In the highly competitive field of real estate, your survival depends on your ability to stand out, and a successful business plan will get you there. It’s a harsh reality that many people with big real estate dreams fail within the VERY FIRST YEAR. In fact, some reports have estimated as many as 75% of new agents will be out of business within a year.
The biggest obstacle is being able to build a profitable real estate business fast enough to stay afloat financially. This is often due to poor planning or a lack of budgeting in both business and personal matters. Therefore, it’s very important that you take time upfront to plan for your success. Without written goals and action steps, you’ll find yourself spinning your wheels without gaining the traction you need to scale your business.
Here are some common things a successful business plan will include:
- YOUR MISSION STATEMENT AND GOALS
Your business plan is going to outline what you hope to achieve. For example, do you want to be the premier listing agent in a specific community? Are you focused on a certain price point, like luxury homes, or do you gravitate towards first-time home-buyers as a niche?
- KNOWING YOUR NUMBERS
You can’t achieve specific goals if you don’t know what it takes to meet them. Let’s say you have a goal to close 15 listings this year. Where do you start? You’re going to need to know how many appointments it takes to land one listing client, and how many touches it takes to schedule an appointment, and so on. It might sound something like this: You need to make 50 lead generation calls per day in order to land 5 verified appointments per week that lead to one signed listing per month.
- ACTIONABLE ITEMS
Once you have goals, it’s time to plan the actionable items or specific steps you will take to achieve those goals. This is where you’ll plan what kind of marketing you want to do. Do you want to be a cold-calling machine, or do you like sending out a lot of mailers? Maybe you are a social media guru and want to find clients online. There are many directions to go in, and consistency will be the key.
- KEY METRICS FOR MEASURING SUCCESS
Finally, know what metrics you need to watch to measure success. What does success look like for you, and how will you know when you’ve arrived? This is where a solid foundation with firm numbers per category will really help you shine.
When you’re ready to get started elevating your business, give us a call or send a quick message. We offer many different services to improve all aspects of your business.