Updated: Apr 12, 2018
Why do we set goals?
High level achievers set goals. Without a target, how would we know where we are going? The planning exercise will map out your path for (at least) a year, so it may be worth doing some preparation first. For example:
Read Gary Keller and Jay Papasan's 'The One Thing'.
Refer back to your 'future life' or big why, to identify your big goals. What's your vision? Don't panic if it doesn't appear 'grand' enough! You may remember this as 'career visioning' if you are a KW agent. If you haven't ever completed this exercise, watch the video at this link. Have your coach guide you through this exercise. If you are planning a team retreat, it's wonderful to spend an hour individually creating this plan, and then sharing as a group. That also goes for the next step below - although this one is best used in small groups, one by one, sharing something someone is comfortable sharing, and then pausing as the rest of the group ask questions after the person has shared.
Refer back to what I call your 'past life' - identifying a series of events, outlining the highs and the lows of each event. This will allow you to revisit patterns of your 'joy zone' as well as common themes and behaviors that you identified as holding you back. Did out the flip chart version if you are a KW agent and created this as part of RSTLM, now re-created as Career Visioning.
Now back to planning - break the big goals down into steps.
How many dollars do you need to fuel that road to your future life? How many appointments do you need to set to create those dollars? After a recent study on conversions, here are a few findings. Make your own calculator here.
These are based on our current conversion rates at the hub, on an average price point of $250,000, and as a Buyer’s Agent. All figures are AVERAGE, tracked for a long period of time across our 15-30 deals per month. Work from your own conversion numbers to establish your own figures. This is for illustrative purposes only.
If you make one appointment per day, for 5 days a week, your gross earnings will be $157,500.
If you halve that appointment amount, your earnings drop to $78,750. That is a drop of $78,750, halving your earnings.
If you make 0.25 appointments per day, or 1.25 appointments per week, your earnings drop to $39,375 - $118,125 less.
Even when times are great, and you have written four contracts, it’s important to keep stocking your pipeline. It takes 4.2 months to receive a check from that appointment.
It takes 66 days for an appointment that has converted to become a contract.
Raising your average price point has a dramatic effect on your income (no surprises here!) At a price point of $350,000, and making an appointment a day, your income scoots up to $220,500
Once you have considered this foundation for your plans, the 101 on setting goals is to make sure they are SMART - Specific - Measurable - Attainable - Relevant - Time-bound.
Add your goals to your GPS
Consider creating a coaching hub that tracks your goals weekly. This is best done with a coach to hold you accountable. The GPS (which we used to know as the 1-3-5) can be effectively tracked on a weekly basis. Often, we get excited about creating a GPS, and then it gets tucked away in a drawer!
So now you are a few months in. Not hitting your goals? Revisit the metrics and conversion rates and see where you can improve. Refer back to the calculator and add your numbers.
How many conversations do you need to get to an appointment? What is your current conversion rate?
How many of your appointments turn into METS?
How many Mets does it take to get a Buyer or Seller LISTING?
How many Listings does it take to reach an OFFER?
How many Offers become a CONTRACT?
How many Contracts does it take to reach a CLOSING (ie what is your fall-out rate? This can be as high as 30% and most of us do not track it.....)
The usual step to improve and keep consistent is 1. Conversations. No surprise there. Prospecting, baby! However, by inching up conversion rates, your end result can be much greater. Play with the figures on the calculator to see what (even a few) improvement points can do. Consider using CPO which greatly reduces drop out if you are a listing agent.
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