3 Steps to a Powerful Real Estate Business Plan
Real Estate Business Planning and Goal Setting is a topic I love to teach and share with real estate professionals. In my 28+ 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!
Step 1 – Set Your Goals (Outcomes)
The critical steps to achieving your goals:
- 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 success 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
Step 2 – Create Your Business Action Plan
Conduct an Assessment and Review of the current or previous year. 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.
- 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 track your overall success.
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.
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
Get the FREE, complete Real Estate Business Planning Mini-Course and Downloads:
WBNL Coaching 3 Steps to a Powerful Real Estate Business Plan