I've decided to make a shift in my thinking and in my business plan for 2010.
It's a very subtle change in mindset!
While designing my 2010 business plan, I had a crazy thought! I asked myself "What's the difference between setting monthly goals for closings versus pendings?"
When working on business plans in the past, I've always focused on number of real estate closings I wanted to have each month. For some reason, now it appears more passive.
But this time, I wondered...what if I were to focus on getting pendings? It seems to keep me more in the present. It helps me stay in the mode of continuing to generate new business.
Always generate leads before servicing them!
When your mind is focused on closings, you're doing a lot of servicing of your buyers and sellers from pending to closing and that can take you off track of doing what you need to do to have a consistent business model month after month.
It's a very subtle change in mindset!
While designing my 2010 business plan, I had a crazy thought! I asked myself "What's the difference between setting monthly goals for closings versus pendings?"
When working on business plans in the past, I've always focused on number of real estate closings I wanted to have each month. For some reason, now it appears more passive.
But this time, I wondered...what if I were to focus on getting pendings? It seems to keep me more in the present. It helps me stay in the mode of continuing to generate new business.
Always generate leads before servicing them!
When your mind is focused on closings, you're doing a lot of servicing of your buyers and sellers from pending to closing and that can take you off track of doing what you need to do to have a consistent business model month after month.
There's also more chances that a closing may not happen, so if you tie up all of your time trying to get it closed and it doesn't happen, just think of all the lost opportunities of putting together other transactions.
In today's market, you have to increase your numbers to get more transactions closed. In the past, you may have needed to average 2.5 or 3 pendings to get 2 closed. Now you may need 4 or 5 pendings to get 2 closed.
2 questions to ask yourself each day:
- What can I do today to get another PENDING in (month)?
- Who can I call today to get another PENDING in (month)?
I've thought about this in my head and also repeated it to myself out loud and it seems to make sense.
I'm going to make this change to my business plan this year and see how it works out.
In 2010, focus on the number of PENDINGS you have at any given time!
I'd love to hear your thoughts about this idea. Please post a comment here and share your opinion.
To your success,
Dan
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