6 Goal-Setting Tips to Identify – And Achieve – Exactly What You Want – #TomFerryShow

November 3, 2020

The streets are paved with gold, people.

I strongly believe you have an incredible opportunity to make the next 14 months the absolute BEST 14 months of your entire career.

But it won’t happen by accident.

You’ve gotta want it, and you’ve gotta plan for it.

So that’s what today’s #TomFerryShow is – this Part 1 will help you give you six tips to get crystal clear on what you want to achieve, and then Part 2 next week will show you how to make it happen.

Let’s start!

Why Do Specific Goals Matter?

Before we get to the actual tips, let me explain why it’s so important to create extremely specific goals.

I’m a big believer in this quote from Tim Ferriss:

“Life punishes the vague wish and rewards the specific ask.”

If you just say, “I want to sell more homes and make more money in 2021,” there’s no real motivation or action to take based on that “vague wish.”

But if you’re able to say something like, “I’m going to sell 18 homes and help 10 buyers in 2021, with 40% of my business coming from my sphere, 25% from my geographic farm, and 15% from Expireds,” then suddenly you have clarity about how you’re going to do it and what actions you need to take to make it happen.

See the difference?

With these two shows, my goal is to help you know exactly what you need to do on a daily basis in order to achieve what you want in the next 14 months.

Goal-Setting Tip No. 1: Transactions Based on Lead Source

Where will your business come from in the next 14 months?

I want you to get really clear on the total number of transactions you expect from various lead sources, such as:

Past clients
Sphere
Agent-to-agent referrals
Geo Farm
Expireds
Zillow
Other… If it’s not listed here and you use it, fill in the blank

By breaking it all down, you’ll know where you need to concentrate, the amount of time you’ll need to spend, the marketing you’ll need, and ultimately, the expected return on your investment.

Goal-Setting Tip No. 2: Total Sales Volume

What’s your volume goal by December 31, 2021?

How many buyers? How many sellers?

Write it down!

Goal-Setting Tip No. 3: Total Commissions Paid to You

How much do you expect to gross, after your split?

Figure it out so you can take action on it.

Goal-Setting Tip No. 4: Reverse-Engineer to Determine Appointments Needed

Now that you know how much you want to earn, it’s time to figure out how many appointments it’s going to take to create that result.

For most agents, every four buyer consultations equates to one closing. Which means you need to multiply the number of buyers you said up in question 2 by four to determine how many buyer consultation appointments you’ll need to achieve your goal.

On the listing side, agents tend to convert one out of every two listing presentations. So do the same with your listing goal… multiply how many listings you want by two to figure out how many homeowners you need to get in front of to reach your goal.

From there, break the goal down into monthly and weekly goals, and get it all “up and visual” so you ALWAYS know EXACTLY where you stand.

Goal-Setting Tip No. 5: Budgeting for Expenses

Have you seen my most-watched video that has more than 10 million views on YouTube?

Even if you have, I encourage you to watch it again, because it breaks down the plan that smart agents use to manage their money.

Far too many agents really have no plan whatsoever, so of course they don’t end up managing their money effectively.

Which means they’re not reinvesting in their business to the extent they should be, they’re totally unprepared when their taxes are due, and they are pretty much just spending all their money without really thinking about where it should be going.

Stop spending money on dumb stuff and start getting smart about your finances!