Why don’t real estate agents take budgeting and goals seriously?
Most real estate agents set goals based on a random number instead of taking the time to look at how they want to live their life and base their goals on that.
More Isn’t Always Better
Each year real estate agents go through the exercise of defining their goals for the coming year. How those goals are formed can determine whether they feel they had a successful year or a year in which they feel they came up short.
Unfortunately, when defining goals, most agents do not take the time to look at their business or how they conducted business. Although it’s important to analyze their budgets, expenses or profit margins, most don’t take the time to do that.
Instead, they opt to pull a random number out of the clear blue sky.
For example, ask virtually any new agent how much they want to make their first year in the business. Their response will most likely be, $100,000. Without having sold a single property or knowing very little about the business, they honestly believe they can earn six figures immediately.
Experienced Agents Aren’t Much Better
If they did $5 million in volume this year, they want to make $10 million next year. There is no rhyme or reason for doubling their volume, except that “it sounds good.” It’s almost like it’s a reflex response. After all, isn’t the goal to do more than the previous year? With this flawed logic, agents can stress themselves out for no real reason.
Why not take the time to think about your life, your business and integrate the two.
- How much money do you spend each year?
- Beyond your regular expenses, what do you need money to do this year?
- How much profit do you want to make from your business?
Once you have the answers to these three simple questions, then you can determine the level of volume you want or need to achieve. When you know your numbers, you can set income or volume goals to meet your lifestyle.
If each year your plan is to double what you did the previous year, the question becomes when is enough, enough?
It’s a question many agents can’t answer because they are constantly chasing more as though “more” is validation that they are a successful agent. The job comes with enough stress. Our clients, appraisers, home inspectors, and lenders, just to name a few. Agents don’t need to add to that stress by pulling random numbers out of the sky and label them goals.
Real Estate Agents Decide How They Run Their Business
Real estate is a profession where you can decide how much or how little you want to earn. How much time you want to spend on your business and what activities you want to do and when. We can set healthy boundaries and achieve work/life balance.
This doesn’t mean that you can’t or shouldn’t be ambitious or set high goals, it simply means know your numbers. Know what you need to earn, know when enough is enough and live your best life.
The only person you need to impress is yourself because no one else matters.
Enjoy less stress by having smoother transactions by implementing these simple strategies today!
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“The Reality of Real Estate – The Essential Guide to Planning, Managing and Growing Your Real Estate Business.” Available on Amazon now! Candy, “The Real-Life Realtor”, coaches, mentors and trains new and experienced real estate agents to transform their business by mastering her proven systems for success.
Inman News named Candy Miles-Crocker as one of the Top 25 Real Estate coaches in the United States.
She is a firm believer in managing expectations. Her goal is to elevate the perception of real estate agents among the general public through education so every client has an amazing real estate experience. Candy’s unique training methods have shown agents what it takes to be successful! Learn more about her training program at www.RLRETraining.com or send her an email at Candy@RLRETraining.com. If you haven’t done so already, please connect with us on Twitter on Facebook, and LinkedIn.
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As an active Realtor licensed in three jurisdictions, I approach real estate training from a different perspective. With over 18 years in the real estate business, I teach agents what it’s really like to be a real estate agent.