What a year 2013 has been so far! In most of the country, the markets have shown a remarkable recovery, prices are increasing and inventory is low! I recently attended a presentation where our local CEO of the Realtor's Association said it is really nice to be able to give economic forecasts that bring positivity, instead of an extension of the gloom and doom. Now, of course, people have been buying and selling in the last 5 years, but we are finally seeing people who's homes were underwater, now have a chance to sell without resorting to a short sale! Dave Liniger of REMAX shared a statistic today that 900,000 homes that were underwater are now on the other side because of rising prices! Life is good!
What about you? We are at the midway point in the year. It's the time I recommend you check in with your business plan and see where you are. Hopefully you are doing this every month…but the midyear check in is critical to ending the year where you want to be or beyond.
Are you half way to your goals?
Are you on track?
Or, have you exceeded them?
Regardless of where you are right now, the markets, undoubtedly, are different than when you created your business plan last winter. The successful agents stay on top of their numbers by assessing and redefining as the year goes along. With the changes made from the assessing, they are able to do more of what's working and less of what isn't. They are able to look for new strategies in the changing marketplaces and expectations of today's sellers and buyers. They stay ahead of the curve. If you want to complete your year with power, NOW is the time to position yourself!
My coaching clients often complain that staying focused is one of their biggest challenges. Much goes on each day to distract us from what is really important. It is, alas, too easy to take our eye off the ball and just do the things that keep us busy, rather than the things that are productive. If I asked you the question, "What did you do last week that brought you closer to your goals for the year?" would you be satisfied with your answer? You can easily stay busy, but not accomplish what you want because you are doing the wrong things. A current assessment can refocus you on the most important actions to emerge as a winner in 2013.
In any athletic game, half-time is when the players and coach look to see what is working and what isn't working and then design a strategy for the second half of the game that will be successful. If you are serious about meeting or exceeding your goals for the year, you must do this too.
Right now, get your schedule out and block an appointment with yourself for a three to four hour period. This check-in at mid-year should be almost as extensive as your yearly planning session. For successful agents, their game-plan is a work in progress as they continually revamp their plans and strategies to meet new challenges and to compensate for shifts in market conditions, consumer expectations and business conditions. There are, most likely, new opportunities, media, or technologies that weren't available to you six months ago. Perhaps there is competition from companies or agents using new business models. As you reassess your strategic market position and shift your implementation, you'll have the competitive advantage to put you at the head of the pack. Just as the coach strategizes with the players at half-time about what it will take to win the game, you have the opportunity today to take what is working and what is not working. Leverage what is. Drop what isn't. Add new plays.
What are the important questions?
Pull out your business plan and goals that you created for 2013. Gather the data from the first half of this year. Don't stop with your gross numbers. Dig deeper.
These are important questions:
Are you 50 percent (or more) of the way there?
If not, where are you?
-What one thing has been most successful in the first half of the year?
-What will it take to close the gap from where you are to where you want to be?
-What will be the monthly actions needed for the next 6 months to close that gap?
-What new tools or skills do you need to be the most prepared agent?
Remember: If you keep doing what you have been doing, you are going to keep getting what you've got.
For your research, track these items:
-What is your gross?
-What is your net?
-What percentage of your business is sellers?
-What percentage is sellers?
-What percentage are your business expenses of your gross?
-What percentage of your business was from referrals?
-What percentage from ads?
-What percentage from the internet?
-Have you increased marketshare in your geographical niches?
-Where are you wasting money?
Plan the strategies
With a clear picture of exactly where you are, you can now make some informed decisions. Should you shift your strategies to leverage the momentum you have in a particularly hot (or slow) segment of your market? Is there a new segment that has lots of potential (think first time homebuyers)? Focus on the segments where you get the best return and payoff and allot more money to these areas. You also will want to shift that away from the areas that are not working or do not bring a sufficient return vs. investment.
The consistency and repetitiveness for your prospecting or long-term niche building shouldn't get cut, though, before there has been and adequate time to build the brand recognition and to cumulatively make an impact. These activities require 12-18 months before the payoff comes. Many agents get impatient and throw away their investment that never has had time to come to fruition. Your niche building is an area to be patient and consistent.
Now, what new strategies could give you the advantage in the second half of the Game of 2013?
-How can you take advantage of shifts in market conditions?
-Do you need to find some new or different strategic partners?
-Are there new online opportunities?
-Is there a new niche you should add?
-Are you using a variety of options for consumers or menu of services?
-Have you really taken every action you could to stimulate referrals?
-Do you have the support structures in place to get you there? A coach or a buddy?
A word of caution: It is still important to stay within your yearly marketing budget as you do this re-strategizing... I am not talking about just spending more money. The goal of this mid-year half-time is to design the plays to be the most impactful so you can end the year as a winner.
Working on your business (not just in it) is most powerful action you can take. A business (game) plan that you refer to and that helps you create strategies and goals will take you to the pinnacle of success. Don't let the distractions pull your attention from the playing field. Schedule the time to work on your business, so you can take control of the game and be a winner in 2013!
Published: June 27, 2013
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