Changing Market: More Disciplined Approach?
Dramatic business environment shifts often calls for a refined approach in the way we show up in our businesses. Strong economies and real estate markets can sow complacency and engender less refined habits. The honest truth, it will likely take more effort and efficiency to create similar results today's real estate market. That requires a more disciplined approach!
But how? First, you have to want it! For this performance email I'm going to assume you are open to change and desire to keep your productivity up in a more challenging business environment. At the tale end of the great recession, I doubled my income in one year! It was a time when many of my peers still thought the real estate market was just too tough. One of the keys to doubling my income? Old school Tracking! Tracking goes beyond time blocking. It's the habit of extracting the maximum value and efficiency out of your business days progressively. Learning and getting a little better as days go by.
First, I laid out my goals for the year followed by:
How many contacts I thought I needed to make daily.
How many appointments I needed to keep.
How many listings and buyers I needed to serve.
Where I thought the business would originate.
How many hours it would likely require.
What I needed to do to stay sharp during my business day.
What growth I desired to chase.
Back in those days I just bought a cheap journal. I'm sure you can find a fancy app for it now. I'd still use the journal! On January 1st, I began meticulously tracking my days.
What time did I get into the office?
How many calls did I make?
How much time did I goof off and take for lunch?
How many appointments?
How many closings?
How much personal/professional development?
I would typically rate my performance and write down my thoughts.
Here's what I quickly discovered, I wasn't near as disciplined with my days as I thought! It was a real eye opener for me. At the end of every day, every week, and every month I would add up my time, contacts, appointments, etc. Was I on track? There were so many days that year when I was tired and ready to check out at 3:30 or 4:00. But then I would look at my journal and realize I was 1 hour short! I would grab a power nap, coffee, and grind it out! Monday-Friday it was my goal to work intensely for 7:15. I didn't count commuting, lunch, breaks or goofing off!
In business, it's often the last little push that creates a new opportunity! I lost count of how many times I made just one more call or brainstormed one new idea in the last hour of the day that resulted in revenue and paved the way for a stronger business!
That year, I became a very disciplined man. People took notice, too. My business habits became nearly as consistent as the sun rising in the East. I ended up exceeding my yearly revenue goal by $70,000! That was big money on the tale end of the great recession! All from tracking my days in a $10 journal!
Honestly, that year was a grind! I was completely worn out by years end! But, there are times in our lives and businesses where we need to work on changing our behaviors and creating a new normal. That year was the catalyst for a full decade of high performance in my real estate business! As time passed, things became easier and I found more and more clarity. More and more alignment. Iteration after iteration created high performance, new margin, and efficiency. What a life lesson.
Ultimately, a more disciplined approach gave me a huge head start on my competition as the great recession thawed out. I believe we are entering a new phase where this email may very well have impeccable timing for you or perhaps it will resonate with you down the road a turn or two.
If you really want to turn around or maintain your business, consider meticulous tracking!
I believe the new market conditions is perhaps, one of the greatest opportunities to gain market share in the life of your real estate business. Those that adapt their attitudes of mind and habits the quickest will benefit the most!
I've been blessed to do it, perhaps I can help you too!