We’re going to talk about goals again today. This is getting down to some “nitty gritty” to determine a business plan of sorts, knowing how much you need to meet your needed income goals. Let’s get started!
How Much Do I Have to Earn to Get This Stuff?
This is a worksheet to give you some idea as to the minimum goals you should be shooting for. These philosophies are based on age old laws and rules for financial success. Follow them, and you will win. If you do not follow them, you have a very good chance of becoming a real estate agent who will be “just making a living” for the rest of his or her life.
My goal for my coaching clients and YOU is to have an end date to your working life – a time in which you can retire, live off the fruits of your labor, and be with your family. It is an exciting exercise. Please seriously consider its outcome.
1. How much money do I have to make in the next 12 months to pay all my bills and amortize all my debts? $_________
2. Total all the things (from your “Items Goal” list) you want to buy in one year. $_________
3. Total of lines 1 and 2. $_________
4. Multiply line 3 by 140%. Place the dollar amount here:$_________
5. Divide line 4 by 12 to equal monthly earning goals. $_________
6. Take 10% of line 4. (This is what you should be spending in the next year on education) $_________
7. Take 10% of line 4. (This is what you should be investing and/or saving) $_________
8. Take 20% of line 4. (This is what you should be putting aside for income taxes) $_________
9. Of my monthly earnings, 75% should come from listings sold. (Line 5 x .75) $_________
10. Of my monthly earnings, 25% should come from sales made. (Line 5 x .25) $_________
What I Have to Do to Achieve My Listing and Sales Income
To Achieve My Listing Income:
1. In my market area, the average listing commission is:
(Get this figure from your broker/manager) $_________
2. I must have the following number of listings sold ____________ per month.
3. If only 75% of my listings sell, I have to obtain ______________ number of listings per month.
4. It may take _________________ listing appointments to get a listing. (Get this number from your broker/manager).
5. So, I have to go on _________________ listing appointments to get my listings for the month.
6. It may take _________________ contacts to get each listing appointment. (Get this number from your broker/manager).
7. Therefore, I have to make _______________ calls/contacts each month.
8. I have to make _______________ calls/contacts each week.
To Achieve my Sales Income:
1. In my market area, the average sales commission is ____________. (Get this number from broker/board).
2. As a result, I have to make ____________ of sales each month to make my goal.
3. It takes about _________________ property showings to a qualified buyer to make a sale. (Get this number from your broker/manager).
4. So, I must show _________________ properties each month.
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