Traditionally, the average real estate professional (just like the average American) makes some new resolutions at the beginning of each new year. For real estate professionals, these resolutions generally include a small business overhaul or an assessment of last year’s production and an evaluation of things that may need to change for the coming year.
But how do you decide what should stay and what should go?
Generally, the first thing that agents evaluate is their income/production. “Did I close the number of transactions that I was hoping to? Or, were my earnings in line with my goals?” If the answer is no, the first thing agents generally assess is why not.
3 Reasons Why You Had a Bad Year
- You didn’t have enough leads. First and foremost, my personal position is that there are almost always enough leads; it’s how you work them and/or how you identify them that is the issue. We’ve all got at least a few acquaintances; we all go to the store; most of us go to the dentist and the gym; some of us have kids still in school. There are plenty of places where you can surround yourself with people who may be prospects and/or can refer you to others that may be interested in buying or selling. Nevertheless, at our office and in case someone actually doesn’t have enough leads, we do offer daily pay-per-click leads to our agents so that they can pepper those in with the leads they already have around them.
- You weren’t doing the right things. So, you showed up at the brokerage three times a week last year, but you still didn’t have enough production. What you were doing when you were there? Were you socializing with the broker or the transaction coordinator? Or, were you actually sitting down, scheduling your social media posts, making phone calls, and sending out texts and emails? Maybe you went on a few too many vacations or maybe you got distracted by some personal matter in your life. The unfortunate thing about real estate sales is that all of your action or your inaction impacts your annual closings.
- You weren’t using the right follow up tools. Think about this: I’m sure you can throw a single tennis ball up in the air and catch it. Possibly you can even do two at the same time. But, at a certain point, you cannot successfully manage lots of balls in the air, and one is going to drop. That’s why you need the CRM. The minute you hit a few leads, you get busy and you begin to lose track. This guy needs a lender and needs a few weeks to get qualified; that seller is not ready for an appointment for 4 weeks, and the third person needs to be nurtured for 5 months. That’s why you need a CRM (and you need to open it and do follow up activities each day). It doesn’t matter which CRM you select, but you must select one and you must use it.
In conversations with a few local agents, I’ve confirmed what we already know: there is no single way to “do real estate”. Windermere agent Cathy O’Malley, who credits a product called Paperless Agent with her ability to stay ahead of the game when it comes to social media. Whereas, Abraham Vargas of Realty Experts focuses entirely on his sphere of influence and generates most of his real estate sales through phone calls.
There is no single way to get 2018 into high gear. But one thing is clear: you need to assess your production and you need to make a plan. Assure that the plan reflects your own interests otherwise you are not going to stick to it.