Also known as the Keller Williams Gps Plan (Goal, Priority, Strategy)
Introduction
Most real estate agents set goals for themselves. Few actually know the strategies needed to achieve their goals.
Setting the goal is the easy part. In fact, studies show that just setting the goal releases dopamine that makes the goal setter feel like they have accomplished the target before starting. This “feel-good” hormone is tied to anticipation and can actually be damaging to goal setting. That is because people love the anticipation of achieving the goal, but they don’t know the strategies required to reach the target.
Don’t get trapped in just the allure of goal setting. Enjoy setting the target. Then get to work on the priorities and strategies.
Stop only setting goals and start building systems
Let’s Find Out How
The Keller Williams 1-3-5 Goal Setting Framework is the perfect framework for defining your goal, then building priorities and strategies. This structure is also known as Keller Wiliams GPS (Goal, Priorities, Strategy)
This can work in tandem with your business plan. You may also want to strengthen your habits in order to succeed with your goals.
The 1-3-5 Keller Williams Goal Setting Plan has you distill your real estate goals down to one main target for the year. I recommend focusing on a net income goal (ideal) or gross commission income goal.
Important Points
This uses the Keller Williams framework, however it has been adjusted to add additional goal-setting concepts.
If you would like a quick tool to calculate your numbers you can use the Agent Business Plan: Target Generator (VIEW ONLY. To use File>Make a copy)
Your Goal and Strategies need to be measurable (quantifiable). Your Priorities are not necessarily measurable. You can think of them as large tasks
Let’s dive in!
One of the best pieces of advice comes from James Clear.
“You do not rise to the level of your goals. You fall to the level of your systems.” - James Clear
Reason For Success
To kick off your plan, you need to start with a reason for wanting to succeed. This can be a challenging question but this will serve you well when you are having "one of those days".
Tip: Be honest. If you want to succeed for financial reasons, own it! A common mistake is just writing something that sounds good.
Examples: To reach financial freedom. To provide for my family. To fund my hobbies. To go travelling next winter. To care for my parents.
Your Reason’s For Sucess: ________________________
Now that you have your reason(s) for wanting to succeed. It’s time to set a big picture production goal. The 1-3-5 framework has you starting with a goal then breaking that goal into 3 priorities, and 5 strategies for each priority.
The goal and priorities should be measurable targets; while the strategies are your plans to achieve each priority. If all 3 priorities are met, then your goal should be attained.
Goal (1)
It’s best to look at this as a net income goal. The calculation for the net income takes the following into account.
If you would like a quick tool to calculate. Use the Agent Business Plan: Target Generator - It will be sent to your email with instructions.
(VIEW ONLY. To use File>Make a copy)
Goal Setting Math for Real Estate Agents
GCI (Gross Commission Income)
- Brokerage Splits
- Estimated Listing Costs
- Estimated Buyer Costs
- Additional Expenses: marketing, events, board dues, insurance, etc (Minimum $5,000)
____________________________________
Net Income
If income plays into your goal, your net income goal should feel like a stretch and it should make you question it slightly.
If it seems quite easy to attain, consider increasing the number.
Your Goal: ________________________
Priorities (3)
Next is moving to your measurable priorities to achieve your goal. These are targets that if reached, you will accomplish your goal.
It’s recommended that you approach this based on your streams of business.
If your focus is your sphere of influence (SOI) & past clients, geo farming, and social media then your strategies should be tied to each of these. Note we recommend selecting 4-5 streams if you are experienced. If you are a new real estate agent, don’t exceed 3 streams of business.
For example, if you are focusing on the above example (SOI, geo farming, social media), you may wish to proceed with the following.
Close 10 referrals from past clients and SOI
List 2 properties in my new farm
Start 5 conversations about real estate every week on social media
Priority 1: ________________________
Priority 2: ________________________
Priority 3: ________________________
Strategies (5)
Your strategies are how you are going to reach your priority targets. These are commitments to yourself and items that you will, likely, want your coach, mentor, team, or business partner to keep you accountable to. As a way of stimulating your thinking for strategies, it can be helpful to ask “what needs to be true in order for me to achieve [priority]”?
It’s also important to select strategies that are within your control. For example, the number of people that call you to come to list their house is not controllable. Your conversion rate and the number of conversations you initiate are controllable.
It can also be beneficial to consider a mechanistic strategy as well as skills to improve. It’s best to have a mix of each.
Mechanistic - Items that need to be completed or “checked off a to-do list”. For example, hit target weekly conversations, achieve 33 touches per year, attend 1 event per week, coffee or lunch with 2 SOI clients per week.
Skills - Areas that you want to build on which will contribute to you achieving your priorities. For example, improve my mindset, improve my objection handling, improve my buyer process.
Let’s work through an example!
In order for me to have 40 weekly conversations, I need to:
Dedicate 1 hour a day of prospecting (AKA “Power Hour”)
Continue to build my communication skills to have productive conversations
Have a well-organized CRM to simplify whom to call that day
Join a cause or volunteering organization
Conduct my social media “high-fives” every workday (comment on 5 people’s posts - no just liking a post)
This is your plan and you can use any strategy that you would like. If you would like the recommended strategies, you can use some of the outputs from the target generator.
Examples from Target Generator:
Total Number of Non-Database Conversations Per Week (Includes everyone EXCEPT people in your database) - If zero in Target Generator, do not select as a priority. You will need to focus your efforts on increasing ‘touches’ and conversations.*
Number of Attempts Per Week (talking about real estate or connecting with your database)
Not from Target Generator:
Total Number of Touches Per Person in CRM/Database - Recommend 33 Touches*
*Note a “touch” is any of the following: conversation, text, email, email newsletter, handwritten card, market update report, DM on social media, comment on one of their social media posts.
Create 5 strategies for each priority.
Priority 1
Strategy 1: ________________________
Strategy 2: ________________________
Strategy 3: ________________________
Strategy 4: ________________________
Strategy 5: ________________________
Priority 2
Strategy 1: ________________________
… etc
Now let’s go off-script. Although the next two sections are not officially part of the framework, they are part of a complete business plan or goal-setting session.
Obstacles
In progressing through your strategies, there will be obstacles. These challenges might be, the tools you need, the additional resources you require, or even limiting beliefs you have. This is your opportunity to state any obstacles you see as blocking you from carrying out your strategies.
If you have a coach or mentor, be sure to sure this with them.
What are the obstacles standing in your way?
Plan for Personal and Professional Growth
This section is often overlooked when planning, however, it can have one of the largest impacts on your business. Real estate is an evolving industry and customer’s mindsets and needs are changing.
It’s often asked if the person with 20 years of real estate experience actually has 20 years or just 1 year 20 times. The difference being the person with true experience is constantly growing, learning, and becoming a better agent every year.
What are your plans for professional growth this year?
Examples: What are your health and fitness goals? Which books/how many books do you want to read? Which podcasts, blogs, are you wanting to commit to following? How will you balance real estate with your personal life?
Conclusion
As you complete your plan for the year, there are a few questions for you to complete. These questions help you determine how you are going to stay on track
If I am successful this year, it will likely be because…
If I miss the mark this year, it will likely be because...
Additional Resources:
Over to you! What have you used in the past to set your real estate goals? - Michael Montgomery
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