Maximizing profitability in 2023 will require addressing how beliefs, attitudes and emotions underpin or undermine our ability to take successful actions. Trainer Bernice Ross walks you through an actionable, step-by-step planning process to take you farther than ever before.
Now that the new year is about to begin, it’s time to level up yourself. We close out the year by highlighting the value of a month-long real estate coach and ongoing training. During Inman’s Coaching and Training Month, expect advice from top real estate coaches, evergreen deep training his resources, and more.
Most business plans focus only on numbers and are not particularly motivating. Maximizing profitability in 2023 will require addressing how beliefs, attitudes and emotions underpin or undermine our ability to take successful actions.
Seeing how many calls you have to make or how many deals you want to close isn’t particularly motivating for your brain. What drives your brain is the personal gain that you and your family derive from taking those actions. indicate.
Setting up a rating matrix
First, divide a piece of paper into four separate pieces and label each corner.
- “I like what I do and I make money” (upper left corner)
- “I don’t want to do it, but I can make money” (upper right)
- “I want to do it, but I can’t make money” (lower left)
- “I don’t want to do it, I can’t make money” (lower right).
identify a personal best
List all completed transactions in the last 12 months. Next to each transaction, note the origin of the lead. (This can work with expiring listings, geographic farming, open houses, paid leads, transfer buyers, social media leads, etc.) Which of these lead generation activities is most profitable for you? Identify the top 50% with the highest . 2022.
We further divide these activities into two groups.
Place “I want to do it and it’s profitable” in the upper left corner of the matrix. These are the key areas to build your business in 2023. The key to success is to focus on doing what you love. Don’t waste your time trying to do something that doesn’t work.
not fun but you can make money
Place the remaining top 50% most profitable activities in the upper right corner (“I don’t want to do it, but it’s profitable”). Consider delegating these activities.
For example, if you don’t like dealing with buyers, partner with someone who likes dealing with buyers. If you hate paperwork, hire a deal coordinator. By focusing on your strengths and delegating your weaknesses, you will not only be more profitable, but you will be able to better serve your customers.
get rid of the unprofitable
The most difficult quadrant to address in this model is “I want to do something, but it’s not profitable.” Take a look at the activities that closed the deal, and notice what didn’t result in any sales.
For example, are you still mailing to areas that haven’t gotten a listing in the last 12 months? Are you holding regular open houses and generating closed transactions from that activity? If you don’t get it, it’s wise to stop doing it. The quickest way is to start from the point of “I don’t want to do it, I can’t make money”.
In 2023, put the time, money, and energy spent on activities that were unprofitable in 2022 into areas that were profitable.
Set goals for revenue and closed deals
Suppose you close 20 deals in 2022. By doubling the time spent on the most profitable real estate activities (i.e. by eliminating the unprofitable ones), most agents can easily increase closed deals by 50% or more.
Use the 3-2-1 approach every day
After creating your business plan, ask the following questions at the beginning of each day:
- What are the three business activities that I must complete today? Complete these three activities first before doing anything else.
- Which two self-care activities will you choose today to help you maintain mental, mental, emotional, and physical balance?
- Name one activity you can complete today that will help your business tomorrow.
The challenge for most realtors is that less important activities cut through the top three priorities. We treat these reservations with the same priority we give to listing reservations for self-care and new business creation.
Use a monthly “4-3-2-1” approach
Use this approach to schedule vacations and treat them as the same priority as booking a listing. schedule:
- A minimum of 4 full days off each month.
- Have dinner with family or loved ones at least three nights a week.
- Two days a month, I spend one day with friends and family.
- At least one day completely for you, whether it’s playing golf, getting a massage, or doing whatever you need to do to recharge.
track your progress
Try this approach for a month, then evaluate your progress. If sales are increasing, keep course. If not, consider what you can change to improve your sales.
the real secret of success
Review your business plan, including your income and transaction goals, at least twice a day. Keeping your goals in front of you is the key to achieving them.
If you can envision achieving both your business and personal goals while following the guidelines above, your business will skyrocket in 2023 like never before.
