It's Mid 2022. Have You Started Working on Your Real Estate Business Yet?

It's hard to believe, but we're already in the third quarter of the year. To prepare for the second half of 2022, we recommend taking time to do a mid-year review. Mid-year reviews are a vital, proactive step in helping you understand where you stand in terms of your annual goals.

The purpose of a mid-year review:

• Evaluate performance in comparison with your annual business plan
• Provide a proactive approach to course correct if need be
• Help you identify what is going well and set motivation for the second half of the year

To start, if you have an annual business plan, make sure to have it available to use as a reference. Many offices use income planning worksheets to help their agents put their earning goals in writing.

One way to find motivation and focus is to look at income goals. Identify what you need to pay your bills and provide for your family, and then write down what you would do with additional, supplemental income. Print and hang the paper in your office where you can see it every day.

Next, review your production goals. Record your planned and actual listings sold, as well as buyers, listings and referrals. Tally the total monthly closed data and look for year-over-year trends in the numbers. If you are low in one category, identify where you need to change or modify your marketing efforts for the remainder of the year.

Now is the time to make sure you are caught up on tracking your business expenses, including appraisal fees, gas, insurance, contract labor, closing gifts, health insurance, etc. Not only will this exercise give you an idea of the remainder of your annual budget, it will set you up for success when tax season comes around the next year.

Last, if you haven't invested in a CRM to stay organized with your goal setting and relationship buildings, now is the time to sign up for an account and complete the onboarding and training sessions.

To view the original article, visit the IXACT Contact blog.