Many times my coaching students will ask “I know what I want to do, but how do I make it happen? I want to do two deals in the next 90 days – What do I need to do to insure this will happen?” Sound familiar?
Well my motto for success in any venture has always been “HAVE A PLAN, WORK YOUR PLAN!!!
Wondering what this means?
There is always a set formula for success in business and it comes down to specific actions = specific results. This means you get exactly what you put into it. I call these “Key Performance Indicators” (KPI’s). You see, you can’t measure your results—you can only measure the ACTIONS that will GET YOU the results.
It comes down to this – commit to maximum efforts and you’ll get the results you want.
Let me give you an example of how this might look. And remember, always work backwards based on the results you want.
Goal for Mr. Joe Topnotchinvestorooney
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Start September 1, 2007. Goal End November 30, 2007
- I will purchase 2 properties at 70% value less repairs by November 30th.
- I know that 200 seller contacts = 2 deals.
- I must contact 100 sellers (talk to and build a relationship with) in the 1st 45 days.
- I know that 20 relationships built helping people solve their “stuck situation” = 2 deals.
- That breaks down to 17 seller contacts per week.
- I WILL make a minimum of 17 new seller contacts per week.
- I know that I must “connect” and build a relationship with a minimum 3.5 new leads per week in the first 45 days (it takes a while before they are already to take action).
- I WILL build a relationship with a minimum of 3.5 leads per week and “court” these leads until they sell to me or otherwise solve their situation.
- I WILL absolutely commit to doing all follow-up calls, research and legwork necessary in order to accomplish the above.
- I hereby commit to constantly improving my ability to convey my sincerity in helping folks solve their “stuck situation”. I will always do what’s best for THEM.
- I know that follow-up is another critical component in my success and I hereby commit to doing ALL the follow-up that is necessary for me to maintain my relationship with folks that need my help.
- I know that distractions are a part of life and I hereby commit that NOTHING will stop me from achieving the KPI’s I’ve laid out above.
Well… there you have it. Lay out your own KPI’s, or use the ones above with your own tweaks. Whenever I took the time to figure out the formula, then laid out a plan, and WORKED THE PLAN, I got fabulous results. Try it, I think you will too.
Tim Rhode is a successful, retired real estate broker, Foreclosures.com Coach, and now invests primarily in long term investment property. He enjoys a large monthly passive income from his rental portfolio. Tim now spends his time with his wife Tina and 3 kids playing in the mountains near Lake Tahoe, California. Tim is available to Coach YOU to achieve your investing dreams.
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