Last week we initiated our 5-part series on Making 2017 Your Best CRE Year Yet. I shared with you how, in our now 9th year of working with over 1,000 commercial real estate professionals in our coaching programs, we have honed a process for preparing for the New Year. The process can be defined as having 5 specific steps. These steps include:
In the first 4 steps of this 5-part series, we outlined Step 1- the 3 reviews you need to complete before you can set a path for growth in 2017; Step 2- Reflection and the 4 key questions to assist you in identifying key levers for moving forward; Step 3 – Restriction and the key question “What did not meet your expectations?”; and Step 4 – Reposition, outlining a series of personal and professional growth goals for 2017.
In this 5th and final step of the series, we will share the concept of Reaffirmation. This is the process of reaffirming where you are. Today we want to focus on your financial goal, which you set in Step 4 of this series. It’s time to commit to your financial goal and to your plan of action moving forward in 2017. Where do we start?
Focus on the Financial
It’s time to identify how you are going to achieve your financial goal. How many transactions must be completed over the year to reach that goal? Remember this is a 12-month goal. Assume you have a $450,000 commission goal. Let’s say you must complete 15, 10 maybe, maybe 5 large sales transactions. It depends on where you are, in your market, and what you are focusing on, but understand the velocity you’re going to need to achieve that goal. Make sure, go back to your goal of income. Is it realistic? It is relevant to you?
Once you confirm your goal and the volume needed to reach that goal, determine the market you are going after. What services you’re going to provide for that specific market, sales, leasing, consulting, management, mortgage financing? Who is your target audience?
Now, here’s the critical part; what key initiatives you must put in place for you to develop yourself, for you to move forward so you achieve that financial goal. What particularly in your business must take place? Think of smarter goals. What we don’t want to hear is “I need to prospect more” or “I should probably create a blog”. These may be steps, but those aren’t goals, right? If you’re going to say, “Hey, I know what I need to do.” Number 1, I need to implement a targeted, prospecting campaign. That’s a major goal. That’s a macro-goal. That’s great. Perhaps “I need to develop a comprehensive, personal marketing platform”. This is great. I love it. We still need to phrase these as SMARTER goals.
This second example will create better relationships for you in the marketplace, and from that presence you’ll have opportunities to secure greater referrals. Other examples may be “I really need to engage a strong assistant, and do so by X, Y, Z, because that person will do the following for me. I need to build my team with the following members. I need to implement and identify a robust contact management CRM system that will allow me to do XYZ.”
Only 2 goals
However, here’s the kicker, you only get to set 2 goals for 2017. Why? From the thousands of clients, we have the privilege of working with, I will tell you that your top 2 ideas will help you go further in a year than anything else you have done thus far. Two goals, that’s it.
Start thinking of some qualitative issues now. I want you to visualize what will happen when, not if, when you achieve these goals. What your life’s going to be like? What’s the vision behind that? What’s going to happen? How are you going to be different? Where you’re going to be? Think about what’s motivating you to achieve these goals? I know when I achieve X, I will be in a better position to service my clients. I will be receiving more deals. I will have more quality time with my family and friends. I will be able to buy that condo on the beach, that new sports car, or that great new road bike for my triathlon races. Whatever your goals might be, I don’t know. I want you to visualize. Put a vision statement of why you want to pursue these goals and where you are going to be. What changes will happen when you obtain your success, because you will. You will.
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Now, I want you to think about your client, because you must focus on your client. I want you to think about, what are their needs going in to a new year. What do you need to do to meet those needs, to service those needs, and differentiate yourself? How can you completely be client-orient it? What are you going to provide for them? How are you going to differentiate yourself? You have to lift up your head, as a friend told me, lift up your head, look around at what’s going on in the marketplace, and identify those opportunities.
2017 is the time for the new you. This is You 2.0. It’s you making 2017 your best CRE year yet. Do the work, visualize, set the goals, set those 2 key business initiatives, outline your financials, outline what the goals are, how many transactions you’ve got to make, think about the velocity in your marketplace.
This concludes our 5 Steps to Making 2017 Your Best CRE Year Yet blog series. You now have reviewed what you did in 2016 and have reflected on what it meant, identified the restrictions to obtaining your goals and drafted some goals for repositioning yourself for greater success and finally reaffirmed these goals and visualized all that will come with a successful 2017.