The page is about to turn on 2017, and the New Year will be here before we know it. As you may already know, the end of the year has become ubiquitous with a slowdown in two things: temperatures and real estate activity. It’s worth noting, however, that only one of the two cool downs is inevitable. While it may be impossible for many to avoid freezing weather, there’s nothing that says the end of the year has to coincide with a slowdown in real estate activity. If for nothing else, how much you work in the winter real estate market is entirely dependent on you. That said, work doesn’t have to take the form of a deal or marketing; it can be anything that helps your business. And since activity is a little slower around this time, there are certain things I would recommend doing before the calendar turns to 2018.
1. System Optimization
Small business systems, and even large ones for that matter, are at the core of every successful entrepreneur’s business model. It is the systems they have in place, after all, that have gotten them to where they are today. You see, systems — as their names suggest — are nothing more than the most efficient way of completing tasks. Whether it’s a system for hiring new employees, ordering office supplies, or closing on a multi-million dollar deal, there’s an optimal way of making success habitual. However you define success may be attributed to a system in one way or another — that I am sure of.
More importantly, systems can almost always be optimized. No matter how far your systems have come, there’s likely to be room for improvement. Perhaps you can eliminate a step to make things more efficient. Better yet, you might find that one small tweak improves results exponentially. That said, I want to urge today’s real estate professionals to take the downtime that has become synonymous with winter and to reevaluate their very own systems. Where can you make improvements? You may find that just a few small changes can add up to a big 2018. One thing is for certain: you never know until you try.
2. Set Realistic Goals
With 2018 nearly upon us, there’s no better time to come up with a few goals — resolutions, if you will. Having a target to shoot for makes it much more likely that you’ll hit what you intend to. Consider the alternative; without a goal, you could find yourself spinning in circles without accomplishing anything, other than wasting time.
While a great deal of investors are taking time away from work at this time of the year, which I could argue has its own benefits, consider putting a few more hours into get things on track for 2018. It is at this time of the year that you should lay the groundwork for next year. What is it you hope to accomplish in the next 12 months? Do you want to make a new contact every week, or maybe even every month? Whatever the case may be, set your sights on something you know you will be able to achieve. Of course, there’s risk in setting the bar too low, so don’t be afraid to aim a little high; just don’t get out of control.
Instead of shooting for the moon, and setting impossible expectations, try setting realistic goals. Instead of convincing yourself that you are going to complete 500 deals in a matter of 365 days may sound amazing, but it’s far from possible for a new, small real estate investing team. And while completing 500 deals in a year would certainly turn heads, I maintain that it’s more important to set attainable goals. That way, you will find yourself working hard once the end is in sight. What’s more, completing smaller goals in succession has a way of generating more momentum.
3. Reflect On The Past Year
I want to make it abundantly clear: the end of the year isn’t relegated solely to setting expectations for the next 12 months. Equally as important, if not more so, is to reflect on the year you just had. You see, it’s impossible to know where you are going if you don’t know where you have been. Without the slightest idea of what has shaped your current business model, there’s no way of telling how to move forward. Perhaps even more specifically, now is the time to look back on 2017 and identify, specifically, what has and hasn’t worked for your business.
Take some time to see how you got to where you are. First, identify your most successful practices. Where did you get the majority of your leads from? Which contacts were integral to your success? Which exit strategies had the best spreads in your neighborhood? Answering these questions could point you in the right direction for 2018. At the very least, they will give you an idea of what has been working and what you should keep doing.
Next, feel free to dig a little deeper and find out what didn’t work in 2017, no matter how painful it may be. Perhaps your marketing didn’t produce like you expected, or maybe your rehab efforts went over budget. As an investor, it is best to look at your past projects and scrutinize them. Find out what went wrong, and identify what it was that lead things astray. In doing so, you will identify the practices that are best avoided. Sometimes, it’s more valuable to know what not to do than to now what to do.
While it may be easy to take a bunch of time off this holiday season, I urge you to save time for some really important activities. What I hit on above, in particular, can make a huge difference in your investing career, and they are really not that hard. You may find that just a few extra hours could help you through the next 12 months. And – again – you will never know until you try.