In commercial real estate sales and leasing, the process of setting goals will help you stay on track in your personal business and marketing plan. In this property market one thing is certain, everything changes quite frequently. For this very reason, a good goals focus system will help you maintain your momentum to the market share and commissions that you require.
When the property market is slow and tough, it is very tempting to absorb the negative comments of underperforming salespeople in your office. Excuses are very common in this industry. It is best to shut out these people from your business practices and your social activities. They can offer nothing to your end result as a professional commercial real estate agent.
Here are some tips for setting stimulating goals that can drive your business ahead.
- Understand the market that you serve both geographically and by property type. When you narrow your activities in this way, you can be far more specific in your marketing efforts.
- Look into the history of the area over the last few years. Make sure that you are working on the market segments that are attractive and active. Also make sure that you are specialising in a part of the market that is growing and vibrant.
- Your goals should be specific to your end result. That will normally be commissions, listings, closed transactions, and active clients. All of these things are personally controlled through your prospecting efforts. On that basis you should build prospecting into your daily diary activities.
- Given that our industry changes so frequently, set goals for a period of 12 months that are quite specific. Beyond 12 months is almost like a wish list where the goal posts will change subject to property market conditions.
- When you set goals for the period of 12 months, they should be reviewed on a weekly and monthly basis. In that way you will know if progress is being made, and on that basis you can make adjustments.
- Measuring your success towards your goals should be achieved through ratios and results. In the first instance, you will need to know where you are right now. That is in the number of listings, commissions, and percentage of market share. Beyond this current point, everything will be an improvement.
One of the biggest problems in setting goals is that most people will forget the process after a short period of time. Other issues take over and daily events become more random. If you want to proceed in this industry, your goals become points of the compass to keep you on track to your business plan.