Setting SMART goals is outstandingly valuable to grow any business, and Real Estate business too!
SMART refers to Specific, Measurable, Attainable, Realistic and Time-bound. The advantage of SMART goals is that it sets metrics which can be tracked by the business professionals to measure the overall success of the business. Plus, these goals can be easily communicated to the teams so communicating the value to your employees becomes a pretty straightforward task.
Specific Real Estate goals simply include what a business wants to accomplish. A vague goal never leads to anything, so it is paramount to define specific business goals, for instance, Increasing sales by 25% next year is a Specific goal of a Real Estate business.
Goals set by the business must provide tangible affirmation of the team's progress. If there's no way of evaluating of team's progress, you'll never know if you're working well and moving towards success or not. An example of a Measurable goal of a Real Estate business is that each agent must close more than 100 deals in the next year.
Attainable goals are the ones which can be achieved by the business, however, they're challenging enough to be achieved. The best knowledge, skills and resources (human as well as physical) are required to attain the goals set by the business. For example, growing business by 60% next year is a perfect example of an Attainable goal of a Real Estate business.
These goals require the Real Estate professionals to align their personal goals to the business goals. This is the step where questions like 'Would you be able to dedicate the time required to meet the goal' arise. If the personal goals of the Real Estate professionals are not aligned with the goals of the business, then it affects the fulfillment of the business goals.
Time-bound goals are the ones which have a specific start and end date. It is the most critical stage as it has deadlines to finish the most prominent tasks. It provides Real Estate professionals with a sense of urgency and stops them from devoting excessive time on one particular goal, which in turn increases the time management and completion of specific tasks on time. For instance, growing business by 20% by November 20 is a Time-bound goal of a Real Estate business.
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