Here’s how you can create a solid plan for your real estate business.
Years ago, one of my coaches asked me, “If you were going to drive from Denver down to the bottom of South America, would you use GPS?” I responded, “Of course!” In return, he asked, “Well, how long would you be comfortable turning off your GPS knowing that you’re still going in the right direction? Would you turn it off for an hour? A day? A week?”
I told him there was no way I’d turn it off for a week—I could end up in a completely different country! He responded by saying that I was doing the same thing with my business. I was creating a plan (the GPS) and then shoving it away in a drawer instead of always having it out and ready to go. How can you expect to get to your destination if you’re not following a plan?
That really made my team and I think; now, we have an annual business plan. We meet twice a year to focus on what we’re going to plan for the next year. Then, halfway through the year, we assess how we’ve done year to date. That way, if we need to make any pivots, we’ll have time to do so.
So, when should you make these plans? In real estate, the activities you focus on today could lead to a positive or negative outcome in the next 30, 60, or 90 days. So if you have a goal set for January 1, you need to start that plan no later than, ideally, November 16. Anything you do for business after that point is likely going to land in the next calendar year.
If you’re thinking about making a plan, time is of the essence, so schedule that meeting ASAP. While you’re at it, do it out of the office. Set aside at least six hours to think about what you want to do for the next year.
Finally, flesh out your goals. One of my coaches once said the difference between goals and dreams is that, for a goal, you take action, and for dreams, you simply think about what you want. Since there are so many aspects of real estate, it can be hard to select something to focus on, but here are my suggestions:
- Your sphere
- Your advantages in your market
- Open houses, cold calling, buying internet leads, etc.
Once you’ve solidified your goals, create an actionable plan to help you achieve them.
If you have any questions or comments and would like to have a one-on-one consultation regarding what you can do to grow your business, just reach out to me. I’d be happy to help you get your business moving in the right direction.