Do you know on a monthly, weekly or even daily basis what is happening in your real estate business? Understanding clearly and consistently your progress throughout the year is crucial to determining your progress in real estate and making changes toward your future success. By keeping an informal journal of notes alongside your sales goals and detailed data is a great way to do this.
What to Put in Your Journal
If you have never journaled in your life before, don’t be discouraged. Unlike a personal journal, a journal of your business entails quick notes of the details in and around your business that affect what’s happening with your numbers. What are a few things to take note of in your journal?
First, let’s look at the environment around you. Whenever you can, observe what’s happening in the local economy. Maybe there’s a strike that took place. Perhaps a new company moved into town. Take note of these kinds of unique changes that are happening around you. You can set a Google Alert to track your city and business happenings in order get the most up-to-date information. Or you can simply peruse your community papers and business journals online or in print to keep up with local news.
Now, let’s look at what’s taking place in your personal life. Note absences from work such as vacations and sick days. Anything that is happening in your personal life that affects your time and emotions should be included.
Finally, write down what happens in your business. Did you change a method of follow-up? Maybe you have new agents in your office, reconfigured assignments amongst your team or implemented a new automated system. Track all of these in your journal as well.
How to Journal
So now that you know what to actually put in your journal, here’s how to work it with the data from your business. Once you have set your daily, weekly and monthly goals (however you set them), be sure to include these first in your journal, pre-written with space for actual numbers. You can use a pre-dated journal book available at any discount retailer or create your own digital version (a spreadsheet, a Word doc, an online project management system).
Whenever you have a detail about the external or internal environment that is worth mentioning, write that on the same page as or next to the business goals. Don’t get too bogged down on how to write it – you can use any shorthand or as much detail as you think will help you remember the information you are recording. Just make sure the information is legible and understandable to you later!
How to Interpret the Information
It will be fun to take a glance at your journal throughout the year to compare your notes to the progress of your real estate business. You’ll begin to see what’s affecting your business when its down or up. When you see your numbers are down, for example, you can analyze with more clarity what happened – then make improvements. When you see your numbers are up, you’ll know that whatever happened around that time is something you’ll want to replicate or at least know what to do to make it better.
So if you haven’t kept a journal before, then this is the time to start! Little notes to yourself here and there for the qualitative part of your business will help you get the quantitative part down.