I came across a recent poll of real estate brokers and their goals for 2012. When asked what their primary goals were:
o Increase my income
o Increase my time off
o Master technology
o Take the ups and downs out of my business
75% of the respondents chose “Increase My Income” as their primary goal (no surprise). When further asked how much they wanted to increase their income, the response was by 75%-100%. Wow! I know that even if last year was our best year ever, most of us want to do better in 2012 but so many brokers having a goal of doubling their business was a little bit of a surprise. Is it impossible to do? Absolutely not. Will it call for a dramatic change to one’s business? Emphatically yes.
To reach a goal of even a 50% increase in your business year over year requires not just getting better at what you have been doing but to materially change what you have been doing. There is a saying that “Your expectations must match your commitment.” If you expect to increase your income 50%, 75%, or more, you will have to commit to a revised business model. What that business model looks will vary from broker to broker but you can start with some basics:
– Set an annual goal for income, time off, and professional growth / education
– Develop a clearly defined action plan that supports goal achievement
– Create high-quality collateral materials such as buyer packages, seller packages, presentation boards
– Evaluate your technology strategy regarding websites, blogging, tweeting, social media
– Embrace accountability – whether that’s in the form of your broker, a colleague, a coach, or a mentor
If you have set an expectation for yourself in 2012 that you will increase your income by 50%+, will make the commitment necessary to reach that goal, and need help to do so, give me a call. Our office had an average increase in commissions of over 25% last year with some agents over 50%. We can help you do the same.