At the start of the new year it is important to set real estate goals to help you achieve your definition of success: that idea of financial freedom and being able to spend more time with your friends and family. Goals will help you measure your success and momentum in the industry. They will tell you where you need to focus your time and resources in order to grow your business.
Goal setting for agents will include things like lead generation, ongoing education and personal development, sales goals, specific types of referral goals, social media goals, and so much more. The more specific you can set these objectives, the easier it will be to validate your efforts and decide where you should place more of an emphasis.
What are SMART Goals?
Real estate goal setting can make excellent use of the SMART acronym. This stands for:
SPECIFIC – Clearly identify your goals and be more detailed to make them easy to understand.
MEASURABLE – Goals should always have some measure of success to help you identify how close you are to completion. This helps you focus your efforts.
ACHIEVABLE – Your objectives should be set to obtainable levels, and while they should be challenging, it can become disheartening if they are not achievable.
RELEVANT – Your tasks should be meaningful to your objective. If they don’t matter to your end goal, then it’s not something you should measure.
TIME BOUND – Your goals should all have some key measurement of time attached to them. If your goal is to sell X amount of houses, that can be more challenging or incredibly easy over different periods of time.
Make Goals Specific
Real estate goal setting must be specific. For example, if you’re analysing goals for marketing efforts, you should look at where your leads are coming from rather than just setting a specific number of incoming leads. You should specify that so many should come from referrals, a defined amount should come from internet sources, and so on. This will help you measure your efforts in different marketing techniques.
Additionally, it will help you understand if you are placing an ample focus on different types of marketing methods. If you never pick up a phone and call potential clients, then you will never know how viable it is as a marketing resource.
Make Goals Time-Sensitive
If you’ve ever made a goal without a time restraint, you understand how easy it is to fail — largely because there is no pressure to complete your objective in a specified timeframe. As a result, it becomes a lower priority objective that is put aside for something that’s due tomorrow or next week. And soon it becomes forgotten or written off as unnecessary.
Goals should have several different check-in points to measure your progress. If a goal has one definitive due date, it doesn’t give you much opportunity to take corrective action. By placing several checkpoints throughout the goal process, you can access what’s working, what isn’t working, and if you need to modify your goal to make it more achievable or even change your tactics.
Make Goals Measurable
Real estate goals must be measurable in order to truly carry weight. A broad goal like ‘making money’ isn’t bad to have, but knowing how you’re going to make that happen is essential. Will you sell more homes or create a ren roll? Measurable goals help you understand your strengths and weaknesses and adapt accordingly.
Real estate goal setting constantly includes evaluation of your efforts in measurable quantities. If you’re great at listing homes, but struggle with selling them, perhaps your goals should be modified to reflect this.
Make Goals Meaningful
Any strategy should be relevant to the thing you’re trying to achieve, and real estate is no different. While saying you want to take so many vacations in a year might seem relative to the lifestyle you want to live, it’s not directly impactful to the real estate goals you’re trying to set.
In the case of goal setting for agents, you’ll want to make sure that the strategies you set focus on are things that are important to your success. Marketing, sales, referral, educational, and other types of goals will help guide your way.
If you make too many goals and they start to become less than meaningful, then you will detract from the importance of true goals that do matter. Each person’s definition of meaningful will vary — for some, the emphasis might be placed on sales, while others might have a more meaningful relationship with lead generation. Knowing what goals are meaningful to you in building your business is a question you will have to ask yourself when setting your real estate goals.
Make Goals Buildable
Goals should be highly adaptive to the environment they are in, and real estate is constantly evolving. Real estate goals should be buildable based on success, or lack of it, and should emphasise how to make your time the most productive in earnings.
If you find yourself blowing goals away, don’t thrive in the light of a goal far-exceeded. Instead find ways to continue to challenge yourself by growing your efficiency, expanding in other areas, and becoming increasingly consistent. If one area has three of your listings, it might be worth walking and knocking on doors for the rest of it as you’ve established yourself as an expert there.
Real estate goal setting envelops many different aspects of business, from sales to marketing, socialising to SEO, and website management. Some of the goals you set might also fall on others to achieve, such as an SEO company, or leads that derive from your broker or other sources. Having open communication and setting realistic goals will help you keep others on task and accountable while you work on building your business.
@realty offers its agents lead generation through social media and google advertising with our in house digital marketing strategy team. Our custom CRM software will also help you set goals and execute them with daily updates on how your goals are tracking.