As we start the wind down the summer and gear up for a busy Fall market, it’s a good time to review where you are in your current business plan and start to lay the ground work for next year. Today I’m going to share 5 tips for building a successful business plan.
Evaluate your current business
It’s important to know your numbers. Everything from transactions to volume and commission. You’ll also want to know your average sale price, sale to list price ratio, and your percent of listings vs. sales. Really important, is to know your source of business. These numbers will not only give you great insights into where your business is but it will help you determine where you want to go, AND these numbers can be useful in your marketing collateral.
Bonus tip – If you’re like most agents, you’ll find that 80-85% of your business is repeat and referral business so it’s important that your database is up-to-date and organized. I highly recommend using a CRM system like Contactually, Infusionsoft or Top Producer. At the very least, your database should be organized on a spreadsheet. Take the time to scrub it and organize it by A, B and C clients and then make sure you’re tracking your interactions with each one throughout the year.
Set a Goal
From here, set realistic goals about your growth. Considering the current state of the market, your competitors and your strengths will help you determine realistic goals.
Understanding what works and what doesn’t work goes a long way in helping you build a successful plan. Take a moment and jot down what you should start, stop and continue doing. Think about your “wins” this year, consider where your business was sourced from and what feedback you’ve been given from your clients.
Build Your Plan
Your plan should center on these 4 strategies: Marketing, Prospecting, Training and Administration. Make a list of all activities that need to happen within each category.
Create a Calendar
Execution is the most important part. A plan is just a plan unless you put into play, right? I recommend you create 2 calendars, a monthly calendar for your marketing activities and another that includes all prospecting, training, and administrative activities. Extra bonus tip – Build in measures and accountability. Many of us build well thought-out, great plans, and then put them on a shelf never to be heard from again. Schedule time every quarter to review your goals and your progress, and I HIGHLY recommend finding an accountability partner. This could be a private coach, a Manager, Broker or even another agent. Whomever it is, schedule a regular (monthly) meeting with that person, no more than 30 minutes, and check-in to make sure you’re executing against your plan.
What systems do you have in place to for your business plan? Please share them with me. Leave me a comment below. If you like our Real Estate Marketing vlog, we’d LOVE it if you’d like, comment and share it, check us out at www.leadingedgeagents.com or like us on Facebook, Twitter, Instagram or LinkedIn. Thanks so much everyone, enjoy the rest of your day and we’ll see on the next episode of Real Estate Marketing.