Picture this – It’s December 2018 and Linda has a tight budget because she spent a little too much money during the summer when the real estate market was good. It’s the slow season in her market now and not a lot of people are looking to buy or sell. On the plus side, she has a couple of leads, but they might not purchase until January. To her surprise, Linda might not be able to afford presents during the holidays or pay her mortgage. Linda starts to feel uneasy and stressed out about the pickle she’s gotten herself in.
Most real estate agents have a story like Linda's, and like most agents, if she had planned for the slow season, she could afford presents and pay her mortgage. Benjamin Franklin, the Father of Time Management, used to say, “Failing to plan is planning to fail” and it’s true! If Linda planned properly, she would have prioritized her tasks, allocated her budget efficiently, and she wouldn't be in a pickle.
Today, it’s not enough to just have a goal in real estate; you need to have S.M.A.R.T. goals to be successful. These types of goals are specific, measurable, achievable, results-focused, and time-bound. S.M.A.R.T. goals provide focus and clearly defined objectives. Each year, you should write down your S.M.A.R.T. goals and stick it to your wall to help you keep focused on your target.
Consider the following questions when developing your S.M.A.R.T. real estate goals
- What real estate goal will be accomplished?
- How will it be accomplished?
- How will you measure your results?
- What programs will use to track data?
- Is it possible?
- Have other real estate agents accomplished it?
- Can you perform the tasks to complete the goal?
- Why are you accomplishing this goal?
- What is the result of the goal?
- What is the deadline?
- Does it create a sense of urgency?
- Is it too far way?
Examples of real estate S.M.A.R.T. goals
- Not good: Increase lead generation
- Better: Increase online lead generation
- Good: Increase online lead generation by 15%
- Even better: Increase online lead generation by 15% versus last year
- Best: Increase online lead generation by 15% month-over-month until December 31, 2019, with the goal of increasing lead generation from social media by 10% and from website by 10%
- Not good: Write 2 blogs per week
- Better: Become a neighborhood expert blogger
- Good: Become a neighborhood expert blogger with 200 followers by the end of Q2, 2019
- Best: Become a neighborhood expert blogger in San Diego with 450 followers by the end of Q4, 2019
- Breakdown goals into 3 smaller, more achievable key focus areas
- Breakdown each key focus areas into 5 objectives
- Write them down!
To be successful in real estate, you will need to set S.M.A.R.T. goals. These types of goals will provide focus, motivation, reduce distraction, and help prioritize tasks as well as resources. To help accomplish your goals, break them down into key focus areas and then into smaller objectives. You got this! There isn’t anything real estate related that you cannot accomplish if you properly set your goals! Check out the Annual Goal Planning tool to help you set your goals!