What would growth look like for you in FY2022? In this week’s COTG, I share some tips to help you start preparing your new financial year business plan and the very important data you need to be looking at.
Click to watch the video (or simply read the transcript) below to learn more.
Here is another Coaching on the Go Moment from real estate coach Caroline Bolderston.
At this time of year I start talking to my clients about their new financial year business plan. In preparation for this, it is important to look at more than just ‘what’ you want to do over the next year. It is more important to focus on what growth looks like for you.
I get many questions asking what is reasonable and what is expected of an agent to grow year-on-year, if that agent is looking to expand their business. The simple answer is this…
30% growth, year on year, is usually sustainable & achievable.
It’s about looking at your resources and expanding on your variables. Where you can up the average fee and the average sale price? Can you potentially increase your Gross Commission Income (GCI), by not necessarily having to sell 30% more properties?
With your accurate data there are three things you need to be checking on:
- What was your average sale price for this last financial year?
- What was your average net commission percentage, not including GST?
- What is your listing appointment to listing signed conversion rate?
Take some time and look back over all the listing appointments you went to in this financial year. Look at all of the ones that did come to market, what percentage you won and what percentage you did not win. I hope that gives you a few tips and pointers on how to get prepared for your new financial year and the key metrics you need to be looking at.
If you have a genuine desire to serve your clients, work hard and become the best agent you can be – contact me via the section below to discuss how coaching can work for you.