As we finish up 2019, many businesses are looking forward to a fresh, new year. As real estate investors, we should be doing the same. Except, instead of starting Jan. 1, you should already be amping up your momentum now.
Most of us have probably realized that if we stop marketing, our pipeline of leads and deals dies. So many investors start getting a decent amount of deals and shift their focus to closing the deals and say they’ll go back to marketing when they have time or when they get done with the deals in play, but that is one of the worst things you can do!
With marketing, a general trend is to mail to the same address for multiple months, and continuing the follow up until there’s a reason to stop. Most of our deals aren’t from the first time we reach out to a motivated seller. It’s after multiple attempts.
Do yourself a favor and budget your marketing so that your marketing can last at least 6 months out. Be consistent and follow up in multiple ways, if possible.
Now is also a good time to look at your KPI’s (key performance indicators) over the past year and reflect on how your business is doing.
- What trends do you see?
- What months did you struggle most? Why so? Get a plan together to prepare for this next year, if needed.
- Are you happy with the number of deals you did?
- Is your focus more on the volume of deals or profit that was brought in?
- If applicable, look at your overhead costs and ask yourself if you’re happy with them.
- Is your cost per lead and cost per deal too high? What can you work on to lower it?
- Is your closing percentage where you want it to be?
These are just a few questions that you should look at when analyzing your KPI’s.
By staying on top of your KPI’s, it’s easier for you to see where your business is struggling so that you can fix that hole and have a more productive business. Ideally, you keep a pulse on your KPI’s weekly or monthly so that nothing ever becomes too big of an issue without you knowing it.
It’s also important to set your 1-year goals and your quarterly goals for you, your company, and have team members do the same. Once you have these goals, backtrack and figure out what you need to do weekly in order to accomplish those goals.
Set yourself up for success.
Don’t wait until the new year starts. Start your planning now and get ahead of the game. Never let your momentum slow down.