12 Steps to Transition Your Real Estate Business to The New Year
A New Year of Real Estate Ahead
It’s impossible to think of ending one year without looking ahead to what’s around the corner. I love the mystery that awaits, knowing that I can prepare for events down the road. With that in mind, I anticipate the new year with excitement and optimism, and a dusting of prudent vigilance.
The last couple of weeks of December is the perfect time to review the past twelve months. When the pace of the real estate market slows down, an opportunity to streamline my goals and business plan enables me to be ready for the start of the new year. My words of the day are: review, reorganize, refresh, and recycle. Here are twelve ways to do it.
1. Freshen Up
Now is the time to bring your bio up to date on your real estate and social media accounts. Elements you want to include when you refresh your bio are awards, achievements, real estate courses completed, professional certifications earned, and milestones reached. It would help if you could also talk about any community service projects or volunteering in which you participate. Connect on a personal level also with marriage and birth announcements, interests or hobbies. Also consider new professional photos, especially if you didn’t take one last year.
2. Evaluate Your Tools
Today’s homebuyer is very tech-savvy and expects the same from their real estate professional. If your tech tools are slow and outdated how can you function at full capacity? If your laptop, smartphone, or tablet is holding you back now is the perfect time to replace it thanks to holiday bargains and sales.
3. Reorganize Your Electronics
Do you have apps that you never use? Now is an excellent time to free up storage space on your digital tools by deleting them. If you have others that do not meet expectations look for replacements. Also, I recommend cleaning up your emails, and if they pile up regularly, look for alternative methods of organizing them.
4. Subscription Services
Review both your paid mail and digital subscriptions and cancel those that didn’t add value to your business or personal life. Also, look at free updates you get via email. If you find yourself deleting them regularly, consider unsubscribing and freeing up some space and time.
5. Prepare for Tax Season
Now is an excellent time to gather documents you will need for filing your taxes. If you need a few more deductions, this is a perfect time to donate to your favorite charities. You should also review your contributions to retirement accounts. If you are 50 or older, you can make catch-up contributions. Younger people may want to consider adjustments to their retirement saving plan for the coming year.
6. Recognize the Upcoming Trends
It’s imperative to determine where the market is going in the next few months to structure a workable strategy. What do market analysts say about interest rates and the general state of the economy? Do national real estate market trends reflect what is happening in your local market?
7. Establish Your Goals
Review the goals you established for this past year. If you had some you didn’t meet, determine the cause than decide if they are worth carrying forward into the new year and plan how you can achieve them.
8. Prepare Your Budget and Marketing Plan
You need to invest in promoting yourself and creating some buzz. Decide home what percentage of your commissions you are going to spend on advertising and where you will allocate those dollars.
9. Review Your Listing Presentation
Determine how upcoming market conditions will affect your strategy for sellers. It’s essential to keep ahead of the curve and establish your reputation as an authority.
10. Review Your Contacts and Pending Business
Sort through your emails and social media for new contacts and update your customer relationship management system. Not using a CRM yet? Consider putting that on the top of your to-do list.
11. Catch Up on Reading
It’s essential to keep up with real estate and what business leaders are doing in terms of strategy and best practices. Sit down with that book you have wanted to read. Need suggestions? If you haven’t read “The 7 Habits of Highly Effective People”, consider putting it at the top of the list. A couple of others I recommend is “The Happiness Advantage: The Seven Principles of Positive Psychology That Fuel Success and Performance at Work” and “The 10X Rule: The Only Difference Between Success and Failure.” There is also a list of great real estate books published on RISMedia. Your welcome!
Acknowledge that your most valuable business asset is you. Take advantage of the end of year slowdown to reward yourself for a job well done by engaging in activities that bring your joy. You deserve it! See a movie. Splurge on an expensive dinner with your significant other at your favorite upscale restaurant. Get a massage. Go sledding and skating with the kids. Embrace the magic of the season. Hang out with friends and family enjoying holiday foods and traditions.
As always, thank you for reading. Celebrate! Stay safe! Stay warm! And raise a glass to a rewarding and prosperous new year!
You know where to find me. Joe Houghton