How are you measuring up on the goals you set earlier this year? Did you hit your target, or are you not where you wanted to end up now that the fourth quarter has arrived?
There may be many reasons for falling short on your goals. A common mistake agents make is planning all their financial goals around one stream of income. Maybe it was a tougher go on lead generated sources, or past client referrals dropped off, but at the end of the day (or year), your one stream of income is not providing enough.
Successful agents know that in order to achieve steady income, there needs to be more than one leg holding up the table. To maintain a consistent stream of business and profitability, you need to identify four pillars of income.
Jamie Taylor, a Workman Success Systems coach from Friendswood, Texas, put together a compilation of how to identify various sources to balance out the four pillars of income:
- When developing your annual business plan, take the time to do an analysis of all the sources of business you converted this year. Look at every transaction you did, and identify what the lead source was. Next, determine how many transactions you had in each of those categories. Find your largest source of business, and you’ll know where to focus your marketing efforts in the next year.
- Identify 50 contacts who you know, love and trust. Send a monthly “touch” to these MVPs to sustain the relationship. This keeps you front of mind for those contacts, but also gives you an opportunity to refer their services to your sphere of influence. Agents are a rich source of local, reliable resources who will appreciate your referrals to their business.
- There are three main verticals to identify pillars, beginning with traditional real estate verticals like FSBOs, expireds, open houses, geographic farming, hobbies, community events, etc. The second vertical consists of events that give and generate. This includes seminars aimed at specific groups like first-time buyers, downsizing events, housewarming parties, senior community presentations, relocation and distressed properties. The third vertical is narrower in focus and includes short sales, working with probate and divorce attorneys, custom builders, etc.
Once you have a business plan, create a quarterly breakdown, then drill down to the monthly, weekly and daily activities you need to execute to grow those relationships. Continue to measure your results and watch your income goals go from dream to reality.
For free downloadable resources, visit https://www.WorkmanSuccess.com/resources.
Terri Murphy is a communication engagement specialist, author, consultant and Master Coach with Workman Success. She is the author of five books, a TedTalk® speaker and the founder of Women’s Wisdom Network on Facebook. Contact her at www.TerriMurphy.com or email Terri@TerriMurphy.com.