How to Wrap Up the Financial Year Strong in Your Real Estate Biz

EOFY’s has rolled around again!

As the financial year winds down, it’s important to be proactive in your activities so that you can have a strong finish and set yourself up for success in the new financial year.

Here are a few key tasks that I recommend to my coaching clients to ensure they are putting themselves in the best position for the new financial year.

Set Up 1:1 Meetings with Your Team

First things first—schedule those one-on-one meetings with your agents, teams, and managers. An EOFY review is something everyone should have in their diaries. These chats are essential for:

• Reviewing how everyone’s performing.
• Addressing any issues or concerns.
• Aligning or realigning on strategies to move stock out of your pipeline and you’re your stocklist.
• Discussing future goals and setting a clear vision for the new financial year. This is both for the team and individually.

Analyse and Optimise Your Stocklist

Take a good look at your current stocklist and make all the necessary tweaks to get back on track. This could include:

• Price Adjustments:?Consider if any properties need a price change to attract more buyers.
• Marketing Refresh:?Update photos, headlines, and descriptions to make your listings shine.
• Tweaking Your Campaigns:?Is there something new that you could be doing to move your listing – for example, let potential buyers know about changes or new listings through targeted text messages.

Get Stock Listed

Spring is (scarily) just around the corner. Now is the time to make the moves to put yourself in a position that will set you up for the spring selling season. Move properties from your pipeline to your active stocklist to beat the spring rush. With low stock in the market and high demand, prices are staying strong. Encourage sellers to list now to avoid the increased competition in the spring.

Help Sellers Find New Homes

Are you going over and above with your sellers? After all, it's not just about selling their home, you have the opportunity to give your sellers a helping hand in finding their new home.

This includes:

• Offer your services directly.
• Introduce them to buyer’s agents and property managers.
• Ensure a smooth transition to their next property.

Future Planning and Goal Setting

In the midst of wrapping up your financials, EOFY is a great time to pause and reassess where your business stands and where you want it to be in 3, 6, or 12 months.

It’s the perfect time to check in with the planning you did for 2024 and see if you are on track or need to make adjustments.

Schedule goal-setting sessions with your team. In these meetings, focus on:

• Reviewing your current or setting a new 12-month vision.
• Creating a detailed 90-day plan, breaking down goals into achievable targets like GCI, number of sales, listings, and presentations.

Set Marketing and Networking Goals

You can also consider setting goals to increase your visibility. Things like:

• Consistent Social Media Presence:?Get consistently active on your current social channels or add new ones to the roster, like TikTok.
• Print Advertising:?Invest in strategic print ads.
• Build Your Celebrity Profiles:?By becoming more active in your community, endorse local businesses, teams or events, attend networking events etc.

Keep an Eye on Financial Health and Cash Flow

In these uncertain economic times, keeping a positive cash flow and profitability is crucial. Consider these steps:

• Monitor debtors closely and ensure timely bill payments.
• Plan for a two-year cash flow to secure your capital.
• Validate your lines of credit and financial safety nets.

Check out your competitors

Now is a perfect time to check out what your competitors are doing – what they are succeeding at, what they could be doing better - Dig into what your competitors are up to:

• Analyse their marketing strategies and sales numbers.
• Identify your unique selling points and areas for improvement.

As the financial year wraps up, it’s a perfect time to reflect on what’s worked and what hasn’t, and plan for the year ahead. All of this will help you finish the year strong and start the new one on the right foot!