SMART Goal-Setting Strategies For Brokers
It seems that in an instant, 2021 came and went – and what a year it was. We saw the refi boom simmer and housing prices skyrocket as low supply created astonishing competition among buyers.
And just as we’re all catching our breath from a crazy year, another one is right around the corner. To make sure you hit your goals, no matter what 2022 throws us, start goal setting now, the SMART way.
What Is the SMART Goal Method?
SMART is a tool that helps guide you through effective goal setting. The acronym stands for: Specific, Measurable, Achievable, Relevant and Timebound.
The most successful brokers know that creating business-centered goals for the short term, as well as the long term, can keep them and their team focused on the big wins and on the right track. Using the SMART goal method only boosts your planning. Here’s how to use it.
Many businesses make the mistake of establishing goals that are too generic. Of course you want to increase leads, and everyone will be on board with something like boosting profits. But by how much? If you’re too vague, you won’t know what you’re striving for or how to get there. Once you know exactly what you’re trying to do, you can effectively plan how to get there.
For example, if your goal is to increase the number of loans you close in the first quarter, decide the exact number you want. A specific goal would be something like: “Increase my number of closed loans in Q1 from 150 to 175.”
Make Sure Goals Are Measurable
You want to make goals that can be tracked, so you can review your progress throughout the month, quarter or year and know when you’ve succeeded in hitting your goal. If you’re noticing that you’re not on pace to hit your goal, these stats can also help you pivot and change up your plan.
There are several tools you can use to measure your goals, based on what they are. For example, if you want to increase traffic to your website, you can use Google Analytics to accurately track your visitors to ensure you’re hitting your goal. For social media goals, creating a business page will supply you with a number of different reporting tools and insights to your ad and page performance. The best part is that these are free and easy to use.
Create Goals That Are Attainable And Realistic
If you make goals that are unattainable or unrealistic, you’ll only be met with frustration and burnout. You or your team will likely give up knowing that they’ll never reach the goal, because what’s the point?
As you hit goals or progress toward them, it can boost morale and motivation. While it’s great to aim big, it’s important to remember that the growth of your business is a marathon, not a race. Hitting smaller goals over time will get you there – and keep you and your team inspired.
When creating these goals, keep it all in perspective. Goals for a large broker business are going to be different from a two-person shop. You’ll also want to research housing and economic forecasts to help you stay in line with factors that are out of your control and may impact your business.
Remember that goals don’t have to be just about getting more loans. Goals like creating a more effective marketing plan, adding more people to your team or growing your brand awareness can all be a good thing – and usually result in more business. As we like to say, money and numbers follow; they do not lead.
Make It Timebound. Give Yourself A Deadline
Deadlines help hold you and your team accountable, so make sure you set a date for when you want to achieve each goal. Have a large-scale initiative? It might be better to split the goal into smaller parts, so that you can build on smaller goals first before attempting to reach the larger goal.
Make sure you’re making both short-term and long-term goals for your business. Short-term goals may include meeting deadlines within months, quarters or one year. Long-term goals are beyond a year and include objectives that are bigger in scale. They may take more time, people and resources to complete. Long-term goals are great to have as they give you a better idea of where you want your business to go.
Get Started With Your SMART Goals
This is where you get to implement your SMART goal strategy and start seeing your planning pay off. Here are a few tips to help you hit the ground running.
Write it down. We suggest creating two to four clear, defined goals – and write them out. Studies have shown that you are more likely to reach your goals when you write them down. Even more so when they’re put in a place where you can see them every day.
Make it a team effort. For goals to be achieved, your entire team needs to be on the same page. That means each person needs to know what those goals are and who is responsible for meeting them. Once you’ve established your goals, schedule a kickoff meeting and share your vision with the entire team. If you wear many hats in your company, delegating is essential. You can’t be responsible for everything. And remember that you hired talented team members. Each one wants to prove that they can achieve a goal. Assign goals to specific team members and hold them accountable. When some goals have been met, celebrate them with your entire team. Maybe offer incentives (always a great morale booster). In addition, make sure your entire team is regularly taking a goal-setting temperature. Check-ins matter in case your methods aren’t working and you need to create a new plan.
Use our offerings. Take advantage of all the Rocket ProSM TPO benefits that can help you grow your business and meet your SMART goals. We offer all partners interactive trainings, discounts on continuing education courses and our online platform, PathfinderTM, a resource for information about loan processes, guidelines and policies. We deliver the speed and certainty you need with every transaction by using our Rocket Connect technology to simplify and accelerate how you communicate with our team. We also have a Marketing Hub that provides customizable marketing materials to help you meet your marketing goals.
And of course, one of your most powerful resources is your Account Executive (AE), who is dedicated to helping elevate the strategies of your business. They can answer your questions, walk you through our various products, act as a sounding board and advise you on how you can use the Rocket Pro TPO platform to maximize the control, speed and ease you need on every loan. They’re only a phone call away and are eager to help.