Keep your long-term goals in mind
By Gonzalo Mejia, CRS
The daily activities of REALTORS® are often governed by what needs to be accomplished urgently such as showing homes, negotiating offers, following up on leads and preparing for closings. While it is important to complete these activities that are the livelihoods of our business, we also need to keep an eye on the big picture. Here are five reasons why:
1. The Long-Term Goal
You have a vision of where you see your business in five to 10 years. Long-term goals can’t be accomplished in a short period of time. If you believe it would take you, for example, five years to achieve a goal, you can’t wait until the beginning of your fifth year to start planning how to get there! A goal that takes time should be properly planned in advance. Every week, dedicate time to accomplish activities that will help you reach those goals. That is when you start treating real estate as a business and not just a job.
2. The Money
A good marketing idea takes time to produce results. I get many marketing calls about “the next great idea to generate leads.” While they might be good concepts, you only need a few ideas that work to have a successful business. The key is to commit to them. You need to know the resources you have available. A budget is also key. Many agents start a marketing plan and quit after a couple of months because they haven’t seen any results and don’t have the funds to keep going. Set aside money for marketing and stick to the plan—do not let the next shiny object distract you.
3. The Growth
As your business grows, adjustments will be needed, but some might not be necessary if we anticipate them. Put ideas into perspective. I met a new, successful agent who told me he takes all his past customers out for coffee once a month. Some ideas work great when you only have 10–20 past customers. What will you do when you have 500? Plan for growth so you don’t have to deal with change when you are too busy for it.
4. The Exit Plan
I love real estate, but a time will come when I won’t want to work 40–70 hours per week. You might choose between leaving the business or stepping back from it. All your hard work building relationships doesn’t have to be lost. You could consider selling your customer database to another agent, but its value will depend on the quality of the information. A list of names and contact information has less value than personal notes that give another agent the ability to continue the relationships you built.
5. The Unexpected
We need to keep a realistic mindset and accept that things don’t always go as planned. Events such as drastic downturns in the market to personal situations can affect your ability to earn the income you expected.
Be ready for those market and personal situations with an alternative plan and reserves to help you navigate through leaner times.
