You’ve listed and sold dozens of properties, facilitated countless showings for your buyers — now what? Every now and then it’s important to take a moment to reflect upon what you’ve accomplished as a real estate professional and also to reflect on where you’re going.
Did you reach your goals last year? Do you have a plan in place to set goals for this quarter?
Business planning can be a stressful project to get started on, and you may not know where to start or how to make adjustments to what you already had in place. The first thing you have to do is take a deep breath, and then place yourself in the right mindset and environment. Adhere to this principal said by top Keynote Speaker and Author Erik Therwanger, “Don’t chase perfection, strive for progress.”
There is no right or wrong way to write a business plan. What is most important is that you keep your business moving forward and upward.
To keep things simple, try to focus on these three things:
- Budget: What is going in, and what is going out? Determine the “minimum” threshold you need to have a positive cash flow. Evaluate what you are currently spending money on and if it’s not getting you results, reconsider whether you need it, or reallocate those dollars to a new lead generation opportunity or tool.
- Tracking: Know your average sales price and how many closings you need to reach your income goal. Then, determine how many calls and appointments you need to get you there based on this past year. Do you know your listing presentation conversion rate? If you don’t, it’s time to start thinking about it!
- Time Blocking: Have you ever taken the time to write down what you are actually spending time on each day? How many of those tasks are income-producing activities? Now is a good time to establish a daily and weekly schedule, and don’t forget to allow some flextime for the unexpected. PRO TIP: you can use free online tools like Toggl, a simple time tracker you can use to track how long each daily task takes you.
As a real estate agent, marketing is always top of mind and is integrated into each of the three categories above. Online lead generation is a marketing tool that comes with actual tracking and analytics. However, it doesn’t always require a large investment. Facebook and Instagram ads are one of the most cost effective and optimum ways to reach target audiences. You may also want to consider an offline marketing effort like geographic farming. Yes, I said it! It’s coming back and here at RE/MAX we want to get ahead of our competitors. Direct mail pieces stand out! I recommend you send out at least 3-4 this year.
Now is the perfect opportunity to scrub your database! An organized database plays a critical part to helping you reach some of your goals because your database is your greatest asset. Implement LeadStreet, a top all in one real estate toolkit complete with Listing Manager, CRM, and Email Marketing. Plus, you’ll want to categorize and label your contacts so that you can be much more targeted with your messaging.
Remember, business planning doesn’t have to be complicated. Do what works best for you, and remember to think about the products and tools available that’ll help you become more profitable — if you’re unsure, just ask the Learning and Development team!. Make this business planning count and get on track for a super successful year!
Regional Training Specialist
RE/MAX INTEGRA, Midwest Region