Building and running a successful commercial real estate brokerage takes time. Along the way you’ll adjust your processes, sometimes you may even completely revamp your strategy to fit the evolving needs of your clients. As you start thinking about goal setting and planning for 2017, follow these four steps:
1. Ask Yourself “What Is My Ultimate Goal?”
Of course the answer to this question is always: close more deals and make more money. But have you thought about exactly how you are going to close more deals in 2017 than you did this year? It may be time to get more aggressive with your prospecting, or you may be missing opportunities to network. But if you plan to do the exact same thing in 2017 that you did in 2016, you shouldn’t expect drastically different results.
Sit down and figure out a realistic, measurable goal that you want your brokerage to hit next year. Take a look at your revenue pipeline and look for opportunities to increase its efficiency. Are your inbound leads being followed up on quickly? This is an excellent opportunity to leverage the data in your CRM and find opportunities you may not have known you were missing.
Once you have put together a list of what you want to accomplish, the next step is to figure out how to turn these goals into actions.
2. Goal Setting Is Fruitless Without Action Planning
You’ve already taken the first step in this process and have established realistic, measurable goals, now it is time to figure out how to actually hit your goals.
Lets imagine your goal is to expand service line offerings or specialize in additional property types. To achieve this goal, examples of an action plan might include:
Attend one e-commerce or logistics networking event per month.
Require each of your brokers makes 50 prospecting calls to potential industrial clients per week.
Start blogging once a week about e-commerce or warehousing logistics on your website.
Hire a broker with experience and connections in industrial or warehousing.
Each goal you set should also come with a deadline. Not only will this help you prioritize, but it also keeps you accountable. Around this time of the year most of us start to think back to the new year’s resolutions we set for ourselves at the beginning of 2016. Maybe you didn’t go to the gym every day this year, but with proper planning and a systematic approach, the goals you set for your brokerage don’t have to suffer the same fate.
3. Prioritize Your Goals
Now that you have your list of what goals you want to accomplish and how you are going to accomplish them, it is time to figure out the order of priorities for 2017. Of your top identified goals, which are the top 3 most important to you? Now of those three, which is most important? Now you have your top 3 list and can begin writing out your action plan for accomplishing them.
Prioritizing is vital because it is how you define what is really important to you. The point is to prioritize your goals according to your top goals for 2017. Always be specific when laying out your plan. The more detailed your milestones, the more actionable they become. Then work your way down the list to set long term goals for 2018 and beyond.
If it turns out you are spending a lot of time tracking data, building reports and sifting through spreadsheets . . . REthink CRE can help. Let’s talk!
4. Plan for the Future
Success is never accidental and this is more true in CRE than almost any other industry. Most brokers are hard workers, but their competition has the same number of hours in a day that they do. Winning means having the right plan in place and the tools your brokerage needs to get the job done as efficiently as possible. 2017 can be your year, but the process of winning in 2017 starts right now.
If you would like to see the many ways that REthink CRE can help your brokerage, click here and book your demo now.