As the end of the year approaches, real estate professionals typically experience a downturn in activity. Instead of looking at this time as a slump, consider using it as an opportunity to lay the groundwork for a successful new year. Here are four ways to maximize your downtime to ensure you're ready to go in 2024!
1. Update or create a business plan
December is an ideal window to update or create a business plan. As you work on it, determine how much you want to earn in commissions in 2024, then consider how much time you will commit to your rental real estate activity to ensure you set appropriate goals and activity levels. To help set realistic financial goals, research the area's “average” rental price and account for your broker’s split. Also, plan to account for real estate-related costs in your calculations to set a benchmark.
If you don’t have metrics on your close percentage, plan to track your activity throughout 2024 to get better metrics to forecast the amount of leads and deals you need to reach your commission goals. The more data you have, the more you are able to set thoughtful and informed goals.
2. Get organized and plan for success
While client activities are challenging to predict, you can develop a plan for income-producing daily and weekly activities. Here are a few tips to get started:
- Put time on your calendar every Monday morning and at the end of each month to review your commission goals and compare them to your results. Consistency is essential to ensuring you are on track.
- Take time weekly to research your local real estate market. The Rental Beast database is a great option to help with your research. Explore which areas have the highest and lowest rental rates, where rents have increased or decreased, and areas with new construction.
- Identify resources that can provide professional development opportunities, then set aside weekly time to learn.
- Audit and update your business and marketing assets.
- Review all rental transaction documents supplied by your broker and ensure they are still accurate. If you struggle to complete or explain a specific document, practice filling it in or role-playing it to a client and get feedback from your broker.
- Update marketing materials and create templates to help you save time throughout the year. Standardize your frequently used documents so you can make them more quickly.
- Finally, determine how much time you will spend weekly on networking, cultivating your sphere of influence, and lead generation activities. This can range from deciding how many networking events you will attend, how many 1-1s you want to have, or even setting time weekly to write hand-written notes to new leads or contacts.
3. Plan and create content
While some content you create throughout 2024 will relate to relevant market trends, you can start working on your content calendar. Research content ideas, visit trusted online resources, or see what other real estate professionals create to get inspiration. Generate content months in advance to reduce the pressure and time commitment.
There are tons of great resources online that have rich content for almost everything related to real estate. Consider sites like Realtor.org, Rizmedia, Inman, placesetter.com, and Google Trends for content ideas as you think about your content. For more market-specific information, refer to your local State and Association of REALTORS®.
Pro-Tip: If you don’t have a website or blog, consider ActiveRain.com, a blog site created by and for real estate professionals. An extra benefit is their community, where you can receive or share referrals to other real estate professionals outside your service area.
4. Identify new partnerships and cultivate your sphere of influence
This is a great time to grab a coffee or send a note to people in your network. As you consider who to connect with and focus on
- People who have had life changes in 2023, such as new jobs, getting married/engaged, or having a child. An often overlooked group here is parents with soon-to-be graduates or young professionals.
- Past clients who have seen their home value significantly change. This group is likely best for a note or email offering a customized CMA to determine their home value. They may be in a position to buy a second home and rent one out.
- Anyone who has a lease renewal approaching in Q1 or Q2 of 2024. Call or email them about their upcoming renewal and offer to help them look at new options. If the contact is a property owner, offer to help them set an accurate renewal rate.
- Finally, research local companies or people to create symbiotic referral networks. These like-minded professionals often deal with renters, homeowners, or property owners/managers but don’t compete for their business. The goal is to meet face-to-face to learn more about them, their needs, and opportunities to send or receive referrals.
By leveraging your downtime wisely, you can lay a solid foundation for a successful and rewarding 2024. Take this time to strategize, plan, and network for a prosperous year!
