5 Ways to stay focused in any real estate market
If you make your full time living in any part of the real estate industry, you might be thinking that now is not the best time. After all, real estate is known as one of the most stable investments out there, but lately it's been anything but stable. However, if you use this time to improve yourself, your business and systems, you will prepare yourself for the future opportunities that are coming your way.
Here are 5 ways you can focus on your growth as a real estate entrepreneur while the market is slow.
#1. Set Goals
Setting goals is a crucial step to success. Goals should be specific and measurable, and they should be achievable within a reasonable amount of time. If you write down your goals, they will help keep you focused on what’s important in your real estate business.
Here are some examples:
I want to earn $300,000 in gross commissions next year
I want to travel to Hawaii with my family in September
I want to serve 24 clients next year
You’ll notice in the examples above that these goals are written in a specific and measurable way and they have a timeline attached.
I find it to be a more balanced approach to have both business and personal goals written out for the year. Placing your written goals in a place where you see them every day will allow your subconscious mind to focus on these without you even realizing it.
Once you have your goals for the year written out, it is essential to break them down into actionable steps. Using the first example of earning $300,000 in gross commissions, this is how that would look once broken down:
Average sale price of your listings/sale= $400,000
Average commission percentage per listing/sale= 2.5%
Average commission earned per listing/sale= $10,000
Goal of $300,000 divided by $10,000 = 30 closings
Which means I need to close 2.5 transactions per month
Now that we have that detailed breakdown, we can implement a plan!
#2. Work from a plan
It’s important to have a plan so that you can approach every business day with intention. Your plan should be tailored to your situation, but also flexible enough to deal with changes. Especially as a real estate professional!
Working with our goal of $300,000 in gross revenue we just set, let’s create a plan to achieve this.
If we need to close 2.5 transactions per month, in a challenging market, let’s estimate we need 5 clients per month.
Now you can customize your lead generation and marketing to ensure you get 1.25 new clients per week all year long.
Next, you’ll work on your written plan for how you will generate those leads. Write out all of your methods and then enter them into your calendar. Stick to your calendar without fail and watch how your productivity and results increase over the year.
#3. Work on your goals daily
Now that you’ve written your goals out and you have your plan it is time to schedule in daily activities that support your plan and get you closer to your goals.
Break your annual goal down by month, by week and by day. If you need to get 1.25 new clients per week- what daily activities will you schedule and do Monday through Friday to make sure this happens?
Will you send out mailers on a regular basis? Will you make cold calls? Will you reach out to your past clients for referrals that you can contact?
Make sure you are taking massive action every single day toward reaching the goals you’ve set.
Be ambitious, but stay realistic! Make sure you can complete all of the daily tasks you set for yourself consistently so you aren’t just stacking up to-do lists and never getting them done.
#4. Be consistent in your efforts
The most important thing to remember is that consistency is crucial to success. You need to be consistent in your efforts and your mindset, or else you will not see the results you desire.
Here are a few ways that you can stay consistent:
If something doesn't work for you, don't do it again!
Create a schedule and stick to it, even if you're tired or stressed out.
If you start a marketing campaign, make sure it is on auto-pilot all year long so you don’t forget to keep sending out your messaging.
Make it a habit to do the hardest thing first! That way the rest of the day gets better and better.
Keep showing up- no matter what!
#5. Stay laser focused
As you've probably realized by now, there's a lot of noise out there when it comes to real estate. It can be hard not to get distracted and overwhelmed by all the conflicting information and advice.
If your goal is to make money in real estate, then stay focused on making money in real estate. Don't worry about other people or what's popular or what everyone else thinks about what you should be doing with your life (hint: if they don't understand why you're doing it, that's their problem). If someone has an opinion about how things should be done differently from how they are being done—well, that person could be wrong!
Having detailed goals and a plan of action can help you be successful in any market
If you don't have any goals, now is a great time to start. Having goals will help you stay focused on what's important and not just reacting to the market or other people. Do you want a done for you Business Goals Outline? I’ve got you covered! Just download my free checklist today.
Conclusion
Success in real estate requires consistent and persistent effort. Even if you’re not in a hot market, there are still ways to make money. If you have the right mindset and plan of action, then your chances of success increase exponentially.
