If you consult an expert in any field as to what their greatest measure of long term success is, they will all give you one resounding answer: forming good habits. What does good habit-forming start with? Specificity. This includes being specific about your real estate business plan for 2023.
2023 is a year that is going to either make or break agents. You want to make sure you develop a real estate business plan for 2023 that will hone in on what it is you want to accomplish as an agent. Be specific with your intentions, and don’t wait till the clock strikes midnight on December 31st, 2022; start forming these habits NOW.
However, as they say: “Rome wasn’t built in a day.” (and neither was your roster of leads). So what are the best ways to plan for a successful New Year? We break down three, foolproof ways to craft a strong real estate business plan for 2023.
Getting into the science of habits…
Bestselling author and world-class coach Alan Stein quotes a study which shows that the biggest indicator of whether or not your new habits stick, is how many you try to implement at once.
Meaning, if you only try to implement one new habit but you go all in, you have an 85% chance of making it stick. Implement two new habits, and your odds of success will go down to 40%. Try three, and your odds diminish all the way to 3%! That’s an over 50% reduction on the second habit!
What’s the takeaway? Go where your highest chances of success are - the 85%! Meaning, pick one new habit, implement it now, and then pick up another habit in a month’s time, or once you’ve really made the first one a part of your process.
To summarize: pick the one habit out of the three we will explore below that resonates with you the most, and begin by implementing just that one until it sticks. Because once you get that down, the rest will follow!
1) Establish a healthy morning routine
The moment you wake up is the moment you start building momentum for your day. Chances are, how your mornings go will determine the rest of your day. Everyday you wake up with an opportunity to reach new goals, establish discipline, build gratitude, and develop a winner’s mindset. What probably happens to most busy and overworked agents instead, is repeatedly hitting the snooze button, skipping breakfast, and rushing out the door to meet your first client.
Now, everyone has their own idea of what a healthy morning routine means to them, but here is what a healthy morning routine is NOT, universally speaking:
- Eating a sugary, processed breakfast with your equally as sugary coffee drink
- Snoozing till you only have ten minutes left to rush out the door
- Not establishing a consistent routine; just “winging” it because you woke up late after another late night browsing Netflix
If any of these apply to you, you can ask yourself: what can I replace them with? Well, here are some suggestions:
- Prepping a nutritious, wholesome breakfast the night before
- Going to bed and waking up at the same time, aligning with your body’s natural circadian rhythm - not staring at any screens an hour before bed will help your body wind down!
- Meditation/gratitude journaling first thing in the morning - whatever method of mindfulness works for you, be consistent with it. Studies have shown that by taking time every morning to meditate over the abundance in your life, you can rewire your brain to think more positively in as little as 20 days!
- Exercise - could be a quick 10-minute power walk, yoga class in your living room, or 20 push ups. Getting your body moving first thing will do wonders for your mood, motivation, and self-confidence - all ingredients that make a winning agent!
As mentioned, positive habits are the bedrock for a successful future not just in real estate, but in every single facet of your life! But even within a healthy morning routine, Alan Stein’s 85% rule still applies. Begin by choosing one positive change to your morning routine, and stick to it for at least a month before implementing others.
Once you’ve set your intention (could be as simple as vowing to go to bed at 10pm every night for a month), write it down! Scribble it on a sticky note, and stick it to your bathroom mirror, alarm clock, or work desk - make sure it’s in a strategic location where you’ll see it as you wind down for the evening. If you want that habit to stick in 2023, don’t wait; do it now!
2) Write out your Real Estate Business Plan for 2023
Speaking of writing things down…without a written real estate business plan for 2023, you’re simply stabbing in the dark and taking a chance on your future. A plan can encourage you to become the architect of your success; after all, it is your life. Shouldn’t you be the one in the driver’s seat?
Know where you’re at so you can get to where you’re going
For starters, your plan should be specific, with attainable goals. This means no airy fairy fantasies, vision boards, or day dreams; in order to get to where you want to be by December 31st, 2023, you have to take an honest inventory of where you’re currently at. Clarity and being honest with yourself is key.
Therefore, open your CRM, and write down the following stats:
- Listings appointments taken
- Listings closed
- Number of buyer appointments and closes
- The number of days worked each week
- Conversations had a day
- Marketing money spent
- Lead source effectiveness
- GCI
- Volume
Knowing your business inside and out will give you a good idea of what your current strengths and weaknesses are. Buyer appointment to close ratio not at the industry standard? Now you know that your objective for 2023 is to work on your closing skills. Seeing the stats laid out in front of you will give you a springboard for your 2023 KPIs. It will be easy to identify your strengths, where your marketing dollars are going, and which systems you’re better off giving up in the new year ahead.
With this in mind, make sure your goals are realistic. When the clock strikes 12, you will be entering a market that is unpredictable and changing. Set your goals above what you think you can achieve, but not so high that you fall privy to disillusionment and quick defeat.
Identifying your “why”
This may or may not be in your written real estate business plan for 2023, but it is an essential driving force behind everything you do as an agent and beyond. Identify what your overarching purpose is. Besides making money and closing deals, what is your purpose in life right now? Who in your life are you fighting for? The answers to these questions will be the driving force behind your success as an agent, but also as a spouse, parent, sibling, etc.
Now, look ten years into the future. Ask yourself where you’ll be living; how big your team will be; whether you will be a part of a successful firm, or riding solo with your own team; how much properties you’d want to own. The goal isn’t to achieve your entire 10-year vision in 2023, but to better formulate where you’d need to be by the end of next year in order to be on track.
Understanding how you’ll get to where you need to be
I’m sure you have some numbers brewing in your mind, but how will you change your business in order to accommodate these goals? Along with thinking about what will propel you forward in 2023, also think about what is currently holding you back. Ask yourself the following:
- Are you making the best use of your time? How much time are you devoting to menial, administrative tasks versus prospecting and working leads?
- Are you making time to roleplay new scripts? Do you know the right things to say during a listing appointment?
- Are you devoting time to building a powerful digital presence? Think Youtube videos for your listings and valuable blog content to build your personal brand.
Now think about what you need to add in order to up your game:
- Marketing?
- Sales skills?
- Knowledge?
- Positive Habits?
- Expanding your team?
- A better mindset?
Write down your answers. Don’t be afraid to outsource if you can’t get there on your own! If hiring a coach or expert will improve your mindset, see it as a valuable long term investment in your business.
Rank the priorities in your Real Estate Business Plan!
Remember, this is a plan, not a wish list. Rank your answers based on which you will be most likely to implement first. Identify your strengths and weaknesses, and be specific and intentional. There can be no vagueness if it’s a truly executable plan.
3) Be Accountable to your Real Estate Business Plan for 2023!
Real estate can be a lonely business. It’s easy to become jaded, alienated, and distracted. But you don’t have to go at it alone! Find your own “Board of Directors” - this could be in the form of industry experts, mentors, coaches, and accountability partners. They could be your superiors or your peers; industry veterans or amateurs. People who know what it’s like to be in the trenches and have valuable insights, experiences, and nuggets of wisdom to offer you. These have to be people who aren’t afraid to challenge you and push you.
In other words - always be a student. And don’t try to reinvent the wheel! There are so many realtors out there who offer mentoring programs; or, start a mentoring program of your own with a couple of your peers to help new agents and enhance the industry across the board. You will grow and learn so much from helping others do the same!
Can’t find the mentorship you need in your own backyard? Expand your horizons; there are online experts, coaches, and programs catered specifically to budding agents - all available with the click of a button! Real Estate website and marketing solutions like Incom include a wealth of resources for generating leads, and putting your best foot forward as an agent, both on and offline. A quick google search will help you find dozens of conventions, organizations, and clubs aimed at agents looking to take their real estate game to the next level.
In short, an important element of being accountable is finding industry experts and peers who will keep you accountable. After all, nobody ever became successful doing it all on their own. Teamwork makes the dream work!
There you have it- three surefire ways to elevate your real estate game in 2023. Which one of these will you implement first?
Want to take control over your real estate business plan for 2023? Don’t wait till the last day of 2022 to start; book a strategy call with an Incom team member TODAY!
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