New year, new decade, new goals

Property Management,  Property Managers

At the start of every new year, it’s common to set lofty goals. With 2020 being the start of a new decade, the desire to dream big is even more tempting.

One study found that fewer than half of all people will have achieved their goals by six months into the year. So what do the successful people do differently from the more-than-50 per cent who set goals in the new year and then don’t follow through?

  1. They begin with the end in mind

When setting goals, you have to know where you’re headed and develop a roadmap to your final destination. Once you have a goal on paper, write out what you’ll need to get there. You then have a list of your sub-goals and the resources you will need to support you along the way.

For example, if your goal is to build your rent-roll by net 220 new managements, you need to develop a roadmap for how you will achieve this. If you don’t already have a CRM database, this would be a resource you need to set up immediately so you can develop relationships and create business opportunities. You then need to break the goal down into manageable bit size pieces. To achieve the 12 month goal you need approximately 18 new managements each month, which is just short of five new PO Form 6s signed each week. You then need to work out how many people you need to contact each day to create appraisal or new management opportunities, and what your conversion success rate needs to be. If you know every week you must achieve five signed PO Form 6s, it’s amazing how you can create opportunities to achieve this.

  1. They build a support system around them

High performers and productive people don’t do it alone. They understand they can achieve more and do it faster with the help of a mentor, coach, advisor or advisory team. Surround yourself with people who can help you towards the goal of building your rent roll. Seek out successful BDMs and network with them, seek their wisdom, ask for advice and listen carefully.  If you engage a coach, ask them for contact names of existing or previous clients. Research their results to make sure they are the right fit for you.

  1. They set specific and challenging goals

Various studies have found that when people followed the two principles goal setting – specific, and challenging – it led to a higher performance 90 per cent of the time. For example, if your goal is to build your rent roll by 220 net new managements, it may be challenging, but it’s too vague. Instead break it down to the specific goal of achieving five signed PO Form 6s each week. You would then specifically identify perhaps five key tasks you would do daily or weekly to achieve this goal. For example: work more closely with your sales team, make five phone calls a day to the owners you currently manage property for, do a weekly video promoting local businesses, do a weekly video with an accountant, financial advisor, quantity surveyor or any business who can provide short sharp snippets of property related information and share across all social media platforms. Become known as the expert in your patch.

  1. They recognize when they are procrastinating

We have all suffered from procrastination in one form or another. It’s important to figure out the reasons for your procrastination. It could be you don’t like making the five phone every day even though you know it will move you towards your goal, so you avoid them by coming up with other activities that you think may take you towards the goal. Here are three instant strategies to help you:

  • Have clearly prioritized to-do lists, schedules, time frames for completing a task and deadlines for goals.
  • Work backwards from your deadlines to know how long you need and when to get started so you’re not late.
  • Focus on one task at a time. Contrary to popular belief, multitasking is actually counterproductive. Finally, make sure your work is broken down into manageable steps.
  1. They practise the 52 and 17 Rule

When working toward a daily goal, try 52 minutes of work followed by 17 minutes of less productive activity – like interval training in sports. Brad Stulberg and Steve Magness, co-authors of Peak Performance, found that adopting an interval-based approach to productivity isn’t just for gifted athletes. One study found its most productive employees preferred a work routine where they spent 52 minutes totally engrossed in their work, then took  17 minutes for less focussed activities or a quick walk in the fresh air and then returned to 52 minutes of being totally engrossed in the task at hand. Retaining the highest level of productivity toward achieving your goals in a day is not working longer, it’s working smarter.

  1. They listen to music to focus

Music has been found to be a great way to maintain focus and stay productive for goal-attainment. The key is to experiment first, and find suitable music that helps you focus. A good tool to use is Focus at Will, which uses music scientifically driven to improve your concentration. Background music has also been proven to sharpen your focus.

  1. They don’t multitask

There’s a myth out there that to be successful means to act with warp-speed urgency and do as many things as possible at the same time. The most successful people are patient and avoid juggling many things. If you multitask you end up splitting your focus over many tasks, lose focus, produce a lower quality of work, and take longer to hit goals. The percentage of people who nail their goals are smart enough to work on several smaller chunks to complete a big goal by knocking each down before moving on to the next one.

Take time out to consider how you can implement these strategies so when you begin 2021 you are rewarded for your consistency and persistence by being among the minority who achieved their 2020 goals.

Good luck!