If you want to get anywhere in commercial real estate brokerage you will need some goals and a system to support them. In that way you can build traction and momentum in your real estate market.
A lot of agents and brokers start in the industry with some form of goal structure. Quite soon the pressures of the job and the brokerage take over. It is a problem that should be addressed.
If you work in sales, leasing or property management the goals will be different based on personal preferences and where you may be heading personally. It will also depend on what is more important to you, as in commissions, listings, or clients.
Here are some factors and ideas that will help you structure some goals and targets in your real estate business:
- If you have been in the industry for some time you will have some history of listings and commissions that will be valuable in setting new targets.
- If you are new to the industry, set targets related to personal achievement and results in database growth, prospecting, vendor paid marketing, inspections, listings, meetings, closed deals, and commissions. Every category I have just mentioned will have benefits in growing your real estate profile and business. Set your targets accordingly.
- Goals and targets work when you take them and relate directly to the actions required. Prospecting is a good case in point. If you want listings, you will need to get traction and results from prospecting; it directly follows that you can track your call numbers each day to new people and from that you will create some new meetings.
- At the end of each week tally up your target numbers to see how you have progressed. At the end of each month you can assess the trends of the industry on a seasonal and regional basis. You can then adjust your focus and efforts as the case may be. Changing your goals on a quarterly basis is worthwhile if you see the industry changing.
- When you look at your commissions, assess just what an average commission is and what it is created from in sales and leasing. The quality and size of the listing will have a lot to do with time on market and the progress of any sale or lease. Top agents tend to focus on prospecting for larger properties that have a better chance of market interest and closure. There can be plenty of work in the smaller properties.
- Benchmark yourself against your results from last year. With practice every part of your job should improve. Structure your targets accordingly.
Your goal tracking can form part of your personal business plan. Every top agent and broker needs one of those to get anywhere with reasonable focus. Are you up to the challenge?