At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. Join us.
What do you do when faced with changes in your life and business?
Here’s the truth, many of the real estate entrepreneurs we work with set goals to create a change in their business with a desired outcome. Sometimes, those changes are external to you and the goals you outlined in your business planner for the year.
Voluntary, self-identified goals may relate to team building, creating new expectations and processes, or mapping out a plan to create an increase in your average price point or overall sales volume.
Right now, we’re coming up against big external circumstances and involuntary changes such as market shifts, rising interest rates or, of course, the implementation of operational changes as part of the commission lawsuit settlement, coming up on Aug. 17.
Either type of change pushes us to pivot in the ways we do business and communicate to prospective clients. One thing is certain and clear — change is inevitable.
Not only is it inevitable, but change offers us endless opportunities to do better, be better and have businesses that perform better. However, many people are unwilling to contend with the changes required on their end to reach their goals, such as expanding their skill set and training or creating new boundaries or procedures.
The idea that you can create a macro change in your business or your life without many micro changes along the way isn’t realistic. Those sea change moments that many people seek are built upon a whole host of smaller changes.
To paraphrase mystery novelist Rita Mae Brown, we can’t do the same thing over and over and expect different results. Different results require different ways of thinking, different actions and different strategies. In short, it requires change.
Too often, change makes people uncomfortable, sometimes nervous, many times scared. Change can feel overwhelming, if not a bit daunting. As a result, many of us resist change, and cling to the familiar — even if we’ve outgrown our current circumstances and relationships (or they no longer serve us). We may resist change, even if it’s tied to a larger goal or intention.
In real estate as in life, growth and change are not just inevitable; they are essential for success. Ask the most sustainably successful agents in the business and you’ll find they are constantly evolving, adapting and leveling up in their businesses and personal lives.
In fact, they welcome change knowing change is the pathway forward to new levels of fulfillment, prosperity and purpose. Research supports the fact that adaptability and flexibility to change are key traits in successful (and happy) humans.
Growth and evolution are core ingredients of success and they require us to step out of our comfort zones, confront our fears and embrace the possibilities that change brings. Instead of viewing change with trepidation or resistance, create a new relationship with change, one in which change is recognized as a gateway to realizing your full potential in life and business, to fulfill those big goals.
By reframing your relationships and approach, you can more easily embrace change as a positive force in your life, opening yourself up to new opportunities, experiences and growth. Instead of fearing and resisting change, you can consciously and actively choose to embrace it as a catalyst for transformation, progress and reaching (and even surpassing) your goals.
How can you set yourself up to be more welcoming of growth and change?
Develop a growth mindset
Our beliefs and thought patterns shape our reality and influence our actions. Shifting our mindset to one of growth, abundance, and possibility is crucial for navigating the challenges and seizing the opportunities that come our way in the real estate industry.
A growth mindset is one that is dynamic, flexible and makes the most of challenges by recognizing them as opportunities. It’s a surefire way to create a new relationship with the challenges that change often delivers along the way to success.
Ask yourself
What beliefs or thought patterns do I need to shift to support my growth and success in real estate?
Am I willing to view challenges and changes as opportunities for self-improvement, learning and forward momentum?
Check your circle of influence
The people we surround ourselves with have a significant impact on our mindset, behavior, and ultimately, our success. Jim Rohn stated that we’re the average of the five people we spend the most time with.
Surrounding ourselves with supportive individuals who share our values and aspirations is essential for staying motivated, inspired, and focused on our goals.
Ask yourself
Do the people I share time and space with believe in me and my goals?
Do I feel supported by them?
Do they seek growth in their own lives and businesses?
Do we have shared values and goals?
Do I feel energized and motivated after being in their company?
Do I feel stressed or drained after spending time with them?
What changes do I need to make in my social circle to align with my vision for success?
Check in on your systems, procedures, processes
Systems, procedures and processes are the backbone of a successful real estate business. They provide the necessary structure to operate smoothly and sustainably with consistency and efficiency. While most can agree that this is true, it’s common for many to resist creating reliable and effective systems in the first place. Even more resist changing these systems and cling to outdated methods that may no longer serve them.
Specifically, consider the impact of new commission settlement requirements and the necessity to adapt to these changes. Embrace new methods of working, enhance communication strategies with clients, and invest in relevant training to stay ahead in the industry.
Ask yourself
Which systems, procedures and processes are currently working well in my business?
Which ones are outdated or ineffective and need to be updated or replaced?
Am I resisting changes in my systems and procedures due to the fear of the unknown?
Am I willing to complete the necessary training and education to evolve and grow?
How can I implement new ways of working, communicating with clients, and incorporating ongoing training and education to improve my business operations?
Evaluate your habits and routines
Our habits and behaviors cumulatively shape our daily routines and ultimately determine our long-term success. Identifying and cultivating positive habits that align with our goals and values is essential for personal and professional growth in real estate and in life. Often, our habits and behaviors are so taken for granted, we lose sight of all the small details that add up to big results, positively or negatively.
Ask yourself
What habits or behaviors are holding me back from reaching my full potential?
What new habits do I need to cultivate to support my personal and professional development?
Are my habits and behaviors in alignment with and a reflection of a resilient growth mindset?
To make positive changes in the way we think about and react to the world, our mindset, the company we keep and the ways in which we move through the world in the day-to-day requires us to tap into our awareness and identify the areas where change is needed. To do so requires honest self-reflection and a willingness to step outside of our comfort zones.
Whether it’s shifting our mindset, surrounding ourselves with supportive individuals, creating a conducive environment for growth or adopting new habits, every change we make reflects a willingness to create change, embrace change and not be afraid of change.
This new relationship with the change required by our goals brings us closer to the vision of success we seek to create and experience.
As real estate professionals, your journey toward personal and professional fulfillment is paved with opportunities for growth and change.
Ask yourself
How will you meet those changes?
In what ways do you imagine your life and business flourishing as a result of creating a new relationship with change?
Does the idea of embracing change and exploring new possibilities energize you?
By approaching change with positivity, asking yourself the right questions and taking intentional action, you can create a life and career that brings you joy, fulfillment, and a sense of purpose and prosperity. This is true success.
Melanie C. Klein, M.A. and Emily Bossert are highly sought-after coaches known for empowering individuals and teams to achieve their full potential and success.
Perfect balance may not always be possible, coaches Melanie Klein and Emily Bossert write, but you have the right to seek out the rhythm and way of working that’s healthy for you.
At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. Join us.
Real estate professionals are regularly confronted with distinct challenges that range from long hours, client demands, unpredictable schedules, commission-based income and the intricate balancing act of managing personal and professional relationships to the multifaceted aspects of generating, keeping and closing business deals. Given the nature of the business, work-life balance often feels far out of reach, is desperately sought after, and is almost always impossible to achieve.
That’s because the idea of work-life balance for entrepreneurs, especially real estate entrepreneurs, is largely a myth. We’re here to challenge the perpetuation of this myth because we find it does more harm than good. Here’s how to improve your work-life balance and strategy so that you can leave the guilt associated with it in your rearview mirror.
Balance is key
For many of the agents we’ve worked with over the years,there’s a sense that if things aren’t “balanced” then they must be failing; there must be something “wrong” with them as opposed to there being something wrong with the idea and attainment of work-life balance.
Not only is “balance,” or the “equal distribution” of something, rarely possible for more than brief periods of time, but the idea of balance can also be shaming because it creates unrealistic expectations and pressures for individuals to meet certain standards that may not be suitable for their circumstances.
The truth is, that our lives and businesses are seasonal and cyclical. Additionally, each person, their family and their business is unique and distinct. What works for one person and their business may not work for you. What works for you and your family may not work for someone else.
What to try instead
Instead of trying to squeeze yourself into a rigid, one-size-fits-all definition of “balance,” we’ve found that entrepreneurs are better served, inspired and supported by beginning to think of their work and their lives as an ever-changing harmony. Depending on what we need, want and have set as our goals, along with the needs and wants of our families, it’s useful and supportive to regularly reevaluate and adjust.
For example, ask yourself: What do you want to accomplish or achieve personally and professionally in the next year? Do these things realistically line up?
Meaning, that if you’re looking to start a team, merge a team, go solo after being on a team, etc., you may have less time for some aspects of your personal life. If that’s the case, saying you want to start a new relationship and a new business at the same time may not be a realistic match right now.
What phase of life are you in?
This approach acknowledges the inherent fluctuations and challenges that come with different phases of life and work, allowing us to prioritize, plan and care for ourselves accordingly. This leads to a more efficient and consistent experience of sustainable success.
Your stage of life, your needs and desires, as well as the stage of your business and your goals and aspirations will be different from someone else. In fact, your stage of life and stage of business will continue to change. You can’t expect to have the same experience when growing your business, adding on a new team member, or working the spring market as when you’re looking to streamline, exit or sell your business or working the end of Q4.
In short, it’s essential to recognize that what works for one person might not work for another, and what worked for you last year or last quarter may not work for you now — and that’s perfectly okay.
Keys to success
Ultimately, the key is to find a harmony that works for you personally and respects the natural ebb and flow of your life and work. It’s about finding ways to manage your time, energy and priorities so that you can lead a fulfilling life that encompasses both your professional and personal aspects. This may involve setting boundaries, delegating tasks and seeking support when needed.
This might involve recognizing when you need to prioritize work during busy or growth periods and when you can focus more on your personal life. It’s about being self-aware and making conscious choices that align with your values, needs and goals while also considering the demands of your career or business and your desires personally.
We have found that a more flexible and adaptive approach to work-life integration can be highly beneficial. Much of that begins with the understanding that “balance” may not always be possible (and that “balance” isn’t actually the most supportive goal).
Melanie C. Klein, M.A. and Emily Bossert are highly sought-after coaches known for empowering individuals and teams to achieve their full potential and success.
While we like to create goals and supportive strategies several months before the end of the year, coaches Emily Bossert and Melanie Klein write, there’s no time like the present to create and benefit from a comprehensive business plan.
At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. Join us.
Real estate is not only competitive; it’s a dynamic industry with many moving parts. Creating and utilizing a solid business plan is an essential component for success. It can make the difference between reaching (or exceeding your goals) or falling short whether you’re a well-seasoned agent or someone just starting out.
Some people find business plans overwhelming, a little elusive or mysterious in their contents. In fact, that’s why far too many agents don’t complete (or ever start) their business plan for the year. So let’s demystify and simplify the process of creating, completing and using your business plan.
Simply put, your business plan helps you create clarity by helping you to define your objectives and goals for the year. Perhaps, you want to:
Increase your sales volume
Expand your market reach
Bring new agents onto your team
Streamline your processes
Diversify your strategies
Do it all, with greater peace of mind and focus.
Your business plan serves as a road map to help you achieve these goals by including timelines and actionable steps while consistently keeping you connected to your long-term vision. In this article, we are going to share our best tips to start or revivify a business plan — to keep your pipeline hot all summer long.
Keep personal goals
Don’t eliminate your personal goals from your business plan. Your business success should not come at the cost of your overall wellness. Be sure to include personal as well as professional goals.
What kind of personal growth will help you remain motivated and resilient, allowing you to follow through with your business plan? What about time off? A vacation? Personal retreat? Time with family and friends?
How do you want to feel at the end of the year? While real estate can be busy, demanding and time-consuming, studies show that agents will actually be more creative, innovative and productive by prioritizing time to relax and recharge. To make sure you don’t diminish or overlook the importance of including the personal in the professional, including it in your business plan is a solid way to keep it top of mind.
Gather data
Include a SWOT analysis for you as well as your business partner or team, if applicable. Identify and assess strengths: what you and your business do well and what separates you from other agents and teams.
Identify and assess weaknesses: what you and your team lack or need to improve upon.
Identify opportunities: gaps you can fill, connections you can make and actions you have not yet taken.
Finally, identify threats: negative press, industry changes or emerging competitors, all for the purpose of innovative problem-solving and action-taking.
SMART goals are specific, such as sales volume, gross commissions or the number of new agents you desire to bring onto your team. Your SMART goal is measurable and allows you to track your progress.
Your goals should be achievable. That doesn’t mean they’re not ambitious or a stretch, but they shouldn’t be a fantasy which, by definition, is impossible.
Your goals should be relevant and in alignment with your mission and overall larger vision. Finally, a SMART goal means it’s time bound and includes a deadline. This may mean you’ve broken down your larger goal for the year into quarters, months or weeks.
Practice your flex
Be flexible. Regularly review, assess progress and make any necessary adjustments in your business plan.
Too often, people become rigid and attached to the details of their business plans and lose sight of the bigger picture by getting stuck in those details. Flexibility and adaptability make way for greater insight, creativity, and possibility. Sometimes our road maps require detours, fast-tracks or alternate routes.
Know your why
Consider this your fuel. When we have a clear and compelling why, we increase the likelihood of being consistently motivated and the willingness to recommit to our goals through challenges and obstacles which are inevitable in any business and in life. So ask yourself why your goals are meaningful, important and worthwhile.
Be accountable
Accountability is your key to remaining consistent to and following through with your long-term vision and your specific goals. How will you remain accountable to your goals? Whether it’s an accountability partner, self-accountability or accountability to a coach or mentor (or all of the above), including your accountability structures in your business plan increases your likelihood of getting to your final destination.
It’s never too late to create a business plan. While we like to create goals and supportive strategies several months before the end of the year, there’s no time like the present to create and benefit from a comprehensive plan. It is a key component in effectively setting yourself up for success.
With a clear roadmap and actionable strategies in place, you can navigate the ever-changing landscape of the real estate market with confidence and achieve or exceed your personal and professional objectives.
Melanie C. Klein, M.A. and Emily Bossert are highly sought-after coaches known for empowering individuals and teams to achieve their full potential and success.
