For many Realtors, having clear and achievable goals is like having a road map of where they want to go, with directions on how to get there.
Gerry Webster, broker/owner of Realty Executives Saint John in Saint John, New Brunswick, sets goals for himself every year between Christmas and New Years and continually assess how he is progressing throughout the year. “I usually have a little time during the holidays and I reflect back over the previous year and chart out the next year. In addition I also set goals by the six month period and monthly periods. Then I set daily items that lead to the monthly that lead to the yearly goals. I review this each day.”
Setting Goals in Real Estate
Real estate can be a tricky industry to set goals in. Webster cites interest rates, downturns in employment, negative people around you, and market changes that you cannot anticipate as challenges. Other things such as competitor’s prices, buyers versus sellers markets, geographical niches, client expectations, and your web presence, among many other things, can affect the goals you set.
Richelle Plumstead, a Realtor with Exit Realty Advantage in Fredericton, New Brunswick, and the team leader of Movin’ Up Realty Ltd., sets goals based on a myriad of conditions. “I set goals based on several things - listings, sales, additions to my Platinum Preferred Clientele, basically everything that I want to accomplish the following year.”
Another tricky aspect of goal setting is the sometimes tedious nature of real estate. There are seemingly thousands of minute details that need to be tended to and, if you are not careful, every day can be taken up with the little things – thanking clients, faxing and refaxing, networking, phone calls, cleaning your vehicle, updating your web site, advertising, appointments, finding misplaced cheques, organizing listings, assembling mailings, babysitting clients, etc. It is vital to make the conscious decision to focus on the big picture – your goals - and not get caught up in the details.
Plumstead shares why goal setting is so important to her, “I began being professionally coached in January 2007. Prior to that, I was a walking nightmare. I was running around like crazy every day, no rhyme nor reason. I was making a good living but was burnt out and totally unorganized. I now set myself an annual goal and then break it down to monthly goals. Because of coaching, I actually doubled my income from 2006-2007.”
Should You Revise Goals Continuously?
What if you are already close to reaching your goals for the year? Should you set new ones? Did you ascertain your original goals with too-low expectations? Do your goals need a little tweaking? You have a few options – you can aim to reach the goals you set at the beginning of the year and then bask in your success or you can reset your goals, taking into consideration all you have already accomplished.
Plumstead never wavers from the yearly goals she sets for herself, “My annual goal is my annual goal. It does NOT change! If I allow myself to change that goal due to unforeseen circumstances, I will then allow myself too much slack. External changes should have absolutely NO effect on my business. I am who I am and my business is system-dependent, not people-dependent. I may add a few things as time goes on if I see an area that we could improve, but the overall goal does NOT change!”
How to Assess Your Current Goals
If you want to do a goal review, book a couple hours in your schedule to do an assessment. Gather your list of current goals, your business plan, your financial data for the first half of the year, and any other information necessary for measuring your goals. Figure out how you are progressing and fine-tune your goals. Once that is done, plot out the steps you will take to reach those goals, preferably into monthly, weekly, and daily actions. Then get back to reaching for your goals and visualizing your success.
Webster is having a successful year so far. “This year I am ahead of the goals for the six months and will reassess the balance of the year around the end of June.” And Plumstead is happy with the progress she has made, “At this point in time, I am actually at about 30% of my goal. We had a very slow start to the year but have been on fire for the past two months. Wahoo!! I am looking forward to meeting and probably exceeding my goals.”
DayTimer Study on Goal Setting
A study by DayTimer.com reinforces the importance of goal setting. The study found that workers with the highest incomes and the most success at work have written goals. These people tend to write a daily task list with clear priorities. Alternately, the study found that among the workers who do not write down their goals, only 9% accomplish what they plan to do any given day.
There is no rule that says you have to wait for January to take stock of your progress. There is no better time than today to review your goals.
Toby Welch - Toby is a full-time freelance writer who specializes in magazine articles, online writing, e-books, and manuscript editing.
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