With the first month of 2015 nearly in the books, it is time for people to really evaluate their resolutions. For some, real estate goals are still well in reach. However, some may have already fallen off the bandwagon. If this sounds like you, it’s not too late. In fact, it is never too late. As long as you take the appropriate steps, there is always something you can do to jumpstart your business. Consider this the catalyst to your prosperous 2015. If you intend to grow your business this year, try the following:
Write Down Your Goals
The concept of writing down your goals has more validity than you may think. At least that is what a study conducted at the Dominican University found. According to findings, people that write down their goals are 42 percent more likely to achieve them. However, would you believe me if I told you that it is possible to increase your odds even more? Well, according to the same study, those that emailed regular progress reports were 25 percent more likely to attain their goals than those that only wrote them down. As if a 42 percent increase wasn’t enough, those that were held accountable managed an astonishing 67 percent success rate. Considering that rate is the result of such a simple task, it is hard to find any reason not to write down your goals.
Writing down what you wish to achieve in the coming year is as tangible as it is psychological. While the simple process of getting your thoughts on paper is simple in nature, it provides you with a tangible asset. The fact that you have your goals written down on paper means that you have a reference to check how ever often you want to. At the very least, it can serve as a simple reminder as to why you got into the real estate business.
As I mentioned before, being made accountable for your actions promotes more inspiration than you may know. If someone is relying on you to complete the goals you wrote down, there is a lot more motivation. Try to find an accountability partner: someone to keep you on track. The simple act of reporting to them will make you work that much harder.
For those of you that think this is nothing but a ploy, consider the alternative. Instead of writing down your goals, there is a good chance you will simply let them stay in your head. For some, that is fine. However, others will soon forget what it is they are working towards. The real estate business is a complicated one. It is easy to get side tracked. Without a tangible note pushing you in the direction you intended, it can be easy to get lost. So please, do yourself a favor and write down what it is you hope to achieve.
Create An Action Plan
Let’s be honest: a goal without an action plan is nothing but an empty promise. The real estate business, in particular, is one in which a plan is essential. Of course you will want to have your exit strategy planned out, but in this case, I am referring to something that can compliment your goals. For instance, if your goal is to increase sales, the subsequent plan should focus on lead generation, marketing, networking and the all-important follow-up. In other words, there needs to be a direct correlation between your goals and your plan. Any plan you create should be a simple to understand roadmap that leads you in the direction you intended. The more impressive your goals are, the more work you will need to put in.
In creating a plan, it is important not to get ahead of yourself. Again, it should be simple and easy to follow. A well-devised plan should play to your strengths avoid areas where your expertise falls short. Place yourself in the best position to succeed. There is really no reason not to play to your strengths.
It should go without saying, but the clearer the plan, the better. Any strategy you come up with should be specific and to the point. If it is anything but, there is room for error and convolution. Be proactive and eliminate any potential problems before they happen. Investors are advised to create a schedule. When do you want your plan to start? How long should it be implemented? Basically, write down when you intend to do things and when you intend to finish them by. In doing so, you will hold yourself accountable.
Put Yourself Out There
As I am sure you are aware by now, the real estate business is a people business. There is really no two ways around it. The relationships you establish throughout your career will undoubtedly impact the direction of your business. That said; the better relationships you forge, the better off your business will be.
When you break it down, you are ultimately trying to sell yourself. Hopefully your business will speak for itself. However, you are the face of your business. You need to be the one making connections. The more people you meet, the better chances you have in gaining a lead, selling a home or closing a deal.
The real estate business, in addition to being a people business, is also a numbers game. The more hot leads you have, the more likely you are to close a deal. Having said that, your goal should be to create as many leads as possible. So how do you go about doing that?
Some investors believe that for every 50 people you make a connection with, you should achieve one sale. Based on that theory, if you make connections with 500 people, you should be in line to sell 10 houses. Of course these numbers are not concrete, but you get the idea. Making lasting connections can only help you take your business in the right direction. Now, if that sounds like too many people to meet in one year, consider this: to sell 10 homes a year, you would need to meet less than two people a day.
Place the odds in your favor and meet as many people as you can. Start with your very own network. Perhaps you are already working with mortgage agents, financial advisers, CPAs, interior designers, real estate attorneys and contractors. There is a good chance these individuals could be of service to you, and you to them.
Investors need to understand the importance of following up. There is perhaps no greater way to grow or ruin your business. That is correct: properly following up with potential leads can lead to unparalleled success, whereas not following up can literally bankrupt an investment company. Again, real estate is a people business. If you are not following up with your contacts, you are essentially severing ties with anyone that can help your business. Consider any lead that you do not follow up with to be lost. After you have made a connection with someone, you need to keep in touch: period.
Investors are advised to use a lead management system: something to help them keep track of leads. A good lead management system will help you keep in touch with people and take all of the guesswork out of it.