“Success in real estate comes from deliberate planning and consistent action. Winning is no accident.” – Tom Ferry
Ever wondered why some real estate agents know how to build a business that continually grows while others consistently struggle? It all comes down to having a solid plan. Well-crafted real estate business planning serves as the foundation for your success, guiding every decision and action you take. Think of it as your roadmap to achieving your dreams in the industry.
We’re just weeks away from the biggest, most important live virtual event of the year* – THE PLAN: Design Your Ultimate 2025 Business Plan – in which Tom Ferry, along with Curaytor CEO Jimmy Mackin and Marketing Edge’s Jason Pantana, will guide thousands of agents step-by-step through the process of sculpting a knock-out business plan that’s optimized for revenue.
But you need to show up prepared. That’s what this blog is for. Over the next few weeks before the webinar, we’ll be releasing a series of blogs to show you what you need to be thinking about now so Tom can help you refine your answers on the big day.
*For Coaching Members: You have your own exclusive two-part business planning workshop on October 22 and October 30. It’s been added to your illūm calendars.
Real estate business planning is a blueprint for the year that encompasses every aspect of your business – SMART goals, marketing and lead generation, motivations, production numbers, financials, team organization, and more. A real estate business plan isn't something you set once and forget; it's a living document you revisit and adjust throughout the year. Anytime you have a breakthrough idea, you'll want to update your plan to reflect it. In this series, we'll start by focusing on laying out your vision of the future for your real estate business.
10-Year Vision, 5-Year Vision, 1-Year Vision
Your vision sets the direction for your business. It's about knowing where you want to be in 10 years and connecting that to what you’ll achieve in the next five and one year. Tom always says, "We have a tendency to overestimate what we can accomplish in one year and drastically underestimate what we can do in a decade.”
Start by dreaming big for the 10-year mark, then work backward to set actionable goals for the next five years, and finally for this coming year. Take time every day to imagine the process of growing your business, then break it into steps.
In our digital Business Plan, we limit your mission statement to 500 characters. Why? Because a powerful mission statement is clear, concise, and calculated down to the word. It's something you should commit to memory and recite daily. Start now, even before the business planning event, to draft a mission statement that embodies your business ethos.
Your values drive and define you. They’re the principles that guide your interactions and decisions. Take some time to reflect on what truly matters to you as a real estate agent. What actions will you take each day to live by these values? Writing them down helps keep you aligned and authentic in your business dealings.
Some examples of core values included in business planning might include:
When business planning, don't jot down motivations you think you should have. Write what genuinely drives you. If it’s love and providing for your family, that’s great, and if it’s money and power, that’s good too. Just be honest with yourself about it.
Understanding your true motivations will help you stay energized and passionate about your work. It’s this deep-seated motivation that will pull you through challenging times and fuel your daily grind.
Accountability is crucial for success. It's not enough to say you’re working to support your family. You need systems and people who will ask you specifics, like “Did you post on social media today? How many posts?” Have someone hold you accountable for concrete actions, not vague concepts, to keep your progress on track.
This first section is more important than it may appear at first glance. Most people never take the time to fully answer these questions and it’s why they can’t tap into their deep reserves of energy, creativity, and overall greatness. It’s one of the most important things you’ll ever do.
Next week, we’ll be covering the marketing section of the Tom Ferry Business Plan and how you can further prepare.
THE PLAN: Design Your Ultimate 2025 Business Plan is happening November 6 at 8:30 a.m. PT, and it really is the can’t-miss webinar of the year.
Spaces are limited to sign up now!