How To Plan For Your Real Estate Career Milestones

how to plan and set milestones for your property career

There's an old saying that "what gets measured, gets managed". And at the beginning of your property career, a lot needs to be managed - from the way you prospect and follow-up, to the way you manage the handover of a property.

Without a clear system of measurement, you won't be able to pinpoint where you need to improve, or even if you're actually performing better at all. Here's how to do it:

1. Your milestones should be breaking your goal into small, achievable steps; they should not be the goal in themselves

A milestone such as "become a millionaire" is next to useless. That may well be the goal, but the milestones should break the goal into smaller steps - such as raising income to $X by the end of the first year, and another 10 per cent higher the next, etc.

It is a common mistake though, to mistake milestones as a form of large scale goal setting. Don't confuse the two: the milestones are not the overall goal, but the small increments towards it.

The other advantage to breaking goals into milestones is that it forces you to think through a systematic plan of action. It's more productive to think about how to reach the next milestone, than to fantasize about reaching the goal.

2. Milestones must be quantifiable

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By quantifying your milestones, you can tell how near or far your methods are taking you, and which of your efforts have the biggest pay-off

If your milestones aren't in a spreadsheet, or consist of no numbers, you're doing it wrong.

Saying you "conducted more viewings" this month is not a milestone. Saying you conducted two more viewings every week, and now manage three a week on average, which is an improvement of two over last quarter is a milestone.

This is important because it saves you money (no, really). For example, say you spent most of last month advertising in newspapers and magazines, whereas you're going to spend most of this month advertising on a property portal.

How many more inquiries did you get this month, versus the previous? If you spent $100 on the portal, to get 10 inquiries this month, that's $10 per prospect. If you spent $200 on a magazine ad to get five inquiries last month, that's $40 per prospect.

Your next few milestones can be to get it down to $8 per prospect, and then $5 per prospect, and so forth. This is only possible if you're quantifying results, however, and monitoring them over time.

3. Use bench marking when setting your milestones

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Benchmarks help you estimate how much better or worse you're doing, compared to the median - and it helps you work out realistic targets.

Rather than set your milestones in isolation, take a look around and see what others are achieving. For example, how long should you be taking to close a deal? If real estate agents in your group are closing one deal every two months, then this is a way to benchmark yourself against them.

This ensures that you're not setting unrealistic milestones, or that you're not setting milestones so easy to reach there's no point in having them. This is especially true when you're considering adjusting milestones downward.

(E.g. if you intended to have two appointments per week, but you're only g