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There are certainly many aspects to real estate that are entirely unpredictable. However, not every facet of your career has to be unpredictable. In fact, there are many things that you have control over and that you should take the time to plan carefully.
One of the most effective planning tools is a real estate business plan. Your business plan should be a place where you put your goals – both long- and short-term – down on paper.
Creating a plan forces you to think through where your business is headed and how you can reach your desired destination. It gives you a document to refer back to whenever you face unexpected challenges and need to get your business back on course.
If you’ve never created a business plan before, don’t worry. It’s not as difficult as it may sound. Here are seven tips to help you create your real estate business plan:
Have a mission. The first section of your real estate business plan should clearly state what your long-term mission is as a real estate agent. Why are you in business and what makes you different from your competition? Your mission could be to help new home buyers purchase their first home or to help investors find their next perfect property.
Establish your target market. Your marketing efforts will be more effective if they’re targeted to a specific group. Define one-to-three groups who will serve as your primary audience. Who are they? What are they looking for in a real estate agent? What are their concerns? If you can answer these questions, you’ll be able to market to them and serve them more effectively.
Do some self-analysis. A business plan isn’t just about defining your market, but also analyzing yourself. One way to do this is with a SWOT analysis. SWOT stands for: strengths, weaknesses, opportunities, and threats. Evaluate yourself in those four areas to understand how you can be a better agent.
Define your goals. Your mission statement is a broad overview of what you’d like to achieve. You also need to set specific goals to help you know whether you’re on track. These goals should be quantifiable and achievable. How many houses do you want to sell next year? How many new clients do you want to bring on-board? Use specific metrics that you can easily measure so you can regularly review your success.
Create an action plan. Of course, goals aren’t very useful if you don’t have a path to reach them. After you’ve set your goals, create a step-by-step plan for achieving them. If you want to sell 100 houses, how many meetings do you need to have each week? How many calls do you need to make? List these specific actions to guide your weekly and daily activity.
Outline possible future actions. You may have ideas about where you want your business to go in the future, but you may not be ready to implement those actions now. Maybe you want to form a team or hire a junior agent. Go ahead and outline those ideas in your plan so you can refer back to them often.
Review often. Your business plan doesn’t have to be a static document. As your business changes, so should your plan. Review it regularly and make changes as necessary so that the plan reflects your current goals and business situation.
When it comes to being a successful agent, an important aspect of any business plan is to have sufficient cash flow to keep on track. Get in touch with Premier Commission for more information about our commission advances for real estate agents. This is a great cash flow tool for your business.
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