As the year draws to a close, it’s a perfect time for real estate agents like you to reflect on your business journey, make crucial evaluations, and lay down the groundwork for an even more successful year ahead. In this episode of the Unstoppable Real Estate Agents Podcast, Kim shares some invaluable insights on how to wrap up the current year effectively and set yourself up for a thriving new year in the real estate industry.
Reflections on the Year Past
There are a couple of fundamental things that can significantly impact your business as we approach a new year. There are two key components of your real estate business: being in the business (the back-office operations) and working with buyers and sellers directly. In this episode we focus on the former, which is where you optimize your business systems, organization, and action plans to propel your business forward.
Financial Housekeeping
First things first, let’s dive into some financial housekeeping. Grab your last credit card statement, and let’s go through it together. Highlight those recurring expenses that you might not even be utilizing. It might seem insignificant, but those $10 or $50 monthly charges can add up to a substantial amount by year-end. It’s like throwing money into a shredder without gaining anything in return. Streamlining these expenses helps shape your budget for the new year.
Now, taxes might not be the most thrilling topic, but timely filings are crucial. Getting your financial documents in order and handing them over to your CPA by February 1st can ensure smooth sailing with your tax return filed by April 15th. Avoid those pesky penalties by staying on top of quarterly tax payments based on your previous year’s income.
Additionally, there’s something important on the horizon called the Corporate Transparency Act. This regulation affects LLCs and corporations, mandating timely filing; missing this deadline could result in fines and legal troubles. Make sure to connect with your attorney and CPA to get this sorted out. I can’t stress enough how vital it is to handle this personally or through trusted professionals rather than relying on external companies.
Setting Realistic Goals and Marketing Strategies
As you close out this year, take stock of your accomplishments and where you fell short. Reflect on your goals and whether they were realistic or need adjustments. Were there unforeseen circumstances that affected your targets? Remember, it’s okay if plans change or if you decide to pivot. Your goals should be a reflection of your aspirations and what’s achievable within your unique circumstances.
Let’s shift gears to your marketing strategy. Are you engaging effectively? Your marketing efforts should strike a balance between direct mail, social media, and email campaigns. Consistency is key here—stay in touch with your clients regularly. Review your content performance and tailor your strategies based on what resonates with your audience.
Planning Ahead for Success
Looking ahead, planning for the new year involves setting the stage for success right from January. Reach out to past clients with settlement statements and encourage them to review their free credit reports. These simple gestures go a long way in maintaining rapport and offering valuable insights to your clients.
Remember, success in real estate doesn’t happen overnight. It’s about consistently evolving, refining your approach, and adapting to changing market dynamics. Cleaning up your CRM, updating your presentations, and staying up-to-date with market trends are part of the ongoing process.
Continuous Improvement and Preparation
In essence, taking time to reflect, plan strategically, and execute your goals diligently is the roadmap to success. As you gear up for the new year, keep in mind that it’s about constant improvement and being agile in an ever-evolving industry. Stay organized, strategize purposefully, and adapt proactively—that’s the winning formula for a thriving real estate business.
Feel free to reach out if you need guidance or have any questions. My aim for 2024 is to support all real estate agents in optimizing their business practices. Here’s to a prosperous new year ahead!
EPISODE RESOURCES:
5 Bookkeeping Tips to Finish Out Your Year
How To Set Yourself Up for Success in the New Year
Goal Setting Roadmap: Social Media
Goal Setting Roadmap: Client Relationships
Goal Setting Roadmap: How You Can Double Your Income with Your Database
Goal Setting Roadmap: Systems for Success
