The end of March sounded an end to the first quarter of the year and time to complete your Quarterly Business Review.
· Are you on track to hit your goals?
· What are your production numbers?
· What is your Gross Closed Commission?
· Have you been sticking to your budget?
· Do you have enough leads coming in to hit your yearly goals?
Many agents know they need a business plan, sit down every December or January and lay out a plan for the year. It doesn’t do any good if you set these goals, and then don’t measure your progress. It is very easy in the early part of the year to think you still have a lot of time to hit those goals, that is a slower time of the year and that you will be hitting the busy season soon. But where are you at right now? It is important to review your goals, measure your progress to date, analyze if you are on track to reach those goals, and adjust your plan to ensure you are where you want to be come December 31st.
Click here for your First Quarter Business Review Chart.
Analyze your numbers:
· Contrast actual closed transactions sides vs. your goal. Are you considerably short or over your goal? Is your goal realistic?
· Determine and list the lead source of your closed transactions and current clients.
· Audit your marketing programs to determine which marketing channels provided the most commission income compared to marketing costs. (ROI – Return on Investment)
· Is a certain niche growing in your business and should you spend more time or marketing dollars to grow that niche?
· Evaluate your website to see if it needs to be improved to attract more clients. See the previous post in this blog – 20 New Rules of Online Marketing
· List what your top two successes were for the quarter and the two business skills you need to improve for your next business review.
· After this intensive review, look to others around you to provide constructive feedback on your skills. Your managing broker is a good person to go to for advice and constructive criticism. Have a monthly meeting with your managing broker to set goals, fine-tune a lead generation or marketing plan, and discuss successes and failures. Also consider finding a mentor in your office to help keep you on track. Look for another practitioner who has worked full time in the business for at least five years and would be considered a mid-to-high-level producer for your market. A coach can also help you to set and evaluate your sales and personal goals, help you develop a plan to reach these goals, and hold you accountable to following the plan.Review and Revise Your Plan.
The final step to getting your business back on track is to review and revise your business plan. With a changing market, increased competition and educated consumers, your business mindset needs to be proactive. You need to take the time to answer these questions and put the answers into action each and every week! What actions do you need to take on a daily, weekly, and monthly basis in order to reach or exceed your goals this year? Make a list of these actions. Track your progress on a regular basis. Be accountable to what you say you are going to do!
By doing this review, analyzing your numbers, reviewing your lead generation plan, and re-evaluating your strengths and weaknesses, you can take your business to the next level. If you have any questions on how to do this Quarterly Business Review, please email us at review@NextLevelServices.net.
If you would like help completing your Business Review Chartor if you would like to have a free First Quarter Review with a Professional Real Estate Coach, please sign up here.