New Agents' Guide to a Real Estate Business Plan
My alternate title for today’s blog was going to be “The Procrastinator’s Guide to Business Plans for Real Estate Agents.”
But I don’t want to call you out like that. Because look… I get it. I know how busy agents are. You were probably scrambling to get a buyer’s offer accepted or closing one last sale at the end of the year, and your real estate business plan got pushed to the back burner. Or maybe you're a new real estate agent and you haven't quite gotten that far in your planning yet.
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So here’s the deal: If you’re off to a slow start, there’s still plenty of time to put your plan in place and get after it. The biggest mistake you can make today is continuing to operate without a plan.
Business Plans for Real Estate Agents: Where to Start?
Lots of people tend to put off business planning because it sounds overwhelming… How are you expected to plan out an entire year when you don’t know what things will look like next week?
Well, we’ve solved that problem for you by pinpointing all of the important questions you need to answer in order to create the results you desire.
Let me walk you through our FREE Real Estate Business Plan, which you should download now. It’s the same plan we use with our coaching members. And with your download, you’ll gain access to our proprietary coaching platform, illūm.
Section 1: Foundations
Here I pose six important questions to get you thinking about what you want to accomplish this year and put meaning behind your goals. Answering these questions isn’t mandatory, but I do highly recommend it to make sure you’re in the right mindset to create meaningful goals.
Section 2: Transactions & Ratios
This is where your 2022 numbers will start taking shape. It starts by looking at your 2021 results and determining how much of a jump you want to achieve in 2022. From there, we’ll factor in your typical commission, seasonality, and conversion rate to provide a clear picture of the yearly, weekly and daily activities necessary to achieve your goals.
Section 3: Marketing Plan
Marketing is one of those activities that without a plan in place, you’ll likely never reach your full potential. You simply get too busy in the day-to-day grind to sit down every week and figure out an effective marketing plan. But when you make it part of your business plan for real estate agents, it will already be done for you. No matter how many lead pillars you use, our 2022 business plan will guide you in creating your marketing activities, networking and prospecting plans, follow-up, and nurturing. Then you can systematize it all to make sure it goes off without a hitch!
Section 4: Operations Plan
The more you can streamline your operations, the more efficient you’ll be. That’s why this section is included – to help you identify and prioritize initiatives that will make the greatest impact on your business.
Section 5: SWOT Analysis
Taking a step back to identify your strengths (S), weaknesses (W), opportunities (O), and threats (T) provides a much-needed perspective on your business… and the actions you need to take as a result. How will you accentuate your strengths, minimize your weaknesses, capitalize on your opportunities, and eliminate any threats to your business in the coming year?
Section 6: Financial Plan
The whole reason you’re in this business is to set yourself up for a bright financial future, right? Well, let’s make it happen! Oftentimes that simply means gaining awareness of everything that factors into your bottom line and financial goals. From expenses to taxes to budgeting, it’s all here to help you create the financial freedom you desire!
And that’s it! Once you’ve downloaded your real estate business plan, you should be able to complete it in a couple of hours – or even faster when you use the tools within illūm. If you’re serious about success, get your free business plan for real estate agents today and block out a couple of hours to work on it now. Then make it a priority to work from your plan instead of bouncing from one fire to the next. You’ll be happier and more productive when you do!
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