My professional purpose is to help you, the broker, optimize your productivity and help you become the best version of yourself. Why? Because happy brokers sell more real estate. I do that by helping you handle challenges and opportunities that you face every day. If you can effectively manage certain situations that arise on a daily basis in your business, you'll be more productive and live a life that is the best version of you. I promise not to tell you what to do but rather give you ideas that you can choose from to implement for yourself.
Today, as part of my "Championships are Won in the 4th Quarter,” I want to take you into my personal Q4 planning session for the first time. I've changed it over the years but for the most part, I've followed some key areas where I intentionally put effort towards planning process. Now, as a reminder, I work off of the "12 Week Year" strategy process which includes a 3-year vision and quarterly initiatives to support that vision over 12 quarters. What makes my Q4 planning session different is that in addition to planning my 3YV and reviewing my quarterly progress on my current 12WY, I also dive into other key, important areas. Before I go into my 10 Step process, we should review why we plan. Everyone's desire is to create flow, that feeling that everything is under control and that you're moving in the right direction with intention. If you are taking the time to listen to me today, I have no doubt that you are pursuing ways that you can live the way you want to live and be they type of person you want to become. To do that, you have to take time to "meet with yourself". That's where the "Ideal Planning Session" plays a big role in my life. It is imperative for me that I schedule ample time away from distraction to review where I am, fine tune my vision for where I want to go, and create the next steps for how I am going to there.
Step 1 - Pick the Right Location
It is super important that you identify a space that is quiet while keeping you inspired. For me, it is my dining room table during the early morning hours on fall, weekend days. For me, it takes 8-10 hours to fully execute on the following steps so I will do it over the course of a month.
Step 2 - Review my 3 Year Vision
I have spent 2021 crafting my 3 Year Vision Cycle that will go from 1/1/2022 to 12/31/24. In that vision, I have personal goals, family goals, financial goals and broader goals for the brokerage and my side hustle, coaching business. These goals are laid out on a foam board, similar to a vision board but my goals are in writing not in pictures. My mind responds better to written word. This vision is reviewed every morning over my first cup of coffee while my mind is still in an alpha wave state. On my goal board, right in the middle, is my current quarter initiative with details on what I need to accomplish.
During my Q4 "Ideal Planning Session" , I review the vision and make sure that I am in alignment with all areas. If not, I make changes as needed. I give myself 2 hours for this session. Once completed, I can move on to my next step in the planning process.
Step 3 - Review Annual Budget
Using Quicken, my financial software of choice, I build out my fixed expenses and projected income for all 12 months for the upcoming year. Yes, things can change over the year, but this is the equivalent of building out a pro-forma or annual budget if you run in a traditional business. I go into all of my investment accounts and project deposits to be made on estimated dates. By going back and reviewing previous years, I can get an estimate of expenses that would be acceptable. This session will also prompt me to find areas that I can cut personal and business expenses and create action steps coming out of this session. I give myself 3-4 hours to complete but you'll need to 2x it if you are setting up your financial software for the first time. After the budget and projection is created, I move on to review my revenue drivers.
Step 4: Review Revenue Drivers
The question you want to ask here is: "Where does my business come from?" My revenue drivers are different than most of you that are listening but for a broker, you should use the "Barbara Corcoran Method" to identify your top 3 lead generation strategies. You'll want to review current year's transactions and go back further if needed to sample at least 25. Give yourself 1 -2 hours to complete this session.
Next, you want to review and prune your database.
Step 5: Prune Your Database/Top 100
During this step, you'll want to review your Top 100 and make sure they are all categorized properly. Add clients if needed. Subtract others that no longer apply. You want to go into the new year/quarter with a fully optimized Top 100. This step will also include your warm list and hot list of prospects. If you don't have a database, build out a spreadsheet or google doc.
Remember, the best database is the database you are going to use. Sometimes, it's a simple spreadsheet. You should be at 100 people that know you, like you and trust you as their real estate broker after your 5th year in the business. After that, you need to strengthen it by deleting and adding higher impact clients. Give yourself 1-2 hours to complete.
Step 6: Identify High Impact Areas
Once you complete your complete Steps 1-4, areas of HIGH IMPACT will present themselves. These new-found areas of awareness will help you build out future quarterly initiatives.
Step 7: Select "12 Week" Quarterly Goal(s)
As you approach the end of the quarter, it's time to take the knowledge of you've collected to select your quarterly goal and create the necessary action steps. Based on my experience, I try to keep it to 1 personal goal and 1 business/professional goal per quarter.
Step 8: Build out Your Calendar
It is important that you intentionally build in time off to recharge and celebrate your accomplishments. You need a minimum of a long weekend every quarter and 2 week long vacations every year to fully operate at full charge. Yes, "Rest" is an important part of high performance. If you don't plan and budget for it, it most likely will not happen. Give yourself 30 minutes to an hour.
Step 9: Identify Resources Needed
Is your technology up to date? Do you need to add capacity to your business? Q4 is the time to make that happen.
Step 10: Review Daily and Execute
Sometimes the planning part is the easiest part. It's the daily focus and execution that becomes the hurdle most of us struggle with to get where we want to go. I cannot emphasize enough, that you have to take time each day, to review your vision. This is what programs the RAS filter in your brain that helps you cut out all of the noise. Once your operating system is programmed (subconscious), you will execute on auto pilot.
Bonus Step: Step Back and Congratulate Yourself
If you've made it this far, you've done what 99% of your competition haven't done nor will they ever do.
Team, I want to make sure that you don't let the idea of this become overwhelming. This process can be enjoyable and satisfying. It feels good to have a strong handle on your life and business. If you want FLOW, you have to create it, it doesn't just happen. Again, my purpose here is to show you the way to get what you want. I've experimented with a lot of different ideas and concepts on this topic and I really feel like I have identified the most productive approach. If you can just take the 3, 5, 7,10 hours to build out your vision and subsequent quarters, you will save yourself so much time, energy, stress and frustration. I can tell you, those are the most unhappy are the ones that don't have a plan.
