What’s a SMART goal?
I’m sure you’ve heard of SMART goals and you may even remember that the acronym SMART stands for: Specific, Measurable, Achievable, Relevant, Time-bound. The reason SMART goals are so, well...smart is because they force you to ask yourself a lot of questions to ensure they are the right goals.
Let’s expand on those categories and how to evaluate whether your real estate goals are SMART.
S - Specific: In order for a goal to be considered specific, you need to enhance it with details.
A specific goal answers questions such as:
What is the goal or objective you want to accomplish?
Who is responsible for it - you or someone else?
What are the key steps you will take to achieve it?
M - Measurable: It’s important for goals to be measurable so you can know when you’ve achieved it. You may need to do some research on industry benchmarks or your own past performance to set a good measurement for your specific goal.
A - Achievable: Achievability is tough to measure, but it’s important to strike a balance between moonshots and reality. You want to make sure you are stretching yourself to achieve as much as possible, without setting yourself up to be discouraged. When discussing whether a goal is attainable, be sure to ask yourself what roadblocks or limitations might get in the way of your goal.
R - Relevant: To determine if a goal is relevant, you need to confirm that it aligns with greater business goals. For example, if your business is looking to gain more relocation referrals, goals relating to local advertising should take a backseat.
T - Time-bound: The final ingredient for a SMART goal is that it’s time bound or timely. This helps with prioritizing and also helps you take a realistic look at how it fits into your day to day. For longer term goals such as yearly metrics, it's a good idea to add periodic milestones so you know you're on track and don’t fall behind.
How to get started with SMART goals
When it comes to goal setting, it never hurts to source a little inspiration to get in the right mindset. We’ve assembled more than 30 goal ideas for realtors to get your creativity flowing and help kickstart your annual goal setting process.
Top Line Goals for Real Estate
- Increase real estate transactions by 25% from 100 to 125 this year
- Increase GCI by 30% from 115,000 to $150,000
- Increase business from referrals from 55% to 60%
Sales & Marketing
- After meeting a new or potential client, I will send a follow-up card or email the next business day reminding them I am here to help.
- Every Friday morning, I will review my pipeline, update opportunities and complete all outstanding follow up tasks.
- I will establish a detailed lead follow up plan and implement it by January 31st.
- I will follow up with all new leads a minimum of 10 times before disqualifying them.
- I will update my listing presentation with new statistics and accomplishments from the previous year by January 31st.
- Dedicate 1 hour per weekday to prospecting my database.
- Identify a training or resource on cold calling to improve my prospecting, rapport building and conversation skills and complete it by the end of Q1.
- I will research at least 5 coaching programs and hire a coach by the end of Q1.
- In order to stay informed of industry trends I will attend at least 1 webinar per quarter and one industry conference annually.
- I will obtain my broker's license by June of this year.
- I will read 4 books this year to further my knowledge of leadership and goal setting.
- I will set SMART goals for the new year by November 30th.
- I will follow up with all clients to ask for a Google review within 30 days of closing.
- I will reach out to all past clients via mail, email or text at least 4 times per year to ask for a referral.
- I will establish a charitable referral program with a local non-profit organization by Q2 donating $200 from every transaction that was sent by referral.
- I will set 1 community networking meeting per month in order to grow my referral network.
- I will dedicate one hour every week to recruiting outreach, calls & emails.
- I will recruit and onboard 4 new agents by the end of the year - two in Q1.
- I will post an opening for a transaction coordinator by the end of March to be prepared for a successful Spring and Summer this year.
- I will complete a technical audit of all software and services we are paying for in Q4 to determine if there are better or more cost effective solutions than what I am currently invested in.
- I will design and document an onboarding and training program for new agents to follow in their first 90 days by the end of Q2.
- Volunteer for at least 20 hours this year with an organization(s) of my choice.
- Take at least two full weeks off work to unplug and spend time with my family.
- I will exercise for at least 30 minutes, 3 days per week.
Next: Time to write those goals down and put them somewhere you will see them every day!