EPMEPM: BD & Growth

How to set realistic KPIs for BDMs: Tara Bradbury

Nothing creates a feeling of defeat as much as setting unrealistic expectations for ourselves does. Few BDMs are aware of how they often set themselves up to fail by developing unattainable goals; losing themselves in a cycle of disappointment and negative self-talk. But fortunately, there is another way, says Tara Bradbury.

WHAT IS fascinating about the phenomenon of unrealistic goal setting is how much it affects the high achievers and those who have a strong desire to reach their goals. Ambition tempts us to set high standards for ourselves and there is a pervasive belief that almost any goal is attainable with enough ‘hustle’. Those of us who have ambition strive to move our real estate careers forward, take on more responsibility, don’t take no for an answer and are prepared to do whatever it takes.

There is a pervasive belief that almost any goal is attainable with enough ‘hustle’.

What happens when we set unrealistic goals and targets for ourselves?

There’s an important difference between a stretch goal and an unrealistic one, especially when we tend to be our harshest critic for never reaching our objectives. We lose the momentum pushing us towards our goals as negative self-talk and mindset ‘ruts’ distract us from the very activities that will help us achieve them.

Most of the goals we set for ourselves are perfect; in most cases what I find unrealistic is the time frame.

I am often asked, ‘How many properties do your top-performing BDMs sign in one month?’ A great question, but the answer can encourage unrealistic goal expectations. If I look at my BDM career my best month was 30 managements, and during that year I signed 268 properties in a 12-month period. This, however, was not my first year as a BDM; in fact, I was heading into my third year, and if I had set this type of benchmark the first year I know I would have been very disappointed.

Key performance indicators (KPIs) foster accountability and are critical to the success of BDMs who are focused on growth. For example, a BDM must monitor the number of leads, their origin, listing presentations completed and new managements secured.

However, effective KPIs must be measurable and aligned with the growth agenda for the agency. The targets must be stated in clear terms and able to be validated by software, where possible.

A time frame must also be established for all KPIs, with key checkpoints along the way to ensure that the BDM is on track. This table might help get you started in the right direction for 2018.

Take the time to look at your career path and the direction you want to be heading in. Make sure you set goals that are challenging but attainable and that you have a personal passion for achieving.

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