Q3 is upon us! This statement is only frightening if you aren’t ready for it!
Middleton Elite Coaching provides expert real estate coaching to top real estate professionals.
We want to help you re-align with your Q3 business plan. Whether you have a solid strategy for hitting the ground running in the third quarter or you have no strategy at all, you may find value in our ‘Q3 Prep Checklist For Your Real Estate Business‘!
And, we’ll cover how to avoid falling into a common trap that may leave your business susceptible to a real estate market slow down. We have a strategy to help shift your focus!
Let’s dive in!
Safeguard Your Business – Become Less Susceptible To A Real Estate Market Slow Down
Middleton Elite Coaching Clients have been preparing for Q3 all year. Part of this preparation for the back half of the year has been centered around a shift in focus.
In looking at your first half of this year compared to your first half of last year, you are likely to find that your pacing reports are generally flat, or perhaps even down, as it relates to units; and up as it relates to volume.
This is pretty much right in line with current market trends and year over year market data.
You might even be saying “Sure, my units are down, however, my volume is making up for it.”
Let’s consider altering your focus to avoid falling into a potential trap.
If you’ve been focused primarily on volume for the first half of the year, it might be a good time to become intentionally focused on units.
What if, for the back half of the year, you focused exclusively on units and the volume just sort of followed? By becoming more intentional about tracking appointments set, appointments held, and other leading indicator activities, you’ll be less susceptible to a slow down in volume.
MEC’s Q3 Checklist For Your Real Estate Business
1. What are your plans for Q3? Use The 4 Ps:
2. Do you have any upcoming fall events planned?
- Are you doing enough to promote these events?
- Is your event promotion plan solid?
- If you do not have any events planned, do you have the time and/or the team bandwidth to host an event?
3. Is your lead generation strategy as strong as it could be?
- Are you intentional about reaching out to old leads in your pipeline?
- Are you working on connecting with your database and sphere of influence?
- Do you have a lead generation action plan for your team members?
- Do you have database and pipeline growth goals in place? And, if so, what steps are you taking to consistently track and measure this growth?
4. Is your team in need of growth?
- Re-evaluate your team’s bandwidth as it aligns with your Q3 goals. See MEC’s Bandwidth Exercise
- Evaluate team training opportunities; buyer conversations, seller conversations, market data analysis skills, etc.
5. Are you executing your marketing plan? Revisit your marketing plan to:
- Update your business description
- Use current market research to analyze your planned campaigns and associated budgets.
- Assess geographical farming data to identify new market opportunities.
- Conduct a competitive market analysis to prepare your marketing efforts heading into the next quarter.
- Re-evaluate your marketing goals and objectives. Does your Q3 marketing plan that was created in Q1 still work for you today, at the end of Q2?
- Based on the above, will you need to adjust or adapt your marketing strategies?
- Are you utilizing all of the potential marketing methods to achieve your goals and objectives?
6. Use the results of your Q2 projections to measure the success and viability of your Q3 projections.
- Assess where you are right now vs where you projected you’d be at end of Q2.
- What action(s) will you need to take between now and the beginning of Q3 to re-align with that strategy?
7. Create A Must-Do Action Plan.
- Use MEC’s ‘Could Do – Should Do – Must Do’ exercise
- Follow this with MEC’s Must-Do Action Plan (By Who? By When?)
8. Team Goals for Q3.
- What are some of the things that your team is looking forward to in Q3?
- Are we on track to hit our targets for the completion of planned Q3 projects?
- Does your team feel that you have the people needed to hit your targets?
- Does your team feel that you have the appropriate people in place for growth and expansion?
- Summation of Goals exercise
9. Get back to basics. Revisit the fundamentals of your business plan.
- Take a look at the things you are currently doing very well. Do you feel that you could double, or even triple, these efforts in a way that will continue to positively impact your business in Q3?
- Look at the areas in which you currently have the most room for improvement. Do you know what is needed to improve in these areas? Is this a primary area of growth focus for your business?
- If so, how important is this to you on a scale of 1-10 (1 being not very, 10 being extremely)?
- If this area is not a primary focus of growth for your business, will your business be negatively impacted by decreasing or halting these efforts in Q3?
10. Assess your level of intention and focus.
Give yourself an effort score of 1-10 in each of these areas with 1 being no effort at all, and 10 being the highest level of effort. Use your lowest score to evaluate the ways you can increase your efforts in this area. You may also ask yourself “what systems, people, or action plans would I need to put into place during Q3 in order to bring my effort score closer to a 10?
- Are you doing as much as you can be doing for your business?
- Are you doing as much as you can be doing for your team?
- Are you doing as much as you can be doing for yourself?
Keeping your real estate business on the growth track:
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