Why Should Real Estate Agents Set Goals?
Most of us, if not all, have a dream or vision that we hope will come true one day. Small or big, personal or business related, for many agents these desires and hopes are often unattainable without the dedication and hard work.
However, there is a way to make achieving your dream objectives possible. Break down your vision into smaller, manageable goals.
Setting goals for your business gives you a sense of purpose and motivation to accomplish what you envision plus a realistic way to achieve it.
Saying that you want to make $100,000 this year is great; however, how do you plan on achieving this vision?
While you could wait to see how things play out and simply hope your dream comes true, your chance of success is much higher if you define your objective, set goals, formulate a plan, and take action
How to set goals in practice
Let’s set some example goals. What goals might you have to establish in order to make $100,000 this year?
Let’s break that down.
In order to achieve this objective, you will need to acquire more leads. At this point, you can now set specific and realistic goals to help you generate better results towards achieving this target.
First, based on this objective, you could say you will commit to spending an hour per day communicating with your contacts.
- Monday, call your family and friends to see if they have anyone in their life such as a co-worker or teacher ready to buy or sell.
- Tuesday, call your current clients to update them on their transaction and ask if they know anyone thinking about making a move. Also, call your past clients to check-in and see if they know anyone looking to buy or sell real estate.
- Wednesday, call fellow agents outside of your area to see if there is potential to become referral partners
- You could also find additional ways to dedicate time building your database. Commit yourself to attend at least one event in your area per month and plan on facilitating 1-2 open houses each week.
These are just a couple of feasible example goals to acquire more leads.
As shown in this example, setting goals and formulating your plan becomes easy once you have set your objective. With your goals in place, your vision becomes more manageable and achievable.
Read more: The Simple Real Estate Business Plan
How to make your goals stick
Once you have your goals in place, there will be the temptation to both forget to stray from your goals. So here are a few ways to make them stick.
First, find goals you are comfortable with and implement them in your everyday work.
There is no point in setting goals too ambitious that they are beyond your reach, setting yourself up for failure. But don’t aim too low, either.
Secondly, a big part of setting goals and successfully achieving them is to write them down, or otherwise track them somewhere easily accessible so that you can be constantly reminded of them.
You should constantly have a reminder of your goals and the main objective you are trying to accomplish. This will help keep you accountable and enthusiastic.
This doesn’t need to be complicated or difficult to keep on top of, though. There are tools in place to help make tracking your goal progress and performance easy, like Zipi.
Another purpose of recording your goals is so you can establish which goals are easier to complete and which are more challenging. You will be able to adjust them accordingly and fine tune your goals list, spending your time where the rewards or challenges most require it.
Lastly, consider your “Why?”
What is motivating you to make $100,000 this year? We all have something or someone who drives us to be the best we can be. For some it may be a child, parent, or spouse while for others they may be motivated by factors such as purchasing a new car or paying off their college tuition.
Wherever your motivation stems from, use it to your advantage. When you look at your list, think of your “Why” and push yourself to accomplish everything you have set out to achieve.
Read more: How to keep real estate agents accountable
Setting goals is crucial to achieving your objectives. Goals can help give you the vision of what to pursue and how to achieve them in a manageable way.
First identify your overarching objective, such as a certain income level. Then break down your objective into a series of goals from which you can create a plan to achieve this outcome.