Real Estate Business Planning and Goal Setting is a topic I love to teach and share with real estate professionals. In my 22+ years in the real estate industry, it has been my experience that the agents who actually write down their goals and utilize a real business plan always meet and usually exceed their desired outcomes.
Unfortunately, less than 20% (probably closer to 10%) of real estate agents actually prepare a written business plan and set annual goals. I have witnessed the amazing results of those who actually create and use a business plan and set goals in all areas of their life. Statistics and various reports state that about 3% of adults have clearly written goals and accomplish 5 to 10 times more than those who do not have written goals. The 80/20 principle applies to everything - just become aware and observe the multitude of examples (Read Living the 80/20 Way Work Less, Worry Less, Succeed More, Enjoy More):
- 80% of sales people spend 80% their time with customers who will never buy or sell from them.
- 80% of your results will come from 20% of your activities
- Less than 20% of agents are responsible for 80% of all business
Here's your challenge... Are you ready, willing and able to join the success group (the less than 20%)? Are you willing to do the opposite of what the masses usually do and achieve your desired outcomes? If you are ready... start today by following these 3 Steps to Business Planning and Take Action!
It all starts by writing your goals or desired outcomes, creating a written business plan and updating/revising your business budget then measuring and tracking your results. I invite you to follow the 3 steps outlined below, download the accompanying forms and.... JUST DO IT!
Attention Realty ONE Group agents: Download the complete Business Plan created in Excel that autocalculates and integrates the majority of the documents outlined in this post. Just go to MYROG.com > LIBRARY to download the Business Plan and to view a tutorial on how to complete it!
Step 1 – Set Your Goals (Outcomes)
The critical steps to achieving your goals:
Download Keys-to-an-Achievable-Outcome.pdf (Goals Template)
- Identify clear, concise, SMART goals and know your WHY for each of them.
Measurable/Meaningful to you
Attainable/As if Now/All areas of your life
Timeframe/Toward what you want
- Write them down for all areas of your life (Personal, Financial, Business/Career, Relationships/Family, Spiritual)
- Create Action Plans – break the goal down into steps and next actions. Take action every day!
- Measure and track your progress – you can’t improve what you don’t measure.
- Celebrate your successes along the way – make any necessary course corrections.
Why Write Down Your Goals (Outcomes)?
- To clarify what it is you truly desire. Writing down your goals forces you to select something specific and decide what you want and when you want to attain it.
- To motivate and inspire you to take action. Writing your goals down is only the first step. It is also important to review them regularly which supports you to take the next most important action toward your goal.
- To help you overcome resistance. Every meaningful intention, dream, or goal encounters resistance. From the moment you set a goal, you will begin to feel it. Resist the temptation to focus on that resistance and instead focus on what you want to accomplish.
- To enable you to see—and celebrate—your succeess and progress. Written goals are like mile-markers on a highway. They enable you to see how far you have come and how far you need to go. They also provide an opportunity for celebration when you attain them.
Read these posts for more information on goal setting, affirmations, mindset:
- Clarity of Purpose - Do you have it?
- How to Discover and Celebrate Your Success, Your Wins for the Past Year...Then Set Outcomes not Resolutions
- Real Estate Affirmations for a Successful Career
- The Power of Affirmations
More recommended resources on Goal-Setting:
Brian Tracy International - I highly recommend anything written by Brian Tracy. Sign up for one of Brian's free newsletters and receive a free 326 page eBook entitled GOALS! How to Get Everything You Want - Faster Than You Ever Thought Possible.
David Allen's Getting Things Done - GTD is an effective Action Management System. Read or download and listen to this book. There are abundant free resources and blogs on this site.
Step 2 – Create Your Business Action Plan
Download the documents and follow the guidelines to create your real estate business plan for the coming year.
- Conduct an Assessment and Review of the current or previous year.
Review_of_your_Business.pdf Start by analyzing your previous year’s business – this form will help you gather and calculate key factors for your specific business. Everything from sources of business to average days on market and listing to sale ratios. Before you launch into your plan for the coming year, it’s critical to review what worked last year and to know your basic numbers.
- The Real Estate Business Plan
Basic_real_estate_business_plan_editable The is is a 2-page easy-to-use, basic real estate business plan. Just follow the step-by step formula to turn your desired income goal into the number of listings, sales, contacts and appointments required to obtain it.
- Use this SAMPLE Basic Business Plan to use as a guide: Sample-Basic-Real-Estate-Business-Plan.pdf
- Listing & Sales Goal Formula - RealEstateClosingGoals This excel form auto-calculates the total number of listings and sales you need to close in order to reach your income goal. Don't forget to calculate the estimated number of appointments, contact and presentations necessary to reach your goals - which is the second page of the Real Estate Business Plan above.
- Additional Planning Resources
Step 3 – Measure and Track Your Results
You can’t improve what you don’t measure. An excellent tracking system will allow you to make necessary course corrections and adjustments as well as gage your overall success. Here are some excellent tools to track and measure your performance and results -
- Income_statement.pdf or (Excel Version) Income_statement_blank.xls . A basic real estate business income and expense form.
- BusinessBudget.xls. Another excellent customizable business budget (compliments of Brian Buffini & Company)
- PersonalBudget.xls Don’t forget to complete a personal, home budget as well as business budget – also from Brian Buffini & Company.
- EscrowTrackingReport1 - This is a basic excel form - easy to modify - to track all of your escrows
- Commission_tracking_80.xls This is a customizable spreadsheet to track your commissions and all related expenses.
- New_Tracking_Board - This download is courtesy of Richard Rodriguez of Realty ONE Group in Las Vegas. It is an editable PDF designed to be a document you have readily available on your desktop to track your Listing and Sales.
SECRET to SUCCESS: Create Your Daily Action Plan and Just Do It!
Once you have your business plan in place, it is critical to review it and make necessary course corrections at least quarterly . On a monthly basis, make sure to use a performance dashboard or a suitable tracking form to record your actual results and compare them to your plan or goal.
Create Your customized Success Action Plan
Download this Word doc and customize it with your goals and your daily, weekly, monthly action items/tactics to reach your goals.
From the business plan you can create your daily, weekly, monthly ACTION PLAN. This plan will outline the income-producing activities and other tasks you are committed to in order to achieve your desired outcomes. Review and stick to your Action Plan DAILY!
- Write your Action Plan on index cards – and keep one with you
- Take a picture of your Action Plan and Save as wallpaper or screensaver
- Put one in front of your dayplanner
- Post it in your workspace
- Tape it to your bathroom mirror and review it daily
- Review and record your results daily also
A basic mantra or affirmation for your consideration and real estate success could simply be:
“I make one qualified appointment daily!”
Create an Action Plan that works for you – it may consist of some of the following activities:
- Make ______ contacts daily
- Send ______ personal notes weekly
- Add _______ people to your database weekly or monthly
- Contact _____ FSBOs weekly
- Contact ______ Expireds weekly
- Hold ______ effective open houses weekly/ monthly
- Mail or email to your SOI/Past clients valuable market information monthly
- Mail or email to your designated farm of ______ properties monthly
- Door knock/ door drop _________ houses monthly
- Take ____ past client to lunch monthly
- Network with ____ business to business referrals monthly
- Hand out 5-10 business cards, 5 days/week and actively ask for business or for permission to add them to your database
More Recommended Resources:
Brian Tracy International – I highly recommend anything written by Brian Tracy. Sign up for one of Brian’s free newsletters and receive a free 326 page eBook entitled GOALS! How to Get Everything You Want – Faster Than You Ever Thought Possible.
David Allen’s Getting Things Done - GTD is an effective Action Management System. Read or download and listen to this book. There are abundant free resources and blogs on this site.
More articles on GTD:
Free Motivational & Success Classics as eBook downloads: