Each Fall, our thoughts turn to examining the past year's business results. We begin to create and implement plans and strategies that address what we want to achieve next year.
Basic business planning is important but, surprisingly, only done by about 10 percent of real estate agents. Those 10 percent, however, are the ones who are generating more than 80 percent of the business.
It takes about six weeks to see the results of your prospecting efforts. So what you are doing November 15 will be the start of your results for 2013.
Few agents achieve consistent results without a business plan. Last year, I wrote an article with seven mistakes to avoid in business planning. Reviewing that content is a good place to start for your 2013 business planning.
A basic business plan identifies the important general numbers, measures and goals for a successful year. These numbers define where you are going and what you intend to achieve. These are all good and important. (Click here for a form with basic real estate numbers.)
But let's ratchet it up a notch. Are you ready to stop leaving money on the table? Are you ready to maximize your productivity? If so, your business planning needs to go beyond the basics. Master the following three important areas and you are on the way to making next year your most successful yet.
1. Drill Down with Your Numbers
Once the basics are quantified, superstar agents take it to the next level by measuring other stats that define productivity. By tracking these on a regular basis, you are able to see where the opportunities are. By identifying and strengthening a weakness, you can increase business.
For instance, if you are only converting 50 percent of listing appointments into listings, your smartest move might be improving your presentation or practices rather than trying generate more leads. Perhaps you need to add a pre-listing component, differentiate more of your strengths and unique values or learn how to use absorption rates effectively. Without generating any new leads, your production could increase significantly just by increasing your effectiveness with the business you are already generating.