The New Year is here, and so is the opportunity to set and accomplish new goals. Whether you're a seasoned real estate agent seeking to surpass previous benchmarks or a newcomer eager to make your mark, crafting meaningful and attainable goals for 2024 is important.
We’ll share a few milestones you may want to add to your own 2024 resolutions as well as provide guidance on how to set strategic goals and actually accomplish them. Here’s your chance to start the year off right.
Four real estate agent goals to consider for the new year
1. Become an educator
Closing deals is important, but so is building strong relationships with your clients. Clients want to know they can trust you and they’re more likely to do so if you can demonstrate a deep understanding of your industry and can provide valuable insights or solutions to their problems.
Stay up-to-date on the local market conditions, legal regulations, and emerging trends within the real estate industry. Remaining informed about how these impact the market in your area allows you to offer clients accurate and relevant information, positioning you as a knowledgeable and dependable resource. If you have renter clients, you can share helpful tools and tips like how to boost their credit scores by reporting their on-time payments. From there, you can educate them further on why it’s important to get credit for their rent today, which can help them qualify for a mortgage when they’re ready to purchase a home. They’ll be grateful for the helpful tips and you’ll stay on the top of their mind.
It’s simple: If you want to close deals successfully, don’t just treat clients as a transaction. Actively listen to their needs and earn their trust by showcasing your expertise and knowledge in your field. Building rapport takes time and effort but by cultivating genuine relationships you’ll close more deals and your clients will become loyal customers for life.
2. Grow your rental business
High mortgage rates and steep home prices are continuing to ward off would-be buyers. In fact, last year, 49% of agents only either sold one home or none at all. With these challenging market conditions, it’s no surprise that many individuals are turning to renting as a more financially-viable option. While the rental market is beginning to cool down, now is a prime opportunity to grow your rental business, diversify your portfolio, and cater to the growing pool of renters. With the right tools, growing your rental business will ensure a more stable income stream and enable you to thrive amidst the fluctuations in the housing market. Tools like RentSpree, for example, make the entire rental management process simple and convenient—from tenant screening to dealing with rental applications.
3. Show renters the path to home ownership
While the current condition of the market may not put renters in the best position for buying a home today, there are signs that this reality will change in the near future. And when that time comes, you’ll want to make sure that clients come to you for your services. That’s why lead generation is especially important. By using real estate Customer Relationship Management (CRM) systems, you can centralize client data, track interactions, and automate various tasks, facilitating a more efficient lead generation process. Nurture relationships by following up every year, especially around renewal time, to get a pulse on if your clients will continue renting or are ready to take the next step. Offering to share leads with clients based on their given price point and preferences is a valuable gesture that will strengthen your relationship. Likewise, you can educate renters on the rent-to-buy pipeline, so they’re well prepared about how to achieve their home ownership goals.
4. Strengthen your personal brand
The number of realtors—1.5 million to be exact—has reached a historical all-time high. This year, take the time to invest in your personal brand so you stand out from the crowded agent market. Doing so can help you expand your clientele, generate more leads, and gain a competitive edge in the industry. Think about how you can showcase your expertise, unique selling propositions, and success stories through various marketing channels such as social media, websites or email campaigns. Investing more time into building your website and gathering client reviews can boost your reputation and strengthen your brand even further. Or attend local events, workshops, and seminars to amplify your visibility and advertise your personal brand.
How to set S.M.A.R.T. goals
Effective goal setting for real estate agents starts with a clear objective and plan on how you'll achieve those milestones. SMART goals provide a framework for defining objectives that are Specific, Measurable, Achievable, Relevant, and Time-bound. They help you clarify your ideas, use your time more effectively, and give you the motivation you need to accomplish your goals. Let’s break these down and look at what they actually entail.
Making a goal specific means clearly defining the goal with precise details. Instead of setting a vague goal like ‘increase sales’, consider adding a target number to make it more specific like “increase sales by 15% in the next quarter”. Don’t just stop there though. Address how you will reach that 15% and by when. Setting deadlines can motivate you to complete tasks and stay on track.
Measuring your progress helps you understand where you are in the process of achieving your goals. By routinely assessing your performance, you can make necessary adjustments as needed based on how close you are to meeting the benchmarks you set for each stage of your goal accomplishment. This way, you’ll be able to gauge whether there's a need to recalibrate your strategies to meet your objectives effectively.
In order to achieve your goals, you need to be sure they’re realistic. As you set your goals, think about the current market conditions, your expertise, and available resources. Consider factors such as your client base and your personal capacity when defining your goals. Be careful not to set unrealistic resolutions or goals that are a significant stretch since it could end up backfiring and hindering your progress.
Making sure your goal is relevant involves setting targets that directly contribute to your professional growth and long-term career aspirations. Do you want to increase listings in a specific neighborhood to grow your market presence? Or do you have plans to develop expertise in a niche market segment to cater to specialized client needs? By ensuring that your goals are in sync with your overarching business strategies or personal ambitions, you can stay focused, motivated, and dedicated to achieving meaningful outcomes.
Build time-related parameters into your goal to create a sense of urgency and accountability, prompting you to take action and effectively prioritize tasks. Time-bound parameters provide a sense of direction, enabling you to allocate resources efficiently and regularly monitor progress so you don’t lose sight of your goal. Establishing deadlines also allows for better planning and ensures that milestones are achieved in a timely manner.
Achieving your goal
If you want your real estate business to succeed, simply setting real estate agent goals isn’t enough. You have to stay focused on the end prize and be SMART about how you navigate accomplishing your goals.
One way to achieve your goals is by making sure you have the right tools in your arsenal. RentSpree helps streamline the rental application process, simplifies tenant screening, and ensures a smoother leasing experience.
By using RentSpree's innovative tools, not only can you achieve your goals, but you can improve client satisfaction, and ultimately advance your career. Don’t wait—request a demo now.