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Setting New Year's resolutions for your real estate business is easy. Finding the right strategies to take you from goal to achievement is the challenge.
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If you’re a real estate agent who’s been online in the past week, this is probably the millionth new year-related article you’ve read. We’ll do you a favor and skip the details of what your New Year’s resolutions should be and skip right to how to achieve them. As a real estate agent, it’s in your nature to be a high achiever, so why not make it as easy as possible to reach those ‘impossible’ goals?
Set Smart Goals
S.M.A.R.T. is an acronym for exactly what each goal should embody: specific, measurable, achievable, realistic, and time-bound.
As you look at your list of New Year’s resolutions, ask yourself if the goals you’ve outlined fit within each of these ‘smart goal’ requirements.
Specific
You should have a clear idea of exactly what you want to improve on and why. “Make more money”, for example, is too general a goal to be measured. What exact number would you consider a notable success for your real estate business?
Measurable
Always consider how you will measure the goal and use the most relevant metrics for each individual goal. For example, when measuring the success of your new Instagram campaign to drive viewers to your lead magnet, sign-ups are a better indicator of success than post likes.
Achievable
We’d never discourage dreaming big, however, achieving goals requires the foresight to plan individual steps in the right direction. Goals that are beyond your scope of imagination can feel larger than life and difficult to plan for. Short-term goals are the incremental steps that accumulate to form long-term achievements.
On the other hand, goals that are too easy don’t allow you to hit your potential. A goal that is high enough to plan for, yet not challenging enough to forsesee is the sweet spot.
Realistic
The definition of what is realistic depends on what you believe your capabilities are and the work you are willing to put into them. The key here is to focus on real metrics, rather than vanity metrics motivated by what others are doing.
Time-bound
Tasks without a deadline are impossible to get done on time. Makes sense doesn’t it? Well-organized, specific goals encourage you to visualize exactly where you’re going and how long it will reasonably take for you to get there.
To find out roughly how much time it will take you to achieve your business goal, set goals based on the activities that produce the results you’re looking to achieve. For example, instead of setting a goal to sell 5 more homes than you did last month, focus on reaching a certain number of prospects each day.
Identify Leading vs. Lagging Indicators
Too many agents set goals based on lagging indicators. Lagging indicators are goals that are focused exclusively on outcomes. Draw from the principles of SMART goals to develop leading indicators along the way: benchmarks that indicate you’re on your way to a larger goal.
What would indicate that you are heading for a higher income? Perhaps, managing your money more responsibly? Investing in a retirement fund?
Review the Numbers
Take a look at your past fiscal year. Your CRM, tracking spreadsheets, year-over-year gains, etc., should give you a clear idea of how or if you’ve grown or taken a financial dip over the past year. Consider changes you’ve made throughout the year, as well as market and environmental changes that may have affected your success.
From this point, develop measurable takeaways that you will either double down on or eliminate.
Look for Growth Opportunities
Looking back on the past year, ask yourself: How was I represented in my hyperlocal community? Is that image in line with how you want to be seen in the new year?
If the way you see yourself and how you aspire to be seen match with how your clients perceive you, you’ve done something right.
If not, it’s time to investigate further. Does your real estate brand compete with other real estate agents in your area? How are other real estate agents perceived by clients in comparison?
The amount of real estate referrals and quality of referrals is also a good indication of new client trust and the types of clients you can expect to attract in the coming year.
Pick a Real Estate Business Role Model
Although your role model doesn’t necessarily have to be in the same line of work, it would be helpful if you plan on replicating some of their strategies.
Imagine for example, that your real estate role model is super-agent and real estate marketer, Tom Ferry. What is about him that makes you admire his work? Kindness? Attention to detail? Commitment to long-term success? Perhaps even the scale of his business.
Focus on two or three specific habits of this role model that you can begin to implement in your own life.
If you’re lucky enough to have your role model in your life or even connect with them on social media channels, reach out an express how much they have influenced your real estate career. Local people may even be open to a short coffee and chat. You’d be surprised to know how many professionals you look up to are happy to talk about themselves and ask career-oriented questions.
Visualize and Get Clear on Next Year’s Goals
A fresh start starts with a clear image of where you’d like to be. Visualize your goals not just in your mind, but by scheduling focused time into your professional calendar to accomplish them.
Whether you enjoy vision boards, scripting, or simply affirming your goals to yourself, keeping them focused and clear in your mind is a powerful technique to make them come true.
A great trick is to integrate goal setting into your morning routine. While prepping for your day ahead, take a minute to review your list.
Give Yourself a Break
High achievers often need to remind themselves that unforeseen issues often pop up in our lives that make it hard to stick to our good habits. Give yourself some grace.
Conclusion…
New Year’s resolutions have become a common cliche – if they’re unachieved. With a strategy in place, and by breaking large goals into bite-sized steps, it’s easy to gradually achieve even the biggest goals.
If you want more in-depth articles, tactics, strategies, and advice – subscribe to our newsletter, The Spark. And if you want to dominate your hyperlocal real estate market, check out AgentFire’s Web Designs, #1 rated for several years in a row.
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