 & 2?
How can you eliminate these distractions?
What are your prospecting/lead follow up ratios (in the last 12 months). Here you should write how many contacts you make per hour (on average), how many contacts it takes you to get an appointment, how many appointments to get an actual listing/contract, whats the % ratio of listings taken vs listing sold. This exercise should reveal to you how many actual hours per day you MUST invest in order to get or exceed your income goal.
Which lead sources give you better results while prospecting? (Fsbo's, expired's, past clients, friends & family, just listed, just sold, etc)
Which lead source do you focus on and why?
What can you do in 2017 to improve your ratios? (learn scripts, roleplay, memorize objection handlers, dress more professionally, don't be late, more follow up, etc)
What is your current accountability system? (don't have one? why?)
How can you hold yourself accountable to the minimum needed activities?
What are you willing to lose if you don't achieve your goals?
What is missing in order for you to do the above?
Write a specific schedule to reflect the following A activities (income producing actions):
Here is an example of a real estate top producer schedule that I recommend to follow:
5:30 - 6 Wake up
6 - 7 Exercise, shower and get ready (recommended exercise is cardio 20-30 min)
7-7:15 eat healthy breakfast (light breakfast, nothing heavy)
7:15 -7:45 Meditate/Pray/Visualize (Spend time being grateful for what you already have, then visualize your desired outcomes and say thank you, as if you already received your desires)
8:30 - 11:30 Prospect
11:30 - 12:30 Lead follow up
12:30 - 1:30 lunch (preferably with a client, colleague, a good book)
1:30 - 1:45 be quite and spend this time visualizing and relaxing
2 - 4 Listing/buyer appointments. If none, go preview properties.
4 - 6 Listing/buyer appointments. If none, prospect & lead follow up.
You can see I haven't included any emails, texts, advertising, checking vm, social media etc. These are all B activities and should be done by an assistant/VA. If you don't have one, plan on hiring one. Remember you are running a business, you're not on a job. Treat it like a business and watch it grow. Treat it like a job and you enslave yourself to it.
If you have any questions, suggestions, concerns, please feel free to comment below and remember to share this with your colleagues and friends :)
Now go make it a great day!