New Year’s resolutions for your real estate business – and how to keep them

New Year can be a refreshing time for a real estate franchise business to re-evaluate its goals and priorities, particularly as many people will have come back to work after a break and with renewed focus, energy, motivation and ideas for the company.  As such, this period is an excellent time to set a renewed series of resolutions and goals for your business to achieve – giving the company direction for the year ahead. 


While the resolutions for each business may differ, according to the internal state of a company as well as its stage in the business life cycle, there are several resolutions that many owners and/or managers of real estate franchises could find value in achieving. 


These include:


·         Improve delegation tactics.  As owner and /or manager of a busy real estate franchise, there are usually a number of tasks to be done at any one time.  Consider improving your time management and levels of productivity by selectively delegating suitable tasks to appropriate staff members – as a result freeing up your time for other management activities. 


·         Ensure staff members feel appreciated.  As offices become busy and stressed, acknowledging the contribution of your staff can sometimes fall by the wayside.  There is much to be said for thanking and showing appreciation for your team through small gestures, which don’t have to be costly. 


·         Investigate the potential of social media.  While social media tools will not be the most effective form of marketing for all real estate franchises, it is nonetheless a rapidly emerging and influential tool.  As owner and/or manager it is important for you to remain up to date with this technology to ensure that you don’t miss the boat and miss out on valuable marketing opportunities. 


·         Ensure you maintain a healthy work/life balance.  As the year progresses and work becomes busy, it is important for owners and managers not to lose sight of their personal New Year’s resolutions and to ensure that there is a balance between work time and personal time. 


With these resolutions (and others that may also be important to your business) in place, it is important to give yourself the best chance of achieving them.  Potential tactics to increase the likelihood of staying on track with your resolutions can include:


·         Limiting the number of your resolutions to five, listed in order of priority;

·         Setting further ‘sub’ resolutions under each main resolution outlining the necessary steps to achieve them;

·         Keeping your top five resolutions close by as a daily reminder of what you wish to achieve;

·         Setting yourself a deadline by which each resolution should be achieved, with a reward for success; and

·         Revisiting your goals and monitoring your progress on a regular basis (e.g. monthly) to ensure you stay on track. 


Goal setting is important for all businesses, and real estate is no exception.  From a managerial perspective it is important to start a New Year refreshed and with goals in sight, both to encourage yourself and to motivate staff.  By setting key resolutions to be achieved, and having an understanding of how to accomplish them, your real estate franchise should be in a much better position to succeed over the year ahead.

Posted by George Tarbey on 31/01/2012 at 11:36 AM | Categories:


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