We can’t state it enough: Professional development is crucial for real estate brokers to stay competitive and successful in their field. One reason for this is because the real estate industry is in a constant state of change. New technologies, market trends, policies and regulations, and consumer expectations are rapidly transforming. If you don’t keep up, it’s easy to fall behind.
At Weichert®, Bill Scavone, President, Weichert Real Estate Affiliates, Inc., always encourages each and every affiliate to keep looking ahead toward the future. “If we always reflect on the past, we miss opportunities in front of us.” And while the past offers us learnings to build on, the future is where we see progress. It’s why the windshield is bigger than the rearview mirror. This is precisely where a well-structured professional development plan, also known as a PDP, comes into play.
These five steps from Weichert will help guide you to build a professional development plan; one that is essential for not only advancing your career but also enhancing your business’s success.
Step 1: Know your why
The truth is real estate brokers are often the last in line for professional development. And why is this the case? Because you’re typically ultra-focused on growing the team, growing sales … growing everything but YOU! Your efforts are all about helping others succeed, which of course supports your business, but that’s not enough. So, let’s start this conversation with why it’s so crucial for YOU.
- You’ll stay relevant. The real estate landscape is dynamic. Continuous learning ensures you stay updated on market trends, legal changes, and technological advancements.
- You’ll be better at what you do. Learning new things can make you even better at what you do. It’s a great confidence builder to see yourself (and for others to see you too) as an effective negotiator, a great communicator, and a well of knowledge and expertise!
- You’ll be more attractive to clients and agents. Deeper knowledge and skills make you a more valuable asset to clients. This can lead to increased referrals and repeat business. This also makes you more marketable to your agents, whether you’re retaining them or attracting new ones to grow your team.
- You’ll expand your network. Professional development opportunities often connect you with industry peers, creating valuable networking chances. Like-minded professionals are drawn to each other, which is a great way to share knowledge. This includes learning from others as well as giving back to others.
- You’ll increase your earning potential. It’s a simple bottom-line point of view: Improved skills and knowledge can directly translate to higher earnings.
Step 2: Dig deep
With proof points supporting why professional development should be top of mind, start your process of digging deep. The areas to excavate include:
- Begin with self-assessment. Your personal development begins with an evaluation of where you are presently. Take an honest look at your strengths as well as areas in need of improvement. For example, how are your tech skills? Do you feel proficient in how to maximize your CRM? Are you using the latest technology to communicate with prospects and customers? If not, are you shying away because you don’t feel confident with the tech? An honest self-assessment will help identify areas to potentially beef up.
- Define your goals. An honest self-assessment will then lead you toward strategic goal setting. What are you looking to accomplish? Change? Improve? Learn? What skills do you want to transition from good to great? These can be your “mastery goals.” Whatever you choose, make sure your goals are S.M.A.R.T. (specific, measurable, achievable, relevant, and time-bound). To get started, think about goals in the following way:
- Short-term goals—within the next year
- Mid-term goals—the next one to two years
- Long-term goals—the next three to five years
Step 3: Set action items
Once your self-assessment is fully explored, you can get actionable. Choose development activities that align with your goals. Explore various learning options, such as attending conferences, webinars, workshops, online courses, or earning certifications. Attach due dates and deadlines to these opportunities and tasks.
Goal setting that’s actionable is the make-or-break component of a successful personal development plan. Here are a few examples:
- Goal: Stay ahead of market trends
Action: Subscribe to three niche real estate market reports and summarize key findings in a monthly newsletter to clients.
- Goal: Enhance negotiation tactics
Action: Enroll in a two-day advanced negotiation workshop by [X month] and practice with a role-playing partner once a week until [X end date].
- Goal: Optimize online presence
Action: Improve website SEO by targeting three specific keywords and tracking website traffic analytics weekly. - Goal: Increase referral network
Action: Identify five potential referral partners in complementary industries and schedule informational meetings by the end of [quarter X]. Find one mentor who can offer guidance, support, and industry insights on specific topics. Set a date to meet with them every [X], depending on what you’re trying to accomplish.
Step 4: Build a timeline
As you can see in Step 3, each goal may have its own set of micro deadlines. This helps break down larger goals into smaller, manageable steps. In addition to these markers, it’s vital to establish a macro timeline for your personal development. A natural way to approach this is to look at the year in quarters.
Remember, your timeline is your roadmap. Without it, you might wander aimlessly, wasting time and energy.
Step 5: Track, measure, and revise
A PDP without real-time adjustments is a plan that is likely to fall short. Why so? Because real life always comes into play—in both positive and challenging ways. If we don’t take the time to factor in those changes, then your PDP can get stuck. And so can you. To avoid that trap, remember to:
- Allocate resources. Determine the time, financial resources, and support needed to achieve your goals.
- Track your progress. Regularly monitor your progress and adjust your plan as needed.
- Implement new skills. Apply what you’ve learned to your daily work. Practice new skills to solidify your knowledge. It can be very motivating.
- Measure success. Evaluate the impact of your professional development efforts on your career and business. Take note of how it’s also impacting the people you work with each day, from your agents to your customers.
Professional development is an ongoing journey. By investing time and effort into your growth—yes, YOURS!—you’ll not only enhance your career but also position yourself as a leader in the real estate industry.
Weichert can help you take your professional development to the next level. We host many opportunities for our affiliates to learn, network, and grow throughout the year. Ask us for more info.
