Real estate agents typically operate independently, even when hired as members of a real estate firm or national franchise, so setting goals is an important part of having a successful and productive career. Effective agents use traditional small-business tools to manage their time properly and create a market plan. Agents need to focus less on commissions and more on efforts to develop a personal brand and establish a firm commitment to customer service, Chad Rogers, a top-selling agent in Southern California, said on Realtor.com.
Extensive research should be one of your primary goals as a real estate agent. Research helps you understand the local market and plan for cycles and seasonal changes. Conduct a detailed market analysis to help you set annual sales goals. The U.S. Small Business Administration recommends outlining goals that target the type of market you want to do business in, as well as the amount of the market you plan to capture during the year.
Reasonable goals help create success. The SBA says your business plan should be a "living document" that outlines your projected sales. Use your sales records and the income you earned over the last two years as a guide, then set a reasonable increase for your annual goals for listings or sales and income. Don't try to overestimate what you can accomplish. By establishing unrealistic or overly aggressive sales or listings goals, you set yourself up for disappointment if you fail to reach them.
Interim Benchmarks and Rewards
A small reward helps motivate you to move forward to focus on the next benchmark toward your ultimate goal. Select a few personal rewards and set up a schedule with benchmarks leading to the final goal. Schedule the rewards as a motivation to encourage you to reach milestones during the year when the market typically slows, including holidays and the winter season in geographic areas with poor weather. Rewards might include a business tool such as a new laptop, or a short, relaxing vacation.
Motivation through Competition
Real estate brokers frequently use competitions that involve setting goals for listings and sales as a way to motivate agents. Pitting yourself against another professional allows you to track your progress and motivates you to perform well. The key is to have agents with comparable skill sets and work experiences compete against each other, rather than pitting a team of seasoned agents against a team of newcomers. Teams combining agents with various abilities allows for an equal contest that builds motivation for meeting goals.
- Rules for Real Estate Success -- A Sales and Marketing Guide for real Estate Agents: Cesario Perez
- Realtor.com: Chad Rogers Reveals His Goal-Setting Secrets
- U.S. Small Business Administration: Create Your Business Plan
- National Federation of Independent Business: 3 Goal-Setting Mistakes New Small Business Owners Make
- Harvard Business School: Goals Gone Wild -- The Systematic Side Effect of Over-Prescribing Goal Setting
- U.S. Small Business Administration: Planning and Goal Setting for Small Business
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