How to Set Smart Goals for Your Real Estate Business

How to Set Smart Goals for Your Real Estate Business

You’ve likely heard about the importance of setting goals since you were a young child, and it’s one of those childhood lessons that translate seamlessly to the business world. Goals are a roadmap for success, and it’s hard to make true, lasting, and impactful progress. Goal setting is critical to small businesses trying to attract new customers, become more efficient, and increase their profits. There’s no industry in which goal setting is more important than the real estate industry.

As you’re well aware, the real estate industry is prone to highs and lows, but it’s always competitive. There are millions of homes for sale and buyers on the market, and it’s your duty to connect them and walk them through the closing process. Even in an industry as volatile as real estate, goal setting can help you ride the business’s ebbs and flows while also driving in new customers and increasing sales. Continue to reading to learn what smart goal setting is and how it can help revolutionize your business.

What are SMART goals?

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Goals are objectives set by a person or group of people to achieve specific outcomes or benchmarks. However, there’s a difference between SMART goals and all other means of setting objectives. As it relates to goal setting, SMART is an acronym that means specific, measurable, achievable, relevant, and time-bound.

Individuals, small businesses, and large corporations all over the United States have been using smart goals and reaping the benefits of this goal-setting technique. Smart goals aim to make it easier to set goals for your company and recognize when you’ve achieved your goals.

To set smart goals, you have to have a sense of what your company needs to do to the next level. BusinessWarrior software provides small business owners with valuable insights that can help them with decision-making and marketing. Business Warrior helps small businesses develop strategies that bring new customers. It can help you set customer-oriented goals that will expand your customer base and increase your bottom line.

Being specific about your goals and keeping them simple is a great way to get your team members’ commitment towards achieving them.

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One of the main problems individuals and organizations run into when they set goals is setting their goals too high. It’s great to have ambitious goals and company objectives, but if you set the bar too high, you’ll ultimately produce results that are the opposite of what you’re shooting for.

Venterra CEO John Foresi is someone who knows all about having high ambitions, but he also learned that he had to temper his expectations to get the most out of his team members and sales reps. Being specific about your goals and keeping them simple is one of the best ways to increase company morale and get some small victories to build positive momentum.

One of the main benefits of keeping your goals simple and detailed about them is you give your team members the chance to play to their strengths and work on their weaknesses. You want to see your team members putting those sales training techniques to good use. When the goals are clearly defined and simple, your reps can focus on applying what they learn in their sales training program instead of thinking of what they can tweak to meet some new, ambiguous, and otherworldly goals.

When you set the bar too high, you put unnecessary press reps and the rest of your team members. However, by clearly defining your goals and keeping them simple, everyone will know what’s expected of them and how to proceed.

Making your goals measurable and achievable makes them more real.

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How can you know how your company is progressing towards its objectives if there’s no metric by which to measure them? Making your goals measurable helps you track your progress and a great way to get your team members engaged.

When your goals are measurable, it’s much easier to hold people accountable for reaching company objectives. Making them achievable makes it less likely that your reps will give up on the company objectives. With OKRs software, you have all the tools you need to set insightful goals and track progress.

OKRs is short for objectives and key results, and it’s the best goal-setting tool for small business owners. With Workboard’s OKR software, you get the power of analytics, artificial intelligence, and automation, all working to show you how productive your employees are and how you’re progressing towards your business goals.

Making your goals achievable is one of the most key elements of SMART goals. After all, how smart can it be to set goals your company doesn’t have the means to achieve. In fact, the real problem with many companies is that they set the bar too high for their employees. When goals are achievable, it’s much easier to get your entire team on board with the company strategy and gear your daily operations towards achieving the expected key results of your company objectives.

If your goals aren’t relevant and time-sensitive, they’re not real goals.

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When it comes to SMART goals, your goals must be relevant and time-sensitive. Relevant goals are goals that, if accomplished, have a direct effect on your company’s bottom line. Furthermore, by putting a deadline on your goals, you give them an expiration date, and that expiration date should serve as inspiration to your teammates.

The problem with not putting a deadline on your goals is that you’re less likely to get it done if you have to accomplish something forever. Deadlines bring out the best in people because they add fuel to the fire of your teammates and give a sense of urgency. On the other hand, if you have forever to finish a product, you also have forever to get started. However, when your goals are relevant to your daily operations and your bottom line, as well as time-sensitive, your company is headed in the right direction. It’s the best way to position yourself for success.