How to Set Your Income Goals for 2014

By
Real Estate Broker/Owner with Broadpoint Properties Cal BRE #01324959

Goal Setting

setting goalsWith 2014 just around the corner, lots of agents are talking about goal setting. How many transactions will you close? How much money will you earn? How much would you like to earn? There is a lot that goes into the process of successful goal setting.

On Thursday, I had the opporunity to speak at an event sponsored by Chase Bank called "Old School vs. New School Marketing." And, just as do many of the members of Active Rain, I also preach a combination of both "old school" and "new school" techniques, as I believe this leads to more continued success in real estate.

Step #1 - Set Income Goals

Step 1 of successful goal setting is to set your income goals. Once you set your income goals and calculate the number of closings that you require each month in order to meet your income goals, then you are ready to consider the actions required to meet your goals (that’s step 2, and a conversation for another day).

Good goal setting means you have to work backwards. You know what you want, then you need to figure out a structure that will lead you to what you want. Below I am going to assist you in figuring out what you want—that is, the number of closings you need in order to meet your income goals. 

Download the chart below, which is a page from my book The Essential Daily Planner for Real Estate Agents: Success in 10 Minutes a Day, and use it to calculate your income goals for 2014. As I state in the daily planner, “Something magical happens when you put your goals to paper. It’s like once they are written, they will happen.”

Real Estate Agents - Income Goal Setting Chart by Melissa Rose Zavala

The team at Broadpoint Properties and Transaction 911 wishes you much success in meeting your income goals in 2014. If there is anything that we can do to help you with that, please do not hesitate to contact our office.

 

(photo credit)

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Re-Blogged 1 time:

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  1. Sarah Oswald 11/23/2013 04:01 PM
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Show All Comments
Rainmaker
591,126
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Melissa,

It’s a great and necessary start, but where is page two?

It’s great to know how many closings you need to meet your goals, but for that to be useful it’s necessary to know how many repetitions of your prospecting activity are necessary to generate a closing!

From the time I opened my first office I worked by referral only, but I knew how much espouser I had to maintain to get the referrals. If you don’t know what made you successful the avarage gross commission is of no value!

Waiting for page two.

Bill

November 23, 2013 03:03 PM #1
Rainmaker
471,787
Sarah Oswald
Eastvale Team Realty & Property Mgmt - Corona, CA
Broker, Realtor, CDPE, CIAS, SFR , Investor

Melissa,

Very important topic this time of the year when we are all working on our goals for 2014. Thanks for sharing the formula.

Suggested.

November 23, 2013 03:57 PM #2
Rainmaker
435,456
Lana Robbins Realtor ® Licensed Real Estate Broker
Aloha Kai Real Estate - Clearwater, FL
Tampa Bay, Florida Real Estate

Hi Melissa. I love your book. I ordered two of them one for my marketing and the other for my sales tracking. This copy will help many with their goals for the coming year.

November 23, 2013 08:41 PM #3
Ambassador
1,029,925
Debbie Reynolds
Prudential PenFed Realty, "The Real Debbie Reynolds" Your Clarksville Real Estate Professional, 931-920-6730 - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Melissa, The Guide is so practical and I love it. I will also be giving one to a friend. It is like having a coach with you cheering you on every day. The little encouragements on each page are priceless. Everyone can benefit from this planner.

November 23, 2013 08:42 PM #4
Ambassador
1,092,880
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

Debbie/Lana/Bill: Thank you, thank you, thank you.

November 24, 2013 07:16 AM #5
Ambassador
1,092,880
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

Bill: Also, I'm not sure what you mean about missing page two... If your book is missing a page, that is very strange and we will need to return it and get you another. Let me know. Thanks

November 24, 2013 07:32 AM #6
Rainmaker
591,126
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Melissa,

I had hoped to find your approach to prospecting. Once you’d determined your average commission and how many closings you need. Know you need to know what to do to generate that many closings.

IE: When I started in real estate the company had the biggest advertising budget in the state, they knew how many ads it took to generate a phone call. We salesmen knew how many phone calls it took to get an appointments and how many anointments it took to get a sale. We also knew how many business cards we had to pass out to get a call and how many cold calls we needed to make near new listings, 20 in each direction from the listing on both sides of the street! The company, Westdale had 30 of us in Kalamazoo the 30 of us represented 1/3 of all real estate in our market except for those months when we did half of all business, At the time The Kalamazoo Board of REALTORS® went from 1,000 members to 1,500 and yet the 30 of us dominated the market. We knew what we had to do and we did it.

When I left Westdale I started teaching real estate and real estate math for the local college they paid me $15.00 an hour, but my net was over $7,300 an hour! I did that for 11 semesters until my investment business didn’t leave me the time! The investment business had it’s own requirements including 5 days a month away from home with FLI and CCIM marketing groups.

When I opened a mortgage broker/banker office at Lake Tahoe it didn’t take long to discover what it took to get the referrals I needed, later it worked at Las Vegas, too. I’ve written about that on AR.

When you’re seeking success steal the best of ideas from the very best in the industry and make them your own! That’s why I’m looking for your page two!

Bill

November 24, 2013 10:14 AM #7
Rainmaker
897,363
Joyce Kelley
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

Hi Melissa and it is always a treat to read your latest, thanks for all you do. 

November 24, 2013 03:08 PM #8
Rainmaker
991,499
Michael J. Perry
RE/MAX Associates of Lancaster, PA. - Lancaster, PA
Lancaster Relo Specialist

The process is so basic and yet 75%+ fail to work their way thru it ! The next step is to define the activities it will take to produce those monthly closings .

December 14, 2013 05:49 AM #9
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Melissa Zavala

Broker, Escondido Real Estate, San Diego County
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