Real Estate Business Planning Review & Resources

October is Real Estate Business Planning Month!   The purpose of this post is to recap the 3 Steps to the Real Estate Business Plan with links to all previously published material.  I've also uploaded all the necessary business plan and goal setting forms/documents for your convenience.   You can also visit the Business Plan Resources and Downloads page at www.CareerRealty.com to download all the business plan documents.

In my experience, less than 10% (probably closer to 5%) 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.  Only 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 the 3 Steps to Business Planning and Take Action! 

Previous blog posts on Business Planning and Goal Setting:

• Real Estate Business Plan, Goal Setting and Action Plan
• 3 Steps to Creating a Real Estate Business Plan

Step 1 - Set Your Goals (Outcomes)

• How to Write Powerful Goals, Part 1
• How to Write Powerful Goals, Part 2
• 5 Principles of Success
• Download Keys-to-an-Achievable-Outcome.pdf  (Goals Template)

Step 2 - Create Your Business Plan.  Documents to download for writing your Business Plan:

• 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 2008 plan, it's critical to review what worked last year and to know your basic numbers.

• Basic_Real_Estate_Business_Plan.pdf  This 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

• Allocating_time_to_build_your_business.pdf  An eye-opener exercise about the value of your time.

• DailyWorkPlan.pdf  A simple daily planner page that also helps you track productive activity.

• Attitude-Affirmations-TimeMgmt.pdf   A good review of what you already know!

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.

• Commission_tracking_80.xls  This is a customizable spreadsheet to track your commissions and all related expenses.

• PerformanceDashboardMaster.xls  A modified version of an excellent tracking tool from Prudential Real Estate.  We have added  a tab to auto-calculate your Income & Production Annual Goals.

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 the performance dashboard or a suitable tracking form to record your actual results and compare them to your plan or goal.

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! 

• Put the document 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:

1. Make ______ contacts daily
2. Send ______ personal notes weekly
3. Add _______ people to your database weekly or monthly
4. Contact _____ FSBOs weekly
5. Contact ______ Expireds weekly
6. Hold ______ effective open houses weekly/ monthly
7. Mail or email to your SOI/Past clients valuable market information monthly
8. Mail or email to your designated farm of ______  properties monthly
9. Door knock/ door drop _________ houses monthly
10. Take ____ past client to lunch monthly
11. Network with ____ business to business referrals monthly
12. 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.

Free Motivational & Success Classics as eBook downloads:

• Think and Grow Rich by Napoleon Hill
• As a Man Thinketh by James Allen
• Acres of Diamonds by Russell Conwell

Comments

[Adamgilly]

There are three different versions of the Create A Plan Business Planning Tool: Silver, Gold and Platinum. Each version of our award winning business planning software is designed to solve the needs of a specific component in the real estate industry.
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Adam

[Ryan Evans]

Hey, Nice to get such deep information! I am very happy to read your post! By the way I loved your previous post as well, could not find time to comment on that though!