Real Estate Year End Planning
A couple of months ago, we addressed the need for solid year end planning. With November here and the holidays around the corner, we take another look at how you plan to finish the year strongly.
Real estate is a cyclical business and traditionally, this time of year is a high point for retail sales and not for our industry – but that doesn’t mean you shouldn’t be able to close out a solid year. Here are our year end planning tips for focusing during the most hectic season:
- Don’t get desperate. Hopefully, you’ve kept clients in the pipeline and are working steadily. The alternative is to become desperate to close deals before the New Year and when you ‘need’ a deal, you tend to make promises you can’t keep. If you’ve been working on the plan you put in place earlier this year, desperation shouldn’t be your problem.
- Don’t be distracted. We get it: The holiday season is filled with distractions. Family is coming to town, you’ve got to buy gifts for the kids, and holiday networking events fill your evenings – but the bottom line is you must stay attentive to providing high-quality customer service. Do the work now, and you’ll have the cash flow you want in January and February. And, remember: Not everyone has your work ethic. So, while inventory may decrease in the last months of the year, increasing your efficiency is crucial to building your business.
- Increase your prospecting. As we mentioned above, the market typically shows a slowdown in the fourth quarter, but you can balance that by increasing your prospecting. The rule of thumb is to bump up your normal prospecting by 25 percent. If you haven’t started already, waste no more time!
- Be detailed in your lead follow-up. Get used to hearing both buyers and sellers express hesitation about making big decisions during the holiday season, so pre-qualifying takes on even more importance than usual. Ask potential clients what price they need to sell and how important it is for them to sell their homes in the near future. Cutting to the chase will maximize your efficiency.
- Evaluate the market. Evaluating what’s selling and what’s not becomes a daily exercise at this point in the year. With the sand running out of the proverbial hourglass, you must turn your energies to the types of properties selling and the hottest areas.
Finally, develop a specific system to get you through the finish tape. You’ve doubtless has a plan for 2019 you began developing a year ago, but now you need a short-term plan that allows you to sprint into 2020. Starting today, write your goals and plan for the next 60 days and make it the best part of your year.
A little year-end planning can go a long way toward ensuring a successful 2019. Check out this earlier post for more planning tips.