The following are the questions with the correct answers.

1. Did you set specific goals this year?
A No.
B Yes, and I’m tracking them closely.
C Yes, but I don’t remember them anymore.

Correct: B — Setting goals is the single most important thing you can do to increase your success. As the saying goes, “If you don’t know where you’re going, how will you know when you get there?” You can use your goals as a roadmap, reminding yourself of where you want to go, tracking your progress, and rewarding yourself when you achieve them.

2. Did you develop a plan to meet your goals?
A Yes, it’s posted on the mirror so I see it every morning.
B Yes, and I’ve got it memorized!
C I meant to finish it…

Correct: A – You need to develop a plan to help you achieve the goals you set each year. The plan must have specific goals for advertising (Newspaper? Online?), direct mail (Postcards? Emails? How many?), cold calling (Number of calls per day?), and much more. You even need deadlines, a budget and milestones to make sure everything gets done. If your plan is as detailed as it should be, you won’t be able to memorize it. You need to print it out and refer to it often.

3. What is your closing ratio?
A 100 percent
B Let me check my spreadsheet.
C What’s a closing ratio?

Correct: B – Know your numbers. Top agents know the average number of prospects they need to generate one transaction (and even for top agents that number is not 100%). Different types of leads have different closing ratios, which vary from agent to agent. Top agents know how many referrals, farm leads and Internet leads they need to get one sale. Start tracking your success with different types of leads. You’ll learn exactly how many leads you need to achieve your sales and commission goals. This will also help you make your business plan for the following year.

4. How often do you prospect?
A Whenever I need new clients.
B I don’t need to prospect.
C I’m constantly prospecting and advertising.

Correct: C – No matter how many years you’ve been in the business, you need to prospect. It’s not negotiable. You may get enough referrals from your sphere of influence now, but in this competitive industry, another agent will always be coming along to snatch your prospects away from you. You need to constantly fill your pipeline of business with fresh leads. Prospecting can include advertising, cold-calling, farming, sponsoring a local team—anything that helps you get more leads. You may also consider signing up for a service like Market Leader that will guarantee you a minimum number of exclusive buyer and seller leads every month.

5. When was your last vacation?
A Less than 6 months ago
B Over a year ago
C Not since the Stone Age

Correct: A – If you’re working too many hours without a vacation, your performance will suffer. Your clients will notice that you’re tired and unenthusiastic. And while you may have taken a vacation recently, if you’re working 14 hours a day you’ll quickly lose the benefits of your vacation. Take care of yourself! If you’re too busy to take time off, it may be time to invest in an automated prospect management system, such as one from Market Leader, that handles the time-consuming follow-up work for you. That way you can spend more time with your family or face-to-face with your active clients.

6. You’re driving to an appointment when a prospect calls and asks for a CMA. When do you follow up?
A Immediately. I pull over and work up a CMA on my laptop.
B Right after my appointment.
C During the time I’ve set aside in my calendar to do all of my follow-ups and CMAs.

Correct: C – Schedule your time for success. If you don’t set aside time for your daily activities, last-minute tasks will invariably get in the way. Your schedule will help ensure that you accomplish everything you need to do each day. Phone calls, follow-up emails, CMAs, appointments, drop-bys… Make a list of everything you need to do, and schedule a specific time to do it. You’ll feel much less stressed-out and manage your time more effectively.

7. You’ve been cold calling for two hours straight without a single positive response. What do you do?
A Keep going. I’m bound to get better at it!
B Decide I’m just bad at cold-calling and will count on referrals for new business.
C Decide cold-calling isn’t for me and beef up my advertising budget.

Correct: 7. A – Watch how you talk to yourself! Always think positively. Beating yourself up for less-than-stellar results is a recipe for failure. Rather than giving up on cold-calling, make an effort to practice, practice, practice. The same is true for listing presentations, face-to-face meetings, even your marketing emails. Consider working with a service that provides coaching especially for real estate agents. Even if you’re already good, you can always get better!