A real estate business plan can help real estate agents keep track of their success and determine areas where they need to improve. Business plans give realtors a better picture of their overall goal and provide guidelines for reaching it.
It takes about a month to fully develop a real estate business plan, so plan accordingly. Don’t spend too much time on any step, but it’s important not to rush through them either. Here are some tips to get you started on writing up your business plan:
- Start with your priorities. Think about what you want to accomplish in your real estate business. Where do you want your career to go? Do you want to specialize in a certain market, such as luxury properties or vacation homes?
- Focus on your strengths. Figure out what your strengths are, and write down your top three. Do you work well with clients? Are you good at keeping information organized? Do you have a talent for doing research quickly and finding the perfect property for clients?
- Do some math. Write down the sales volume, income amount and number of sales you wish to achieve. Using these figures, come up with monthly goals to strive for. Keep in mind that some months might be busier for you than others, so adjust your goals accordingly.
- Figure out your shortcomings. Since these can cost you money in terms of sales, determine what they are and come up with concrete plans to work on them and boost your sales.
- Review your plan from time to time. Refer back to your plan throughout the year to see if you’re on track to accomplish your goals.
Looking for a real estate specific template for a real estate business plan? Visit SmarterCareer.com. Then follow ERA Real Estate on Facebook.
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