Personalization and focus will keep you on track in 2024 despite all the noise about the market and the industry. People will always need a place to live, so real estate is a great business to be in. I also believe it’s the best avenue to create true family wealth. A study by the Federal Reserve found that homeowners have a median net worth 40 times that of renters. You’re in the right place at the right time to truly make a positive impact on the lives of others.
I want to share a few things that everyone can do (other than creating a business plan), to help you take control of your business and your life.
- Make a list of where all your business came from between 2019 and now and look for trends. If you find a lot of your business came from personal referrals for example, you must be a great people person. Make sure you continue to connect and communicate.
- Put together a list of the pros and cons and what you love and don’t love about what you’re doing. You might find there’s an opportunity for you to delegate tasks to someone else so they can fill in the gaps. Having the list and delegating will result in a much more effective use of your time so you can concentrate on building.
- Be specific about the targets you want to reach, like the number of transactions you want to close or a dollar amount you want to make by December 31st of next year, then formulate your strategy. A strategy is simply the steps you need to take to get there. Being clear on your targets and strategy gives you something measurable so you can follow up and follow through.
- Have conversations with the people you really enjoyed serving about what made them want to work with you. Share your goals and ask if they have any suggestions about what you could do more or less of. Choosing people who will be candid with you will help you get a healthy picture of what’s working and where you can improve.
- Have conversations with successful people you admire; maybe a successful person in your office or your brand. Again, share what it is you want to accomplish, ask for their suggestions and incorporate the ones that feel right into your plan. It’s not about back to basics. It’s about doing what works. Some things work because of your personality profile or skill set that wouldn’t work for someone else.
- Now that you have targets and timelines, make your goals as visible as possible. Create a vision board or add them to your screen saver.
- Add an action plan that you’re going to review monthly to keep you on track. Book off four hours halfway through the month on a Tuesday, Wednesday or Thursday to work on your business and your life, not in them. I typically do a 6-week action plan to ensure I’m making the highest and best use of my time and maximizing every moment. When you sit down to do this, ask yourself:
- What do I need to learn?
- Where do I need to improve?
- With whom should I be speaking?
- From whom should I be learning?
- What do I want for myself?
- What’s going on in my family life, community and personal life so I can make sure those things are incorporated into my plan?
- Where can I adjust or take advantage of marketing, public relations, client appointments and reaching out to past, present and future clients?
- Where do I need to do homework?
- What worked over the past 6 weeks that I can do more of? Some people are good on the phone and others at networking. Do more of what works.
- Where didn’t I see results? Scrap that or do it less.
It all starts with knowing what you want, why you want it and how badly you want it. How badly you want it is an indicator that you’re heading in the right direction. There’s one more consideration and it’s the one I find, no matter what’s going on in the market, helps me stay in control of my business: Who benefits if I succeed? Knowing this keeps me going.
A feeling of being out of control is a key stressor that comes from unfinished business because we don’t know what we’re supposed to do, or indeed, can do. The more in control of your time you feel and the more you can see progress, the much more likely you will be able to stick with it. These ideas and the resulting action plan will help you stay on track. Anxiety comes from catastrophizing about the future. When you stay on track and in the present tense, and focus on what you should be doing now, you’ll be much more likely to reach your goals, enjoy the journey and live a more fulfilling life.