5 SMART Goals for Real Estate Agents
If you are a new agent, you must be ready to keep up with the high level of competition in the real estate industry. Setting the right goals will help you maneuver through the challenges and build a successful real estate career. However, with the uncertainties in the current market conditions, you may have developed a list of goals and things are still not going your way. As a result, you should set smart real estate goals because working hard will only lead to lots of exhaustion, but you might never achieve the big goals.
By setting smart goals, you will have an effective real estate business plan that will set you apart from the rest. SMART goals offer a stepping stone to motivate and guide you in growing your career. The five goals that should guide every real estate agent should be:
- Specific – Having specific goals means that you are specific in addressing who, why, where, when, and what you want to do. Setting vague goals will never lead to any progress. For instance, saying you want to improve your lead generation this year isn't a specific goal. Instead, say you want to meet at least three new connectors every week.
- Measurable – By measuring your success levels, you can assess your performance and determine the changes you need to make in your efforts. Whether you aim to get more listings or more clients, measuring your outcome ensures that you are on track. If it's impossible to measure your goals, you will likely not be satisfied.
- Attainable – You don't have to set an action plan that will break the morale of your business. Therefore, make sure your real estate goals are achievable. For instance, if you want to convert more leads into clients, do the math to know the average number you can generate to help you have a realistic goal.
- Relevant – To achieve your real estate goals, you need a great real estate business plan and the necessary human resources and finances.
- Time-based – Finally, your goal-setting strategy should be time-bound to have a sense of urgency. If you’re setting goals during the new year and you want to achieve a goal at the end of the year, you may think you have enough time that you never feel pressured to work on your goal.
By having these SMART goals at the core of your real estate endeavors, your efforts will pay off over time. Now let's identify some of the goals agents can make.
Complete 10 Sales Calls a Day
With the increased competition in the real estate industry, you must also double your efforts to ensure that you reach out to as many prospective clients as possible. Making calls is one of the best ways a real estate agent can get more leads. Although the number of calls varies depending on your goals, 10 calls is a pretty good target. In all your calls, make sure you have meaningful conversations with your prospects. While you may want to make as many as 100 dials per day, if you don't have meaningful conversations, it will only cost you more revenue with no progress in your business goals.
Schedule at Least Two Listing Appointments a Week
Depending on your state or target audience, you must craft the best ways to get real estate listings. In some cases, you may have to meet with prospects over a cup of coffee, while with others you may have to attend community events or implement online strategies. Regardless of the method you implement, the goal is to schedule at least two listings per week.
Building a strong network is one of the proven ways that real estate agents can get more listings. Create a lasting relationship with people in your industry, and don't forget your friends, family, and acquaintances. Whenever you meet with these people, let them know you are a real estate professional. If they meet with people interested in selling or purchasing property, they can refer them to you. By working with a referral, you have a high chance of a successful transaction because they will be confident working with you.
Post on Social Media Once a Day
Social media has taken center stage in the real estate industry. In a study by the National Association of REALTORS®, about 77% of real estate agents are already using social media platforms in some way. Therefore, with an excellent social media strategy, you will get quality leads for your business. Even if you are an experienced real estate agent and you've always used other techniques, it's time to take advantage of social media in real estate. Note that times are quickly changing and you will want to keep getting better each day.
Come up with a habit of posting at least once per day on social media. Facebook remains one of the best platforms because it presents a diverse demographic for any real estate business. You can take advantage of the diverse audience to do real estate marketing. The platform's features also accommodate real estate businesses, such as publishing listing-related updates, conversing with clients, and booking appointments. Instagram is another gold mine for the real estate business. The stylish property photos will coax prospective home buyers, and you can also use the Stories features to showcase and give a personalized update on each house. Additionally, you can have a podcast on YouTube or include a webinar on your social platforms where clients can share it.
Follow-Up on Leads Within Three Days
The right follow-up strategies will accelerate your real estate career and grow your brand. You will also create a name for yourself that will generate leads. However, you will need to be persistent in your follow-up efforts. Generally, when you have a new prospect to reach out to, you gather their details from the listing forms and your real estate CRM. You then write a direct mail for follow-up asking to meet, but you may end up waiting for a response for weeks or even months.
As a result, you will need to make more than one follow-up to ensure that your prospect responds or takes action. Following up on your leads within three days is an effective strategy. You can make a phone call and have a full conversation with a prospect while explaining how you can help by answering any question they may have. Note that some prospects may not pick up your calls, so you can also use text messages. That way, if they’re busy at the time of the call, they can read your message later and respond. Follow up once more by sending a short, direct email saying you tried reaching them via the phone and also sent a message.
Close on Four Real Estate Listings Per Quarter
Mastering the tactics that generate more listings isn't as simple as you may think. However, having a target to close about four real estate listings per quarter is an ideal number to grow your business. The main objective in achieving these goals is to ensure that you have enough quality leads. Having quality leads means you have good contact information such that you are already working with them professionally towards closing a real estate transaction. This can apply to both sellers and buyers looking for a new home.
You may find it difficult to remain accountable despite setting SMART goals for your real estate career. For even better accountability, write down your goals and share them with a real estate mentor, boss, or colleague.
Short-Term vs. Long-Term Real Estate Agent Goals
Like any other business plan, you need to determine your short-term goals at the same time that you look ahead and figure out your long-term real estate plans. You can realize short-term goals within a few weeks or three to six months, while long-term goals can take months or even years. While setting these goals, you can start with the long-term plans then create short-term goals to support your vision. Note that these goals should have a clear relationship to support the bigger picture. For instance, short-term plans that support a long-term annual plan can include:
- Looking at 5 to 10 properties every week
- Identifying successful real estate agents who can mentor you
- Identifying real estate agents you can work with
Measuring Real Estate Goals & Staying Accountable
If you want to be a successful real estate agent, you have to determine what success looks like. Measuring what you've achieved and comparing it to your goals will give you a clear picture of where you should put more effort or the changes to make.
To ensure that you always stay on top of your goals, write them down. This way, you will have tangible objectives, and you'll feel the pressure that will push you towards working on these goals. You can even go a bit further with accountability and assign numerical values to your goals. Don't just write that you want to increase your lead gen. Instead, indicate the number of leads you want to attain. Make sure you go over what you've written down every day to give yourself a sense of urgency and share the goal with your colleagues. Making a public declaration about your goals increases your chances of success because you are also accountable to the people around you.
With the above real estate SMART goals being part of your business, you are on your way to achieving a successful career. Despite the volatile real estate market, you can quickly adapt to the changes. You can get more free resources about real estate on Agent Essentials, or contact us in case of any questions.