I’m often asked by new and existing Realtors about goal setting. They want to know what’s realistic, unrealistic, attainable, etc… For some reason, the movie Pursuit of Happiness always enters my mind when I’m asked these questions. The Pursuit of Happiness is the movie about Chris Gardner and Will Smith was the star actor in this real-life story. There was a scene where a Stock Broker drove up in a red Ferrari and parked in front of his office. Walking up, Will Smith said “Wow, I have two questions: What do you do and how do you do it?

You see, when you want to take your career to the next level you have to ask the right people the right questions. This movie, although about the Stock Brokerage Industry, is parallel to the Real Estate Industry. Like the Stock Broker’s response in the clip that answered Will Smiths question, you don’t have to go to college. The Stock Broker went on to say, “You have to be good with numbers and good with people.” Real Estate, just like this movie, comes down to working hard, working smart, wanting it bad enough, sacrificing, and building the right relationships.

As a Realtor, we have to ask the right questions to get the desired results.

However, you have to decide what you want from this industry, what you expect from this industry, etc.. I often start with the question “Why did you get into real estate?” I then look at the person and say “You can give me any answer other than you got into real estate for the money.” It doesn’t matter how long you have been a Realtor, we have to start with your “WHY!” You need to figure out your “WHY!” You need to vividly understand your “WHY!” The answers to these questions conceive and will give birth to your PASSION and PURPOSE!

Once you understand your “WHY” and you are in the pursuit of understanding your PASSION/PURPOSE, now let’s talk about your monetary goals. Rule #1 Don’t chase money! If you work with PASSION/PURPOSE the money will come. Now, let’s say that you want to make $75,000 this year(2023). What do you need to do to actually make that happen? How many deals do you have to close to hit that number? What is the average sales price of the properties you sell or the farm market you work in? Again, ask the right questions to get the right answers.

Let’s say that your average sales price is $150,000. Your commission split is 75/25 with your Broker. Given the average sales price, your average commission in this example is $3,200. Now you have to back into that $75,000 2023 goal. Divide $75,000 by your average commission of $3,200 per deal. The number is 23. Given this example, you need to close 23 units to accomplish your goal. Now, take 23 units and divide it by 12 months and that means you much close almost 2 deals a month that have an average sales price of $150,000 to make $75,000 in 2023.

Now the question becomes, “WHAT?” What are you going to do to hit these numbers? Also, “WHERE?” Where are you going to get your business? Finally, “HOW!” How hard are you willing to work to accomplish your goal? These are all the right questions, to get to the right answers.

Going into 2023, you must create a business plan that answers all of these questions and displays your “WHAT, WHEN, WHY, and HOW!” If you are serious about being successful in real estate, you must have a tangible and vivid plan. Realtors MUST understand that they ARE NO LONGER an employee. Each of us is a small business and must conduct ourselves as such. The quicker a Realtor comes to this reality, the faster he/she will begin to experience success.

How to set goals for 2023?

Be honest with yourself. It doesn’t matter how long you have been a Realtor. The question is, what do you need to do right now to take your business to the next level? Sit with your Broker or Sales Manager and ask them to critique you. Be a student of the game called real estate. Be open to constructive criticism. Be stupid enough to try something different! Lastly, please know that this business is NOT easy. You are going to have to work your butt off next year to accomplish your goals. Now, go be successful!!