Planning is key to success in the real estate business. Planning for success is actually the way you implement the goals you set.
Your plan for success is where you set your big goals, even your mission – 5 years, 10 years, or more out.
You may want to lose say 25 pounds, but that wish stays a wish until you develop a plan for the loss and put it into action. That plan might include figuring out how much and what you could eat every day and if you’re really serious, include exercise and perhaps a whole revamping of the way you eat.
It’s the plan that makes realizing the goal possible.
What your plan might include
Take a look at your goals, and if you don’t have any written down now is the time to do so!
Suppose, for example, you want to make $2,000,000 next year. That’s your goal. Now how do you plan to do that? In this case your plan might include:
- X number of cold calls/weekday. You’ll also need to plan what time of day will you make the calls and where will you get your list you’ll call from.
- X number of listings a month. You’ll need to state what part of town you want the listings to be in and what kind of property you want to list.
- X number of co op deals. Make a list of like co-op agents and get together with them to do some planning.
You get the idea. What you’re doing is setting the stage for real success as you plan how you’re going to get there.
Plan how you’re going to get there
Now you want to actually decide what steps are needed to make the number of cold calls. Using that as an example, at this stage you might mark the hour or two you plan to spend calling on your calendar so you don’t double book yourself. You also need to set rules for yourself, like allowing yourself to catch up if you miss a day.
What steps will you actually take to get the listings you want? Map them out. Schedule time on your calendar so you have time to take the steps you outline.
Explore who you want to work with – make a list, then make plans to call them and find out if they too are interested and if they are to discuss potential co-op deals. Then decide what steps you’ll take to land those deals.
In each instance, work your plan for a week or more and adjust as needed.
Your plan, like your goals, should be written down
You need to write down your plan. You’ll probably want to include things like family time, big purchase items like a new car or even a new home, and schedule a vacation as well.
When you’re looking at money planning, don’t forget your savings plan for taxes and for your own safety net. It may be time to include a financial advisor in your plans and decide what sort of investment you want to do.
Build a system that will help you plan and achieve your goals
James Clear, in an article in Entrepreneur magazine called Forget Setting Goals. Focus on This Instead. Here he talks about forming habits and systems to make your goals and plans work.
It’s the plan you make for actualizing the goal that lets you both set up a system and form a habit to help you realize your goal.
He uses a writer who wants to get a book done as an example, pointing out that the daily writing schedule is what will get the book written. He strongly urges that we commit to the process rather than the goal.
He’s got a point. It could be that the switch in focus will make the whole notion of goal setting and planning more palatable.
What’s your experience with creating plans for success in real estate? Let’s talk about it in comments.