An analysis can be as simple as making lists of items under each of these categories.For example, a strength could be a strong and experienced sales team, while a weakness might be that your business is expensive to run because you haven’t nurtured supplier relations.But, the big problem with creating a business plan is that agents and brokers often get bogged down in the details. Harvard Business Review (HBR) stated that the chances of success rose by 12% for those that spent no longer than 3 months on their plan. In this post, we’ll look at actionable steps agents and brokers can take to outline, execute and measure the performance of a business plan. Instead of wandering aimlessly, push towards your goals and objectives with clear direction.
The business plan will answer critical strategic and operational questions: Who is your ideal client? What are the biggest threats and opportunities in your market?
The plan should be flexible enough to allow your business to pivot with internal and external forces.
Even better if that goal is a SMART Specific, Measurable, Attainable, Realistic, and Timed – goal.
Examples of SMART goals you might set for your growing real estate business is: Pick one at a time and focus on it!
Note: The length of business plans vary, but they generally outline between one and five years.
For our purposes, we’ve used a length of three years.
Few agents are able to fully develop their business in only a year, while planning five years into the future can be very speculative.
For most new agents, three years is a reasonable time frame for achieving a degree of financial success and establishing a viable career in the industry.
How you create your real estate agent business plan varies based on your needs, but there are core issues every real estate business plan should address.
We’ve broken these into four areas: For each area, we will outline specific tasks you should perform, and provide tools to help you along the way.