On this 205th episode of my Monday Morning Pep Talk, I'll take the opportunity to do a brain dump of all of things that have been on my mind as it relates to where we are in this real estate brokerage market and the topics I've been discussing with brokers/advisors over the past month. I'll do this before I jump back into Take Flight V4.0 over the coming weeks. When the calendar flips from August to September, my mindset tends to shift with it. Does yours? We've got 3 weeks to wrap up Q3 2023 and 13 weeks/94 days to execute before the December "No Fly Zone.” Championships are indeed won in the 4th Quarter. I’ll discuss that today with the best way to approach the remainder of 2023 and prepare for 2024.
Being an ELP/Super Achiever requires thought and planning. Building an effective business plan starts with asking yourself good questions. Once you answer these questions and understand the realities of your situation, environment, and current market conditions, you can get to work. This business is tough and it takes consistent daily effort and a focus on your mindset every day to maintain the incredibly important concept of momentum. There is no judging here. My goal is to lead. If you could see what I've seen over the years, you'd find that high performance and financial success is easier than you think. You just have to commit to it on a daily basis. Fall markets can benefit you greatly or limit your success the following year. I want you to start 2024 strong.
So with that being said, here are the 10 questions that you should be asking yourself right now:
- Do I take enough time to think about my business? Am I executing properly on the plan I created late last year? Am I executing on the 12 Week Year plan?
- Where is my mindset right now? Is there a bad habit I want to leave in 2023? What new habit do I want to take into 2024?
- Is my business in a better place than it was a year ago? (I'm not talking production or GCI.)
- Do I find myself consistently comparing myself to others? Is my focus where it should be and what can I control?
- What version of me do I want to be at the end of 2023? What did I let slip in 2023?
- What do I need to get done in the next 13 weeks (94 days)? Is my mind in the right place for the end of the year stretch run? What projects are still on my annual theme list and still must get done in Q4?
- What books do I need to read or re-read (listen to) between now and January 1st?
- What do I have left on my Q3 2023 Quarterly Initiative that I need to finish? What is left on my 2023 Annual Theme that needs to be completed and that needs to go on my Q4 2023 list of initiatives? (List of action items and goals.)
- Is my holiday gifting concept created? What do I need to do over the next few weeks to make sure my clients know I appreciate them?
- Are all of my current buyers really buyers? Are my current listings positioned properly to sell this fall? What tough conversations with clients do I need to have in the next week?
Now, on to some random topics that I have been bringing up in one-on-one conversations over the last weeks that warrant attention with you today.
- Yes, you should start thinking about 2024 now. In Q4, we will be all in on 2024. Start a notes app or a page in your notebook and start writing down what you want to accomplish as part of your 2024 Theme. Thinking about what you will create next year will motivate you to end 2023 strong. Note: The 2024 Flight Manual has been uploaded to my website. Access it here.
- Stacking. Remember that word. The goal is to ‘stack’ successful quarters on top of successful quarters. While you're at it, stack additional good habits on top of the good habits you've already added.
- The market dynamics we are in are not going to change anytime soon. You will have to work for every transaction. 2024 will be fairly similar to 2023 as the battle for inventory continues. 2021 stole a lot of transactions from late 2022 and 2023 so I would think that you'll see some normal, needs-based demand come back into the market. If you are waiting for the market to change for your production to improve, change your mentality now.
- We have officially moved back into a seasonal market that we've not seen since 2019. Part of me wishes 2021 never happened because it became a benchmark for too many. That was a once in a lifetime stretch.
- Go all in on your Warm List if you want to dominate 2024.
- Get your exterior shots done for those early 2024 listings you know you have coming up. You've only got a few weeks left of summer foliage.
- Reconnect with your TOP 100. The best seeds are planted during September, October and November. Many life decisions are made between Thanksgiving and January 3rd. Start your holiday gifting process right now. Do not wait until November. You don't want to be rushed. Relationship based brokers love fall markets. There are so many opportunities to connect with your Top 100.
- Inventory management - prune your hotlist, warm list and Top 100. Go into 2024 with real buyers and motivated sellers.
- The next few months are when you must front-load your 2024 calendars with travel and scheduled events.
I recently read a powerful quote:
"You can't get upset about the results you failed to get from the work you didn't do."
This market will not reward brokers who do not put in the work. It's just too competitive.
There’s a lot to consider right now in the broader market with topics that you are thinking about and talking about. You need to embrace the next few months. Many of you are feeling uneasy because the "selling season" is behind us in most markets. Use that feeling as fuel. Embrace the next few months and do the best work you've done all year. Prepare yourself for 2024 being the best year of your career. If you want to do that, you've got to dominate the next 94 days or 13 weeks.
I'll get back into Take Flight V4.0 next week. We'll end the year with two topics:
- Deliver and Leverage - the ability to turn 1 transaction into 3
- 3 Rocks of Marketing - lead generation strategies
