Do You Feel Lost At Sea In A Storm?

Most real estate agents have never been in a real estate market like this.

How you react to it will determine your success or failure.

Now is the time that many real estate agents start working on their next year's business plan.

Look at which target markets, i.e. expireds, fsbos, relos, REOs, client base, etc., provided you with the most business. Then analyze the info to see how you can improve your systems. In this market, it's better to be an expert in fewer niches than a generalist in many. You should really focus on improving your skills in 3 - 4 target markets and truly master them.

Review at any transactions that fell through as well as prospects that were actively looking, but didn't buy. Figure out what you could have done differently to keep the deals alive and closed.

Look at what steps you should add to keep buyers from slipping through your fingers. Did you not keep in close enough contact with them? Did you have a buyer consultation with them first? Did they not listen to your advice?

It's often said that you can't bring a dead plant back to life. Well, old leads are usually dead leads. But you can learn from it. Take some time to put new strategies together to convert more of the buyer leads you're getting. Improve your skills by asking better questions, go deeper with your questions. Show people that you really care about helping them. Nobody likes to be sold, but if someone takes a real interest in you, you normally pay attention to that.

A well-rounded business plan also include marketing and advertising programs. Look at which programs provided actual leads and were profitable to you. Don't advertise in magazines solely to appease your sellers. You need to either put that money elsewhere or improve your ads to be more direct-response; driving leads to you. In my opinion, over 90% of all magazine real estate ads are a waste of money. But when done correctly, you can generate leads from time to time.

Now it's time to pull out all of your receipts for everything you spent money on. Go line by line and ask yourself, "Did this item make me a profit or was it money down the drain?" You need to let go of marketing and advertising that aren't bringing you a return on your money. Now, I didn't say to cut out all of your spending and go hide in a hole. But you need to look at which expenses are really necessary to help your business continue to grow.

One other thought: as you go through this process, you may want to bounce some ideas off your broker, manager or fellow agent, whose opinion and experience you trust.

Where do you want your numbers to be this year? Don't listen to all of the naysayers out there. There's enough business for those who really want it and will work for it. Do you want it?

In the end, you need a road map to know where you're going in these challenging times. Review your business plan every day. It will help keep you focused. Do the activities consistently and the results will come.