Business Planning
Business Planning
While everyone talks about business planning, virtually no-one actually does it! Worse yet, of those who do take a class and make a plan - almost 85% DO NOT follow it!
We've all heard of the 80/20 Principal (80% of the results are produced by 20% of the people) - well, in real estate it's almost 95/5 according to the National Association of Realtors (NAR). That is amazing.... I have always wondered why that is - but I have watched "Realtors" over the past few years and have finally figured it out!
I have observed that most real estate agents know what to do, they know where to find tools, but they don't put those tools into practice and make it happen.
We're sure that you will not be in that category. Let's start with the first part of how to become successful: your business plan.
Steps to Success in Business Planning:
1. Begin With The End In Mind
2. Holding Yourself Accountable
Begin With The End In Mind
We will answer the following questions in this section:
1. How much do I want/need to make this year?
2. How many transactions will that be?
3. How many buyers and sellers do I need to reach that goal?
4. How many leads do I need to generate to achieve that goal?
Please complete the following Basic Goal Setting Worksheet:
You may have to ask your Managing Broker (If you are not affiliated with a company yet, give me a call and I will help you with it) what you can expect for average commissions, % of listings that sell, % of buyer contracts that cancel and some of the other assumptions. After your first year, you can go back and insert your own proven numbers for a much more accurate projection for year 2.
Holding Yourself Accountable
This may be the most difficult part of a successful real estate career - but also the most important! You can talk about what you want to do - what you have to do all day. When it comes down to it, if you don't hold yourself accountable or have someone to hold you accountable - you will NOT achieve your goals. You have to be very aware of where you are and what you need to do to hit your goals that set in part 1. Let's talk about how to break it down to a daily action plan.
Step 1: Break your yearly goals down into monthly and then weekly steps. You can carry the numbers for above into the lower section for Listings and New Buyers.
Step 2: Place them into an Action Goal Worksheet (call office for Goal Sheet)
There you have it! Your 1st two steps to success in Business Planning for real estate. Give us a call or send an email and we will take you through our complete step-by-step Business Planning course!
Remember to register for the 101 Tips for Success Business Building series. You will receive a tip every week that you can actually use immediately to help you sell more real estate in less time!
