Episode 184: 2021 Year To Date Review - Finish Strong
In Episode 184 of the Wandering But Not Lost Podcast, co-hosts Jan O’Brien & Matt Emerson begin a month-long series on Business Planning. It is that time of the year again, and today we start, as we always do, by taking a look at your current business and how to activate your Q4 super-power!
October is Business Planning Month!
Get our Free Real Estate Business Planning and Goal Setting Video Course and all supporting downloads - HERE.
Over the next three weeks, we will cover the 3 Steps to a Powerful Real Estate Business Plan.
- Write your goals and desired outcomes
- Create a written business action plan
- Measure and track your activities and results
What you do to finish strong in the 4th QTR will set you up for success in 2022!
Activate Your 4th Quarter Super-Power!
1. Conduct a business review YTD
Start by analyzing your previous year’s business – this form will help you gather and calculate critical factors for your specific business—everything from sources of business to average days on the market and listing to sale ratios. Before you launch into your plan for the coming year, it’s critical to review what worked this year and know your basic numbers.
Download this document: ReviewYourBusiness.xlxs
Break out your business plan and review your goals and business action plan for 2021. A Year to Date review is included in your WBNL Coaching Real Estate Business Plan to record your key numbers for the year. The spreadsheet will do some auto-calculations for you.
- Listings taken, listings sold, and closed sales
- Buyer represented sales in escrow and closed
- Listing sold volume
- Sales volume
- Average days on market
- Types of transactions
Next, identify the SOURCES of business. This step is critical for helping you analyze a return on any marketing investment and deciding where and what to focus on for the coming year.
Assess your target markets. What are the 3-5 target markets or niches you have focused on during the past year? What is your return on investment for each? Based on your initial analysis, what do you want to continue or refine for next year, and what should you consider changing or dropping?
Update your personal and business budgets. Have you been tracking your actual expenses against your proposed budget for 2021? Have you incurred additional or unforeseen expenses? Where can you make changes or adjustments to your budgets?
Track your production. Use the Business Plan template to record your transactions year-to-date. Keep track of your closings, pendings, and active listings to assess if you are on track to meet or exceed your goals this year.
Revisit your Success Action Plan. Do you need to make any adjustments to your activities and strategies? Do you need to recommit to your daily, weekly, monthly activities for attracting business?
2. Refocus your intention and create goals for the 4th QTR
- What do you want to accomplish by the end of the year for your business?
- How many listings will you take?
- How many buyers are in escrow?
- How many appointments will you set?
- How many connections (calls, texts, zoom meetings) are you committed to weekly?
- What projects or tasks are you committed to completing before 12-31-21?
- Is there a personal goal you would also like to make happen by year’s end?
3. Take Action Daily
What activities are you committed to doing to accomplish your goals?
- Put 1-2 hours of power attraction (prospecting) in your calendar, and Just do it! Keep that appointment with yourself, and don’t let anything get in the way. If you “erase, you must replace” it somewhere erase on your calendar that week
- Open Houses working for you? Do more of them!
- Attend networking events
- Contact your database – make 5 connections per day
- Send a CMA - vide CMA to your past clients /everyone who owns a home in your database
- Plan and conduct a client gratitude party or event
- Geographic or niche farming… find more listings!
4. Affirm and visualize your outcomes daily
- Turn your goal into an AFFIRMATION
- (I close 3 transactions by 12-31-21; I attract 3 people this week who list or buy with me by 12-31-21; I connect with 5 people today who set an appointment with me for …)
- Start every single day with a powerful, positive daily routine that shifts your energy and mindset
- Visualize your goal throughout the day!
- When you pick up the phone to make calls, make sure you are in a positive state and set the intention that you are going to have amazing conversations with people who truly desire your services, what you have to offer
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