We’ve all done it. Started the day with every intention of crushing the activities that will move our business forward and take us to the next level in our careers, only to sit down, fire up our laptops, and settle into a blank haze, not sure exactly what to do next, or how to attack the day we were so adamant we were going to rock. Analysis paralysis sets in and, before we know it, most of the time we set aside for dollar-productive activities has evaporated, along with our motivation to make use of what’s left. If this sounds familiar, fear not. There’s absolutely no judgement here as every highly productive professional has fallen victim to this cycle at least a few times. So how do we break free of the overthinking trap and get back on track?
The first step is understanding exactly what it is that we’re trying to accomplish, and where we stand on the path to get there. If you’re like most real estate professionals, your vision includes working primarily, or exclusively, with people that already know, like, and trust you; your Sphere of Influence.
Having done this a couple thousand times now, I’ve become a firm believer in the 12:2 model of real estate business building. That is, for every 12 solid contacts in your database, you should close two deals each year; either through direct business or referrals. Note that I mentioned solid contacts. This means contacts that you have a systematic plan to stay top of mind with that you execute consistently.
This makes the numbers part of your business planning pretty easy. Simply take the number of units you want to close each year and divide that number by 0.167. That will give you the total number of solid contacts you need in your database in order to hit your goals while only working with your sphere. For example, if I want to close 50 deals in a given year, the math looks like this.
50/0.167 = 299.4
Round up for good measure and I need 300 solid contacts in my database. When you break it down like this, you realize the numbers are a lot more attainable than they initially seem. Now I need to focus my efforts and take action. I take a very simple approach here as well.
Here at Livian, we commit to three solid hours of lead generation every day, between the hours of 9AM and 12PM. And I encourage our business partners to split that time accordingly between nurturing their databases and feeding them with fresh contacts. So, if I have 100 solid contacts in my database and I need to get to 300, my game plan is to spend my first hour contacting my database and the following two hours prospecting for new contacts. This removes the questions of ‘Who’ and ‘When’ and leaves only ‘What’.
The ‘What’, meaning what activities should I be doing to connect with my database and to grow it, is a nearly infinite proposition. We’ll dive into the multitude of different ways to lead generate and prospect for business in a dedicated post. For now, dial your numbers in, do the math and discover exactly where you stand in relation to your database goals. This will remove the haze that causes analysis paralysis and leave no doubt about where you should be focusing your efforts at any given time.
Try implementing this strategy in your business for the next 30 days and notice the change in your focus, intentionality and, ultimately, your results. Then cement the habit with consistency and watch your business grow.