Business planning

Do you have a plan?

Sales MeetingJanuary 12, 2011

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Your Real Estate Business Plan

Business Plan• Define:

– Objectives– How to Achieve Goals

• Structure:– Summary: What do you want to do and how will you achieve it?– Customers: Who are they, where are they from, & what is their

spending power– Competition: Prices, Strengths Weaknesses– Marketing: Sales Channel, How to reach customers, Funds/Resources– Operation Cost: MLS Dues, Business Cards, Signs, Networking Groups,

etc– Financials Focus: Forecast for the future

• Keep it Real

A business plan should evolve with your business; update it as you go along!

Be Accountable

1.Do you know your Numbers from the past three years?2. Do you have a Concise Business Plan with measurable results?3. Do you know what the Biggest Factor is for raising your production and how to obtain it?4. Do you know what your Weaknesses are and how to overcome them?5. Do you know how to use your Strengths to immediately increase your production?

Focus

• Passion, Enthusiasm• Where does your

business come from?– Do you need to expand

or dig deeper?

• Provides more certainty

Importance

• Customers Have Plans!– To buy/sell homes

• Put the life in your business• Helps create certainty• Keeps you on track to achieving success!

Measuring Success

• Weekly? Monthly?• Know your 2010 Results

– Listings, Closings, Volume, Commission, Expenses• Don’t set a range- have an exact, definite goal

– I will get 1 new listing between February 1st and February 10th

• Numbers Consciousness: having sales &listing targets each month that add up to your annual goal. – Look at them every week so you know where you stand,

and you can make adjustments based on those numbers

Write It Down• Without a plan you're in

the dark• Don’t leave your plan in

your head• Calculate the number of

transactions you must close along with your total cost per transaction to reach your income goals.

Goal Setting• What do you want your real estate career to do for your life

in 2011?• Why is that important to you?• What conservative, one-year, measurable goal would

indicate that you are well on your way?• What is the simplest action plan to accomplish your

measurable goals? – List three key projects; then figure out how you can either start

doing them or do them more consistently.• What regular time and date each week can you set aside to

assess your progress toward you overall goal and your key projects?

Lead Generation Sources• What lead generation

sources will need to be added?– Open Houses– Geographic Farming– Social Media/

Blogging/Internet– Networking Groups…

• Real Estate is the LEAD GENERATION business!

What systems are required?

• Checklists• Organization• Efficiency• Appointment Setting• Time Management

Business Plan Blunders• Is your business plan too

complex?– Only include what you

need to manage your business

• Are you focused enough?• Are you motivated

enough to achieve these goals?– Identify the “why” of your

goals

Think About Your Assets• Marketing Dollars• Prospecting Tools• List of Contacts and Former Clients• Business Partners• Business Associates

How will these be beneficial to your success?

Plan of Action• Plan your Activities and Your Strategies– Your plan should create the path that leads to

successfully completing your goals.• Re-evaluate your business plan often, at

least quarterly– Are any of your goals, assets, or strategies

unrealistic, impossible to accomplish, too expensive, or just plain ineffective?

Example1. MY FINANCIAL GOAL for this year (next 12 months) is to earn pre-tax income

of $______________________.

2. MY LISTING GOAL for this year is to take ____________listings for the year, or _____________listings for each month, or one listing every ___________days.

3. To work an average of _________hours per week of which at least 65% is highly productive ("Hot Time")

4. To work a maximum of ________days a week and take ________weekends off a month.

5. To take ____________vacations during the course of the year.

6. To Prospect a minimum of ___________hours a week of which a minimum of 65% is "HOT" and 35% is "WARM".

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Questions/Comments