Let’s just put it out there: 2023 was a weird year for real estate. High interest rates, low inventory, “golden handcuffs,” lack of affordable housing and global uncertainty all combined to create a perfect storm of marketplace confusion. And when things feel that uncertain, many would-be buyers and sellers choose to sit on the sidelines. Who can blame them? The good news is that regardless of how the market is behaving, there are things you can do as a real estate professional that will move your business towards success. Following are 7 steps to make 2024 your best year yet:
1 – SET YOUR GOAL, CREATE A PLAN
Move your business towards success by setting a goal. How much Gross Commission Income (CGI) do you want to make for 2024? Set a goal, decide on a number, and write it down on a big white board or post it in a very visible way in your office. As importantly, decide on a reward for yourself when you reach your goal. Maybe it’s a trip, a piece of art for your home, or a new car. Then take the following steps:
*Look at your calendar and decide on the days you are going to work for the next 90 days (Q1). Showing up for your business is key. Extrapolate this 90-day work commitment through the remaining three quarters to complete the 2024 year.
*Set a CGI expectation for each quarter/90-day increment.
*Then break that down from annually, to quarterly, to monthly, to weekly, and finally, daily.
The goal is to see your plans turn into reality at the end of the 90-day cycle you’ve set for yourself. Make sure to write everything down as you go and make it something you look at on a daily or weekly basis. By doing this you remind yourself of your goal and are better able to hold yourself accountable throughout the year.
2 – ADD “VALUE”
Adding value means providing something that someone else finds helpful and relevant. You will be “in demand” when you achieve this skill. You may be working with buyers or sellers that have expressed an interest in buying or selling, but aren’t quite ready to commit. That’s okay. The mission of your business should be to cultivate long-term relationships. Really get to know your clients’ personal journey and then check in with them on a monthly basis by doing the following:
*An emailed newsletter (ideally linked to a blog, which is then linked to your website, which drives SEO to your business.)
*A phone call
*A text message
*An invite to an event or seminar you are hosting (preferably with another aligned professional) that might help them on their journey. For example, a free class, a free market recap, a free lending update, etc. Remember to provide refreshments. Better yet, work with a local vendor to have it at their place of business. Regularly working with your community expands your sphere.
3 – STAY IN TOUCH
Easy ways to do this revolve around closing date anniversaries, birthdays, home warranty expiration date reminders, and referrals to professionals you work with (like landscapers, maintenance companies) and so forth. Holidays are also a great way to “touch” former clients. And make sure to give your clients an annual CMA update on the property you helped them purchase – more than likely, that property has appreciated. This will remind them of their good decision to buy when they did.
4 – INVEST IN MARKETING
Create future opportunities by investing in your marketing. There is never a bad time to invest your time, energy and money to build out your marketing (web site, newsletter, blog, social media), contact database (CRM), as well as retreats and seminars. Get in the habit of creating your own momentum and luck. What do you want your next year to look like? Instead of fearing what all this will cost, be more afraid of what it will cost you down the road if you don’t do this.
5 – CREATE A PROSPECTING ROUTINE
Your mantra should be “clients for life.” But keep it simple. Create a weekly follow-up flow by doing the following:
*Set aside 1 to 2 hours daily for follow-up
*Get it done first thing
MONDAY – Database: Set up your week by checking in with your database. Concentrate on your “sphere of influence”, acknowledge birthdays, anniversaries, and leads that came in during the weekend. Have at least five conversations.
TUESDAY – Active Pipeline: Reach out to current clients (buyers you’re working with, your listing clients, clients in escrow) and give updates and answer questions.
WEDNESDAY – Networking: Reach out to other aligned professionals like CPAs, mortgage brokers, attorneys and so forth. This is a great way to generate referrals and new business.
THURSDAY – Hot Leads : Reach out to hot leads that may have come in during the week; set up showings for the weekend; organize and plan any open house events you may have.
FRIDAY – Admin Day: Complete paperwork, loose ends, confirm appointments for the following week.
6 – TWEAK WHEN NECESSARY
You’ve set a yearly plan and that’s great! You’re already ahead of the pack. But remember to stay open to course corrections should they become necessary. Sometimes there are very good reasons for changing up the plan. Stay open to that possibility.
7- IMPROVE YOUR SKILLS
Always work to get better at what you do. Take courses, attend seminars, learn new things, get out of your comfort zone. Maybe you would benefit from new certifications, like learning the ins-and-outs of 1031s. Whatever it is, expand your skill set and watch your business grow.