Insanity is doing the same thing over and over but expecting different results. Does this statement apply to you and your business tactics? In the real estate business the same tasks and responsibilities are performed over and over again, yet many realtors hope for greater productivity, increased sales, and other positive outcomes – just from continuing the same pattern. The truth of the matter is that positive changes start with you!
Think about it for a moment: If you aren’t doing anything new, how can you expect significantly different results? Sure, you might have a good month here and there, and see a boost in your sales for a short time due to certain circumstances and situations that aren’t really in your control. But the prospects for lasting improvement when you’re doing the same thing over and over again are slim.
This is where I find that it is important to be honest about business and focus on the good and bad of your tactics. The first step in developing a business or marketing plan is something called a SWOT analysis.
SWOT is an acronym that stands for:
Strengths- attributes that can help you achieve your goals
Take a moment and list any and all strengths you believe you possess as a real estate professional. What is it that you do exceptionally well, meaning better than most of the competition? Where do you excel?
Weaknesses- characteristics that can impede your aims
Repeat the same process above, but instead record your weaknesses � the things that you don’t do as well as many or most other real estate pros. Admit your shortcomings, so that you can work to improve them.
Opportunities and Threats- external factors that aid you and external factors that impede you
For instance, unemployment and foreclosure levels are problems for many real estate professionals. but some of them turned those threats into opportunities by learning how to help defaulting borrowers save their homes through loan modifications, working with lenders and borrowers in short-sale transactions, and furthering their education by becoming distressed property specialists. This is not about taking advantages of others’ misfortunes. It’s a reminder that when we find a threat is in our midst, there is usually an opportunity associated with the obstacle.
By honestly reviewing your business methods you can learn to play to your strengths and enhance your weaknesses. It is a great way to help step up your business and understand your shortcomings. Take a few minutes to jot down your SWOT analysis and see how you can improve your sales and productivity.