Before you try a strategy or do something for a client, do you give it the “WIIFM” test?

“WIIFM” stands for “What’s In It For Me?”

You have to look at how something will be perceived by your client. Is it something that makes you look good or does it benefit the client? Is it obvious to the client that it benefits them?

Here is a great way to restructure your marketing and advertising dollars from just being expenses to putting your systems into profit mode.

If December is a slow month for you, will you….

A) focus more on shopping for presents?
B) attend more parties and drink more egg nog?
C) work on your 2009 businesss plan?
D) keep in touch with clients and continue to list and sell?
E) all of the above

The best answer is (E). You can do all of the above. You just need to prioritize your time better and work when you’re working and play when it’s personal time.

Many of us tend to look at our business cycles from Jan. to Dec., because of tax season.

I think that’s a dangerous thing to do, because if your sales typically slow down this time of year, it’s easy to get depressed, distracted and lose some confidence in your business.

I choose to look at my business through a quarterly cycle. I make a business plan for every 3 months. Now usually there aren’t significant changes to it, but when changes are needed, I am then quicker to respond and not fall behind.

You need to be looking at your first quarter plan right now.

Are you where you want to be in your real estate business?

What are your biggest concerns or fears about your real estate business right now?

You may have more than one issues and that’s OK to list too.

Take a couple of minutes and reply to my e-mail dan@agentsuccesscoach.com and write down what’s really holding back your business right now.

What I want to accomplish here is to find out what your concerns and roadblocks are and then I’ll come up with some answers and post them anonymously for everyone to benefit from.

I won’t list your name, so your privacy will be respected.

I believe this can be a great learning experience for everyone.

The reality is…we’re not in competition with each other, but only with ourselves. The more we learn from each other and take action on the ideas that work, the more skilled and compensated we all will become.

I’ve always believed and continue to believe that there’s enough business to go around for everyone who’s willing to work for it. The more business we do, the less business there is for those who shouldn’t be in real estate in the first place.

So, before you click off this post, click on my email dan@agentsuccesscoach.com and share with me what some of your concerns and struggles are right now. What is it that your need to get better at doing? Which parts of your business need the most help.

Now is the time that many real estate agents start working on their next year’s business plan.

Look at which target markets, i.e. expireds, fsbos, relos, REOs, client base, etc., provided you with the most business. Then analyze the info to see how you can improve your systems. In this market, it’s better to be an expert in fewer niches than a generalist in many. You should really focus on improving your skills in 3 - 4 target markets and truly master them.

Review at any transactions that fell through as well as prospects that were actively looking, but didn’t buy. Figure out what you could have done differently to keep the deals alive and closed.

Look at what steps you should add to keep buyers from slipping through your fingers. Did you not keep in close enough contact with them? Did you have a buyer consultation with them first? Did they not listen to your advice?

It’s often said that you can’t bring a dead plant back to life. Well, old leads are usually dead leads. But you can learn from it. Take some time to put new strategies together to convert more of the buyer leads you’re getting. Improve your skills by asking better questions, go deeper with your questions. Show people that you really care about helping them. Nobody likes to be sold, but if someone takes a real interest in you, you normally pay attention to that.

A well-rounded business plan also include marketing and advertising programs. Look at which programs provided actual leads and were profitable to you. Don’t advertise in magazines solely to appease your sellers. You need to either put that money elsewhere or improve your ads to be more direct-response; driving leads to you. In my opinion, over 90% of all magazine real estate ads are a waste of money. But when done correctly, you can generate leads from time to time.

Now it’s time to pull out all of your receipts for everything you spent money on. Go line by line and ask yourself, “Did this item make me a profit or was it money down the drain?” You need to let go of marketing and advertising that aren’t bringing you a return on your money. Now, I didn’t say to cut out all of your spending and go hide in a hole. But you need to look at which expenses are really necessary to help your business continue to grow.

One other thought: as you go through this process, you may want to bounce some ideas off your broker, manager or fellow agent, whose opinion and experience you trust.

Where do you want your numbers to be this year? Don’t listen to all of the naysayers out there. There’s enough business for those who really want it and will work for it. Do you want it?

In the end, you need a road map to know where you’re going in these challenging times. Review your business plan every day. It will help keep you focused. Do the activities consistently and the results will come.