These are two things that you should do on the last day of the month, every month when it comes to real estate business planning so that you can continue to grow your real estate business. So let's jump right into it. And at the end of this video, I'm going to share with you a tactic, a strategy, that you should also do on the first of every new month of the year so you can get more listing appointments and take more listings and start off every month of the year, the right way. So I'm going to share my screen and share with you guys what I'm talking about here. So let me get a couple of things ready to go. I'll share this, I'll share this. All right, so let's pretend for a second that your goal is to make $100,000 a year, which a lot of real estate agents want that goal. Now, what you're going to do, if you haven't watched my real estate business planning video, I'm going to put a link to my business plan template beneath this video. You can download that so you can pay attention and not get lost when I'm walking you guys through this. So the $100,000 plan, and we're just using averages here, but if we're looking at an average $6,000 commission, you've got to close 17 transactions for the year. And so here's what that action plan actually looks like.
Here's what your 12 month listing business plan should look like for this year if you want to make a 100K and your average commission is 6,000. If your goals are bigger or smaller, you can adjust it. You're going to need 17 closings. You're going to need 34 listings. We're going to talk all about this in just a second. You're going to need 68 listing appointments, 6,800 conversations, 680 hours of prospecting. So we're going to break that down to daily, but here's where we need to look at every single month. When you're doing your business plan reviews and you have your business plan, actually, let me grab that right now so I can show you guys what I'm talking about then this will make a lot more sense. So let's pretend this is your plan. I'm just going to grab the business plan template. Again, you guys can download this on your, there's a link right beneath this video, you guys can download this plan. So when we're looking at the plan and we're down at the business plan reviews. So as I'm making this on the last day of March here in 2021, here's what we need to look at. We say, "Okay, well what happened?" Where's my March at? Okay, here's March. So what we need to look at, so I just showed you the plan. So the goal, if your plan was $100,000 and your goal is 6,800 conversations divided by 12 months, your goal is 566 conversations with actual seller lead prospects, fisbos for rent by owners, absentee owners, probates, divorce attorneys, past clients, center influence. You need actual 566 conversations for the entire month.
Now, the first thing we need to look at is, okay, well, how many, and this is where the value of tracking your numbers comes in, how many contacts did you do actually? Because your entire waterfall, your listing business plan, your income, everything comes off of how many people are you talking to on a daily basis. So how many conversations did you actually have in the month of March? Put that in here. How many leads did you need to generate? How many listing appointments did you need to set? Well, if we pull back up the plan, and just so you know, with leads generated, the goal is about a 10% conversion. So 566 conversations you should have added, if you had your 566, the goal was to get 56 seller leads into your database. What's a seller lead? A seller lead is when you talked to a prospect, prospect says, "Yeah, we're open to talking to you about potentially listing our home." So how many leads did you actually generate? Throw that in here. Now, let's look at the first conversion. So stay with me here, if you guys have questions, put them in the comments and I'll get back to you and give you the clarity that you need. But let's look at the plan for a second. On this plan as an example, we're using a 50%, I'm sorry, we're using a 100 contacts on average to set one listing appointment on average. Maybe it takes you 50. Maybe it takes you 20 conversations. I've been doing this for 17 years and I still have it right around 17, 18 contacts to set one listing appointment. But let's just use the averages. So if it's 100 conversations to set one listing appointment, well, how many listing appointments was the goal? Well, our business plan told us that we need 68 listing appointments to stay on pace. So if we divide that by 12, you can see that we needed to set five, we need to have about five listing appointments. Now, how many listing appointments did you actually set in the month of March? You need to put this here, and let's just say it was three. Now here's the first part of the business planning review. If the goal or your business plan states, this is why most people get off track, if the business plan states that I need to set five listing appointments, and I'm going to get that through having 566 conversations, because I'm going to get one listing out of every 100 conversations, well, what actually happened?
How many people did I actually talk to and how many listing appointments did I set? You got to pause and you got to stop. And this is the first ratio that we need to look at. If those things are not on track, this is why you need to review the business plan every month, you know exactly what the problem is in your business. Let me give you an example. If I was coaching you, if you were an agent in my coaching program, I would say you need to focus on your first call skills or your listing appointment script specifically, because this conversion is not in line with our business plan ratios. So that would be the first example of why you need to review your plan every single month. Next thing. How many of the people, or the listing appointments that you set, how many did you actually meet with? How many did you actually meet with? Because again, we go back to the business plan. We need to set 68 appointments. We need to take 34 listings. So not every single listing appointment that you set, are you actually going to meet with. So let's just say you met with two. Okay, great. Now, listings taken, we go back to the plan, listings taken says that we need to take 34 listings over the course of 12 months to hit our goal. So that's just under three listings per month. Well, if we go back to our business plan review, let's get out of there, and we say, "Okay, well, listings taken." If you have a 50% closing ratio, which I think is pretty average, obviously you want to increase that to 70, 80, 90% over time, and you only got one listing, you can see I'm two listings short. I'm two listings short, I'm all ready off track to hit my goal of $100,000 because you need 17 closings. So you put in, how many listings did you sell this month? Is it zero? Did you have one closing, two closings? What'd you put in there? And how much commission did you earn? Because on the goal, if you've downloaded my business plan template, the goal is to take three listings a month on this plan. You only took one.
Listings sold. If we take 17 divided by 12, it's one and a half. I think to play it safe, I would put two in here. And then commissions earned, if you want to make $100,000 a year, divided by 12, obviously it's 8,300. How much did you actually make? Now, want to look at every single month is okay, "Why am I falling short? Why am I falling short?" For most real estate agents, I don't know if this is the case for you, but for most real estate agents, where they're following, I can't even say the word, falling short is either on the activity, this is something you control 100% is on how many conversations you're having on a daily basis, which is all effort. This is all activity because we know that succeeding in real estate comes down to three things, mindset, activities, and skills. Well, your mindset, you control. Your activity, you control. Your skills, you control. So one of the biggest issues I'm seeing is agents not having enough conversations because they're not prospecting enough on a consistent basis to have the amount of conversations that they need.nNow, let me share my screen again. So we have to look at, okay, "What does my business plan say I need to do when it comes to monthly conversations needed?" You need to be honest here and say, "Well damn, maybe I'm not even having enough conversations so that's going to lead to a lack of new listing appointments, a lack of new listings, a lack of closings, a lack of income." You can see how this pipeline or how this sales pipeline works. So most people don't have enough effort, enough prospecting, prospecting enough conversations, or if they are, if I can beg and plead with you enough to get you to actually do the work and have the amount of conversations that your business plan suggests, the other big issue is their listing appointment setting ratio, because their skills, the third thing in our success triangle, that their skills are not up to par.
So make sure that you download my script book and you start working on your listing appointment setting scripts and skills with your role play partner so that ratio between contact and listing appointment set ratio holds true to the business plan. This is what you need to do every single month. Now, in addition, like I promised, this is the other thing that is going to help all of your ratios and all of your numbers. This is what I recommend that you do on the first day of every single month. We have an amazing opportunity in the beginning of each month. What is it, Brandon? We want to look at how many, because on the first of every month, you're going to find that there are so many expired listing opportunities. Even for all of you that say, 'Oh, Brandon, in my market, there's no expired listings. There's like one or two a day." Well, on the last day of the month, something magical happens and I'll show you what happens. So if I go into my MLS, as an example, on the last day of February, this is going to happen again tonight just so you know, if you're watching this video on YouTube, this is the last day of March, this is going to happen tomorrow morning. if you play this right. On the last day of February, this is 2021 so you can't tell me, "Oh, this is a crazy market. There's no expireds. It doesn't matter." On the last day of every month, this happens in every marketplace. There's 136 expired listings. And I actually have conditionally withdrawn clicked. Let's pick unconditionally withdrawn, and let's put in this date. So let's go February. Let's go to February. Where's February? There we go. Just on the last day, there is 122 expired listings and unconditionally withdrawn listings meaning that you can go after those listings. I even put, to even further this point, I put in 150,000 minimum sales price, just because I'm not going to prospect anything under that. But if I took that out, look at how many there are, 182 of these opportunities, expired listings, unconditional withdrawn listings, which means they're fair game for you to go into the marketplace. So what I want you to do is you can either download this list, upload it into your Vulcan7 system or whatever lead generation platform that you're using. And I want you to, on the first day of every month, we call it the ultimate prospecting day, I really, really, really am asking you because it's going to help you so much if you do this, to block out the first day of every single month on your schedule, on your business plan, and block the entire day, don't go on any appointments, to do nothing but make outbound prospecting phone calls. Why? Because on the first day of every month, you have an opportunity to get yourself back on pace, to get back on pace with the goals that at the beginning of this year, you were so excited about these. So you're going to take the opportunity that we have on the first day of every single month after reviewing your business plan, like we just went through, and you're going to spend the entire day making 50, 60, 80, 100 contacts prospecting for eight, 10, 12 hours, not straight, you can take breaks. But the point is, you have an opportunity to generate a bunch of listing leads and listing appointments on the first day of every single month if you will do this, if you will block out the first day of every single month, you've got a great opportunity. We call it the ultimate prospecting day.
On the first day of every month, we're going to do nothing but make outbound prospecting phone calls to expired listings, unconditional withdrawn listings, new and old expireds, for sale by owners, for rent by owners, absentee owners. We're going to sit our rear ends in a seat for 10, 12 hours, I'm going to tell my friends, my family, my spouse, "Listen, on the first of every month, it doesn't matter if that falls on a Saturday or Sunday, doesn't matter, the first day of every month, I've got to commit to starting off the month strong." And this is how you guys are going to do it. So let me know what questions you guys have in the comments. If I can provide clarity on the monthly business plan review, or the business plan in general, or our strategy for going after expired listings on the first day of every month. Hope you guys saw a lot of value in this. If you're new to our channel, make sure you subscribe so we can help build a listing based business that you're proud of. We can help you grow your sales skills and help you become a very successful real estate agent. We'll talk to you guys soon.