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3 Tips to Plan for a Powerful 2024

By MNR News posted 12-18-2023 12:47 PM

  
Who wants to build a sustainable business in 2024? How about a business that’s on point with your brand and makes you truly proud?
You can and you should. To be successful as a Realtor®, creating an annual business plan will help you set, track, and achieve your goals.  
3 Big-Picture Tips to Get Started and Focus on Your Future
1. Dig into last year.
To hit your goals and grow your business in 2024, you’ve got to first know what went well and what didn’t last year. It’s true, 2024 won’t be the same housing market as 2023, but you can draw out certain themes to plot a new, successful year. Here are examples of ways to analyze your 2023 data:
  •  How many social media engagements converted into leads? Out of those leads, how many evolved into referrals or listings?
  • How many hours did you spend on digital and social marketing, like enewsletters, blogs, and social media posts? Within each category, what resulted in quantifiable activity with prospects?
  • TIP: A worthy mantra for 2024—track, track, track. At the start of every new quarter, commit to evaluating the payback on time spent on marketing. At the end of the year, it’ll be far easier to add up your time invested and evaluate which methods produced the most success. 

2. Develop goals for next year.
Coaches, mentors, top-producing agents—everyone tells you to do it, but you’re the only one who can actually get it done. Developing goals is key to staying on track and helps hold you accountable. Consider setting goals that can be measured at these intervals:  

  • Daily  
  • Weekly
  • Quarterly
  • Annually
  • Long (5-10 years) 

Start every workday by reviewing your objectives to maintain clarity about what you intend to achieve this year.  

Think of daily goals as stepping stones to reach your annual ones. These tasks keep you on firm footing. Some examples of setting daily goals might be: 

  • Create a social media post. (46% of Realtors® said social media was the best tool for generating quality leads, according to the National Association of REALTORS®. It offers widespread platforms to promote your industry expertise and engaging personality.)  

  • Study market trends/industry news (1 hour). 

  • Door knock your farming area (1 hour). (Introduce yourself with your business card and immediately demonstrate expertise by asking owners if they’d like a complementary update on their home value.)  

3. Set your income goal, and then work back from there to determine how many transactions it will take to get there.
While this topic alone could cover several blogs, in its simplest terms, we’re calculating your target income for the year and the number of closings you’ll need to aim for to meet that target. 

  • Review income and volume numbers from 2023. If you’re new to real estate and don’t have those numbers, you’ll need to spend more time researching average income and expense data. See out advice from coaches and mentors too. It’s also a good idea to ask more experienced agents in your brokerage to help you plan for your first year. 

  • Be as accurate and realistic as possible. Many of us, in our haste to make potential annual profits look bigger, underestimate expenses and end up breaking the budget. 

Parting Thought: Flexibility is the name of the game (or at least a major playing chip) in real estate. The same goes for your business plan. At least once every quarter, evaluate progress and course-correct if necessary.  

Above all, stay tenacious about setting those daily and short-term goals because consistency and perseverance lead to momentum, which in turn leads to productivity—and you’ll get there. You’ll see the payoff in more referrals, listings, and closings.   

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