Takeaways:
- Many agents don’t realize that the holidays and vacations pending in the second half of the year will take many working days off the calendar.
- Not having a clear perspective of your current state in the business will deter you from planning ahead and forming a proper goal for yourself.
- Your burn rate is what it costs for you to exist per day; to have the life of your dreams, you should be earning three times your burn rate.
If you’re like many agents, you might feel like the selling season has just started — until you wake up one day and realize we’re already in the second half of the year.
If you haven’t had this epiphany yet — then wake up. It’s September — so are you on track with your production goals for 2015?
We’ve got a little more than four months left. If you’re feeling unsure of how you’re going to finish this year up, then today’s topic is for you.
Today’s topic is a true business plan to help you get it together and stay on top of your production for the rest of this year.
“Wait a moment,” you say, “there are four months left in the year. I have plenty of time.” Yes, that’s true, but many agents don’t realize that the holidays and vacations pending in the second half of the year will take many working days off the calendar.
You might have booming business, or you might be falling behind. Not having a clear perspective of your current state in the business will deter you from planning ahead and forming a proper goal for yourself.
The first half of the year is gone, and you fall under one of four categories:
- You could have fared well and stayed on track for your goals.
- You’ve gone above and beyond to be exceeding expectations.
- You might have done not as expected and fallen behind.
- You may have not even set any goals at all and have no idea what you are doing.
Regardless of what category you fall under, your 2016 has already started, and you should be kicking butt in the third and fourth quarter of this year to prepare for next year.
To get more details on how to keep your business on track by using the vital stats report, listen to the full podcast.
Your Second Half 2015 Motivation and Business Plan (Part 1)
Your Second Half 2015 Motivation and Business Plan (Part 2)
Setting goals for yourself is the first step to prepare for the upcoming year. Figure out your location by thinking of the past six months, and crunch some numbers to know your net closed income.
Compare this with your first goal for the year and see where you stand, and what you should be earning. Your burn rate is what it costs for you to exist per day.
To have the life of your dreams, you should be earning three times your burn rate. Don’t set your goal just to get by — it would defeat the purpose of working in real estate.
Numbers that you should be crunching include how many appointments you are setting, how many contacts you’re making, the number of active listings, your listing percentage, etc.
Listings are the fuel that drive the engine of your business, but don’t throw out buyers while you’re getting the listings done. For the next six months, set your goal to have a number of listings, number of buyers and how much money you want to make.
Not having a specific goal can leave you intimidated by big numbers. People might think that they need to be making millions of dollars, but that’s not the case.
Don’t think money should not be a motivator. The pursuit of profit is not evil because you will be helping a lot of people in the long run.
Your 2016 has already begun. The actions and decisions you make now will impact your 2016. The process of creating momentum going into the next year takes awhile, and you need to start as soon as possible. Don’t wait for next year.
If you have not already, you can listen to the podcast of Part 1 of this topic and get caught up on how to find the numbers for yourself necessary to set your goal.
Setting clear, concrete goals for yourself is necessary for you to get ready for 2016. A goal is a dream with an action plan.
If you are on track and financially comfortable, think about what else you would like to do, such as taking a trip to Europe or spoiling yourself on Christmas.
Get yourself a number for all of those expenses, and plan out what you need to do or how many houses you need to sell to get that amount.
Your goals should be measurable and concrete, and reviewing your goals regularly is crucial. Having many goals is fine, but having too many might be a problem.
Don’t assume you need a number of goals for different categories and overwhelm yourself. Having at most three specific financial goals for yourself — a listing goal based on an income goal and a unit goal — is recommended for stable planning.
If you’re behind, this goal-setting is something that will benefit you the most. People who are behind will have more motivation to keep themselves focused on goals they set for themselves.
It’s necessary to take massive action to get yourself back on track, and setting a 30-day goal will be essential in doing so. There are many resources that can help you get back on track and many coaches available to guide you.
These are just a few suggestions for getting organized and boosting your production for the remainder of this year. Work hard now so that you’re not left holding an empty bag when the holiday season arrives.
We urge you to listen to the shows (above) in this article, as well as downloading a copy of “The Real Estate Treasure Map,” our free, detailed business plan for real estate agents.
Tim and Julie Harris have over 20 years’ experience in real estate. Learn more about their real estate coaching and training programs at timandjulieharris.com, or schedule a free coaching call with them at freecoachingcallsforagents.com.
