Real Estate 3-Step Business Plan Starter Guide
Fail to Plan, Plan to Fail
When it comes to your life and business, you want to take control of what you can, and let go of what you can’t. A common mistake many business owners make is believing that the success of their business is all left up to chance. As a result, they sit, hoping things will get better but never create an actionable plan to make sure they succeed. A yearly business plan is something that can take you to new places in your career, and give you a plan to follow rather than reacting when your circumstances change.
How you make your business plan is up to you, but there are a few things you want to make sure are in there. Below are a few things to think about as you start your business plan.
Break down the past year in detail. Assess where you’ve been, so you can plan where you’re going. Questions to ask yourself:
- What were your biggest strengths and weaknesses from the past year?
- How many transactions did you do?
- What was your gross commission income?
- Where do your transactions come from?
- Breakdown lead sources, track and measure where transactions come from. Identify your core sources of income.
- How much volume in sales did you do?
- What was your average retained commission percentage?
- What was the average sales price?
Once you understand what you’ve done in the last year, now you can build on your successes by setting goals for the next year.
- Gross income goal – what “crazy” goal do you have? Go for it!
- Number of Transactions – do you want to do fewer transactions than last year or more?
- Expenses – create a budget for business expenses to track your return on investment (ROI).
- Profit goal – after removing expenses, what do you hope to put in your pocket?
- Savings goal – for the slow seasons and extras in life, having savings helps make life easier and less stressful.
- Debt reduction – being financially free will help you concentrate on increasing business.
Create Your Plan
Break your goals down by actionable steps in weekly, monthly and quarterly chunks.
Based on your goals and last year’s successes and challenges, create a plan to achieve your goals. Play to your strengths, and plan around your weaknesses to make your own step-by-step guide for the year. Create a schedule for working on leads, database management, customer appreciation events, a marketing budget, coaching events, etc. Review your plan every month/quarter to see how things are going, and if any tweaks need to be made to increase your success.
Let’s Talk About Marketing!
With all of the other things to do, marketing yourself can often be put on the backburner. Our outstanding marketing department has many co-brandable tools and pieces that will help get you in front of more prospects and expand your brand. Let’s sit down and develop a marketing plan together and discover the most bang for our buck as a team.
Partner with PRM and let’s work together on a business plan for 2019! Contact us today!Business Plan, Goals, Real Estate, Realtor, Tips