To REVIEW, or not to REVIEW: that is the QUESTION
Can you believe the first half of 2011 is over? Have you asked yourself what happened and where did the time go? In talking with Real Estate Professionals these last few weeks the typical response I am getting is “WOW, school starts in a few weeks” to “OH MY, the holidays are right around the corner”. Are you wondering where the time has gone? Are you curious or concerned what your business will look like over the next 6 months? If you answered “Yes” then I am recommending you take a quick break and review what you have done these last 6 months and make a plan to take control of the next 6 months. Here are my TOP 5 midyear business review strategies.
- Review the first 6 months. You should know your personal production in closed units, volume and income. Write these down and ask yourself “Am I behind”, “Am I ahead” or “Am I in a slump”. Write down your pending sales and then do the math. How many closed units do you need between today and the end of the year to meet your goals?
- Review your inventory. List your current sellers, current list price and ranking based on their motivation and capacity and finally if any price reductions are needed. Are you working with motivated buyers? Categorize your buyers into 3 groups – 30, 60 and 90 days. If you have any buyers longer than that then time to find some new buyers to add to your inventory.
- Review your business generating activities. What have been your Top 3 sources of business this year (SOI, FSBOs, Open Houses, etc.)? What is the total number of people in your sphere of influence (including past clients, friends and relatives)? How many times did you contact your SOI this year specifically to ask for referrals?
- Review what have been your most successful business generating activities in the first half of the year. Make a plan to continue, increase or add those activities to your daily/weekly/monthly business plan.
- Review and write down your primary goals for the second half of 2011. Next, list the key activities you will need to do to achieve those goals and what steps you will need to take immediately. Finally, what skills do you need to improve on to achieve your goals?
By following and applying these 5 midyear business review strategies you will be laying a foundation for a busy and prosperous 3rd and 4th quarter of 2011.