Goals in commercial real estate agency are a good thing. They help you understand where you are headed and give you some benchmarks to achieve the results that you seek. Unfortunately many real estate agents set goals at the beginning of the year that have little or no relevance to their performance throughout the year. Here are some tips from our Newsletter for Agents…..
If you as an agent are about to embark on a personal business planning process, goals will form part of the overall strategy. That being said, you will need to hold yourself accountable to the required actions and benchmarks that your business plan requires. Far too many agents establish goals for the purposes of personal and convenient satisfaction at the beginning of the year, with little regard for the actions and systems to back them up.
It should be said that your goals and targets should be reviewed weekly so that appropriate adjustments can be made when necessary and any achievements or opportunities can be optimised. Top agents do that all the time. A systemised approach to the industry is required.
Throughout the year there will be significant changes to the industry and your local market. It is impossible to predict all the changes and pressures that will occur to the industry throughout the year. Your goals and targets program can be the one consistent thread that can keep you on track, providing you make the required adjustments as the market changes.
Here are some ideas to help you with the targets and goals that you require.
- Review the local property market to understand what has happened over the last two years to your specialised property type and geographical territory. You do need to know what’s going on locally before you can set your own benchmarks and targets.
- Check out all of the competing agents that cover your territory and property type. Some of those agents will be better than others. With careful attention to the top agents, seek to understand why they are so successful and determine the factors that can be replicated.
- Understand where your property type or speciality is heading. Check out the supply and demand throughout the local region. Review the business demographics as part of that process.
- You will need to set targets when it comes to listings and commissions. It is an established fact that any quality property will produce better enquiry. For this very reason the top agents in the industry tend to focus on the quality properties and only take exclusive listings. In this way you can attract the enquiry and control the listing stock.
- Determine the ratio of listings between agents locally. That should occur both in signage counts, and Internet listings. When you have both of these numbers, you can review the time on market when it comes to your region and speciality.
- Your database is the backbone of your personal real estate business and market share. Review the database that you use currently, and its existing quality. Over time you will need to improve this database, so systemised prospecting should form part of your marketing effort.
You can add to this list based on your local area. When you have the correct information, your goals and targets become more relative to the future income and listings that you require. Set your goals and targets with the future in mind.
You can get more tips like this in our Agents Newsletter.