It’s that time of year once again: business planning season! And this time, it’s more important than ever to debrief from this rollercoaster of a year and get a plan in place for 2021.
While you’re racing to reach your goals for Q4 be sure to allot some time to take a 10,000ft view of your business so you know what to change (and keep doing) next year.
1. Tweak Your Business Plan
2020 was the year of the “pivot.” With shutdowns, virtual showings, online transactions, and zoom meetings, agents everywhere rose to the occasion. Because the good news is, demand is higher than ever and it’s a great time to be in real estate.
But 2021 will be a unique year, with a whole new set of challenges, and it’s critical to be prepared for whatever comes your way. Need a little help getting your business plan in order? Check out this live session with Reed Moore (RMG Real Estate Network, Keller Williams Realty Alaska Group, Keller Williams Spokane and Keller Williams Coeur d’Alene), to get some expert tips for building a simple and strategic real estate business plan.
2. Train Hard
We recommend that real estate agents “ABT” (Always Be Training), but especially when preparing for a new year with new goals and a competitive market. An agent is never too experienced to freshen up on the basics and fundamentals.
Consider this: there is nothing more valuable to a consumer right now than information. And they rely on you to make those data-driven decisions. So the real estate agents who will come out on top in 2021 are the ones who have the answers and solve problems for their clients.
Start with this training to-do list:
- • Work on your scripts, role-playing cold calls, and objection-handling.
- • Hire a coach (if you have the means) or connect with a mentor/accountability partner
- • Attend educational events and expert webinars
- • Stay up-to-date on market data and trends. (Local & national)
- • Partner with Keeping Current Matters for ready-to-share educational content & resources
- • Brush up on your systems training with your CRM and other tools
3. Look at Your Success Metrics
We often suggest running your business like a data scientist. Clearly tracking and measuring your success metrics will help you adjust and adapt to stay profitable no matter what obstacles come your way.
Take some time to look at your process for lead generation, follow-up, and long-term nurture. Are you measuring how many leads you need to generate each month? How many conversations does it take to get a meeting? How many meetings does it take to get a closed deal? These are all questions that can be measured and turned into a formula.
4. Invest in Your Digital Presence
Here’s the thing, digital presence has been critical for success in real estate for some years now. Because of COVID-19, we have to put even more of our efforts into digital presence and pivot in order to serve our clients virtually. The good news? Investing in your digital presence will serve you long after this time period, so your efforts will only improve the foundation of your business.
We encourage agents to “diversify their lead flow.” That means, don’t put all of your eggs in one basket when it comes to generating new business. Put a portion of your effort into your sphere, referrals, open houses, online leads, etc., that way if one of the lead sources runs dry, your business isn’t disrupted. Right now, some of those other channels may be slow or even at a standstill. Meaning, it’s the perfect time to bulk up your flow of online leads to supplement the rest.
5. Step Up Your Content Marketing
Funds have been tight for many this year. If this is one of your top concerns, we recommend focusing on improving your content marketing. It’s a budget-friendly, and (if done correctly), high successful way to generate new leads as well as awareness for your brand.
Think of content marketing as any way you can offer valuable content (videos, PDFs, webinars, blogs, etc.) to your market and get email addresses or traffic to your website in return.
Not Sure Where to Start? Here are a few videos you can create right now:
- • Personal Messages via Email Video
- • Listings & Listing Presentations
- • Buyer/Seller Advice
- • Housing Market & Local Insights
- • Virtual Open Houses
- • Live Q&A
- • Neighborhood/Community Guides
Check out Path & Post Real Estate’s YouTube Channel to see an example of excellent content marketing videos.
6. Automate & Offload Busy Work
Juggling a little bit more than you can handle these days? Make sure your technology can keep up. A good real estate CRM should automate busy work and optimize your most dollar-productive activities, helping you do more with less.