Real Estate Pros: Have You Scheduled Your End of Year Review Yet?

Have you booked your annual review for your real estate business yet? 2015 is nearly upon us, and it is time to reflect on the previous year. Doing so may be all you need to get ahead in the coming year.

Taking a pause near the end of the year to review your business is a concept leveraged by many executives, hyper-successful entrepreneurs and business owners. When considering who uses this strategy, you may be wondering why you haven’t done it yet. Do yourself and your real estate business a favor: conduct an annual review. So how does it work? Who should be doing it? And what does an annual review look like?

In essence, a review of your real estate business requires time to determine how you’ve done over the past 12 months. Did you hit your goals, or even surpass them? What worked? What didn’t work? What could be done better.? Where does more effort need to be invested? What do you want to accomplish next year, and what will it take to do it?

Calling this a ‘break’ might be a little deceiving, as it can be quite intensive. In fact, it can be as extensive as you want it to be. It can be done in an hour on the back of a napkin at your favorite coffee joint, but is most often executed as an annual getaway. You might be able to do it from the poolside of a fantastic hotel, on the deck of a cruise ship off the coast of Alaska, or on a balcony overlooking NYC. However, the process is taxing and will require some of the most conscious thought you will put in all year. There is nothing wrong with enjoying the whole experience and blending the trip with a vacation, but unless you really commit the time to being productive, you won’t get the most out of it. For those that take this process seriously, it can have an immensely beneficial impact on their business. Recognize the importance of a review, the business advantage it can provide, and don’t be afraid to take the time to do it. It will pay huge dividends – far more so than gluing yourself to the office.

If you are having trouble freeing yourself up, you should prioritize hiring a virtual assistant (VA) or even a general manager (GM). In the event you do find the time to get away, and these individuals make it a possibility, make sure you request all the data from your team before you head off. This way you can truly disconnect and get in the zone. Nobody will be tempted to cross the lines and distract you from what you need to do.

Create a schedule. Set time to review the year’s performance. Set time to contrast it with monthly, annual, and five year goals. Take time to brainstorm. Reset goals going forward. Break down your goals and strategy for the next year. Know what you will need to do when. What materials, people, relationships, and budget will you need? How can you do even better? Ideally, this will be broken up over several days. There is not too much pressure and you’ll be in your best mindset to think and develop new strategy. Many will dedicate a couple weeks to this process, and then incorporate and end of year vacation.

Where should real estate professionals head to conduct their review? Real estate investors, Realtors and CEOs should choose a destination that is optimal for what they intend to complete. It could be a trip to an eclectic city full of new inspiration, heading off to a mountain cabin or ski resort, a week at the beach in San Diego County, a destination you have been wanting to explore to expand or invest in, or even heading overseas.

The real key is booking the getaway now. Leave it till the holidays and there will be endless excuses not to do it, and they’ll all appear to be urgent or completely reasonable. Do it now. Book it, pay for it, and commit. Black Friday through the following week can be an excellent time to find great deals on flights and hotels, especially if you are booking at least 14 days in advance.

While the end of year is an ideal time for this, there can be other times if this holiday season is already booked out. How about your birthday, or the anniversary of when you got into the real estate business? If you plan to push it into the New Year, book it now in order to make the commitment.

Have you been doing your own annual review getaways already? Just booked one after reading this? Let us know how they have helped or what your plans are.