By this point, many of us are ready to bid farewell to 2020. It’s been a roller coaster of a year, with ups and downs around every turn.
Despite all of this, though, real estate has stayed strong overall—and many agents across the U.S. have experienced a spike in business. Now, as the year draws to a close, it’s time to reflect on everything that happened, and see how it can help you prepare for anything 2021 has in store.
So what should you ask yourself when you’re preparing for the end of the year?
1. What happened this year?
It’s a doozy of a question, but an especially important one this year. It’s easy to just look at what went poorly after such a mentally draining year, but it’s just as important to consider what went well and why it went well.
If you can, look to your tech to help you review your year objectively. Most modern tech tools that you use in your day-to-day business will have some degree of reporting functionality that can reflect on your year and show you exactly what happened.
If you’re not sure where to find these functionalities, be sure to check with your tech provider—they’ll know how to find it!
2. How did I do commissions this year?
This is an important question for two reasons. One, it gives you a solid retrospective of your commission practices, which helps you make decisions going forward. And two, this is a popular question for brokers to ask agents in year-end reviews, so reviewing it yourself first gives you a chance to prepare.
If you find places where you cut your commission but perhaps didn’t need to, ask yourself what the circumstances were that led to the situation—and what you can do next year to work around similar circumstances.
For example, one of the most common reasons agents will cut their commissions is for the client, to ensure the home stays within budget after an unexpected change, to leave a positive impression, etc.
However, by finding other ways to provide that value to clients (whether by helping them find wiggle room through savings elsewhere, or giving them extra value through services they weren’t expecting), you can have the same effect without giving up commissions.
3. What do I want to change for next year?
Let’s be honest: 2020 has been nothing if not a crash course in adaptability. With only a couple of months left, though, it’s now the perfect time to evaluate the business strategies you used this year, and look into how you might want to adapt them for next year.
Are there any new marketing techniques you heard about this year that might be particularly helpful, especially as the world continues to face the current pandemic? Are there any new tools that might help you work more effectively in an increasingly remote environment? And, most importantly, do those tools complement your existing ones?
For example, Lone Wolf’s Marketplace gives agents access—through their national transaction management member benefit—to all kinds of essential tools, hand-picked to facilitate digital real estate, like digital EMD, title, moving concierge services, and much more.
For more information, please visit marketplace.lwolf.com.
