[DOWNLOAD] Real Estate Goal Setting Template

Published by Brian E Adams on November 24, 2021November 24, 2021

So you want to make $200,000 as a Realtor.

How do stay on track to accomplish your yearly goals? How do you know if you are doing enough to achieve this?

Good goal setting means staying on top of your business with a goals worksheet!

The purpose of a real estate goals worksheet is to take long-term goals and break them into weekly goals.

The purpose of a real estate goals worksheet is to take an annual goal and break it into weekly activity.

A goal is not an action. You can’t simply “make $200,000”. You have to take action.

But what action?

This worksheet and method will help you take your annual goals and convert them into weekly action.

The purpose of breaking up an annual goal into a weekly action plan is so that you can quickly adjust your behavior if reality is not matching your expectations.

Weekly Real Estate Goals Template

This template is based on a combination of Gary Keller’s The Millionaire Real Estate Agent and Verl Workman’s coaching.

A completed example is available here.

The idea is that you should have four lead generation pillars in your business, repeat and referral being one, and the other three up to you.

Any one of these pillars should support your entire real estate business goal. If one pillar fails, or even three pillars fail, you will still meet your income goal.

If all four pillars work, even better!

Start by choosing your four lead generation strategies and making reasonable assumptions about conversion rates, average sales prices, and more.

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Template Instructions

Math

I tried to keep the math simple!

Choose your gross commission goal and then start working down the list.

Each box corresponds to a letter. When there is math, the step is in bold on the field to the left.

Remember, percentages are represented as decimals, e.g. 5% is 0.05 when multiplying or dividing!

Weekly Lead Generating Activities

Once you determine how many leads you need to generate weekly, you are ready to fill in the activities you will perform weekly that you think will reasonably result in that many leads.

In the example below, Susan needs 32 open house leads per week, and estimates that she can get that many if she does 3 open houses each week.

Example

Below is another example of how you take your income goal and convert it into action.

EXAMPLE: Susan wants to make $200,000 / year with Open Houses as a pillar of her lead generation.
Net Income Goal = $200,000
20% Brokerage Split (200,000 * 1.2) = $240,000
$30,000 Operating Expenses ( 240,000 + 30,000) = $270,000
Average Commission (3% * $300,000 Average Purchase Price) = $9000
Target # Transactions (270,000 / 9000) = 30
Estimated Conversion Rate = 2%
# New Leads / Year (30 / 0.02) = 1500
# New Leads / Week (1500 / 48) = ~32
# Leads / Open House = 12
# Open Houses / week (32 / 12) = ~3
ACTION: Host at least 3 open houses every week.
BOLD are figures Susan determines or estimates

Keeping and Updating Goals with Accountability Meetings

I created an accountability worksheet based on this same design.

Good accountability begins with finding partners to have weekly accountability meetings.

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You’ll see that this matches your goal-setting worksheet, divided into several pillars with your short-term weekly goal.

If your weekly lead generating activities are failing to result in the number of leads you are targeting, then you need to revisit these activities in your accountability meetings and modify them.

Do you need to work more? Work smarter? Do something different?

Make that pivot fast and early! You can’t wait until the end of the year.

Some lead generation methods may not result in immediate leads, like building a website or YouTube channel. In these cases, you will have to trust the process and just be sure you are being consistent. At 100 articles or 100 videos, you can then start to evaluate whether the leads are meeting expectations.

Conclusion

The single biggest mistake a Realtor makes is not spending enough time on the most important parts of his or her business. They get distracted from the prize.

By having a clearly defined goal broken into weekly tasks, you avoid this pitfall.

When I wrote about goal setting, I shared the steps to creating actionable weekly goals.