We are in the final quarter of 2013. The weather is changing. Change must also come in how many agents approach achieving their goals. It is time to reflect on the past year and look to the future. Now is the moment to begin planning for 2014.
As you begin to evaluate your business efforts in the past year, it is important to reflect upon your goals, and the actions you took (and did not take) to meet those goals. Many agents suffer from what we call, the Real Estate Roller Coaster effect, and have a difficult time conceptually planning their business because their income is not steady. Without steady income, planning on an operating budget is difficult for obvious reasons. This is one of the main reasons many agents fly by the seats of their pants when it comes to their business.
A big question on many agents’ mind is, “How do some agents sell 40, 50, 100+ homes per year, yet some agents who work 50 hours a week just to sell 10 – 12?” What are those mega-producers doing differently than the rest of us that sets them up for success? After speaking and consulting with agents around the country, the answer we found was a simple one. Some agents approach their real estate career as a job, while others approach their career as a business. People who approach their career as a job are content as long as they are busy. Work for 8 to 10 hours per day doing something, anything. The problem is that although there is endless amounts of “busy work” that can occupy an agent’s time, most of the “busy work” does not contribute to growth.
In fact, according to Gary Keller’s MREA book, only 20% of actions related to the job of being a real estate agent brings in financial results. The other 80%, although necessary to complete transactions, for the most part does not help bring in more business. If agents are spending most of their time being busy doing “stuff” that does not bring in more business, it is easy to see how agents actually work 40+ hours per week, yet can only manage to sell 10 – 12 homes per year.
Agents that view their career as a business think differently. Instead of looking for work to fill their day, they look for ways to increase their efficiency. They systematize their work flow. How can I do more in less time? Or better yet, how can I achieve more in the time that is given me? Agents that approach their career as a business are always thinking about that 20%: the actions that bring in result$. By focusing their energy on the 20% and using the right solutions to handle the other 80% (technology that does manual tasks for them automatically)- agents are able to achieve more success.
Plan your business. Make that your 2014 resolution. Identify exactly what actions fall into the 20% category and those that fall into the 80% category. Dedicate most of your time to important business- building actions. However, implement systems within your business to take care of menial and mundane tasks which create a top-of-mind relationship with your leads.
Happy Halloween to you. Use the next two months to make 2014 the best year yet for your business.