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6 Tips to Create a Killer Real Estate Business Plan

Do you have a plan for your real estate business? If so, congratulations! You are well ahead of many real estate professionals who have never taken the time to craft and implement an effective business strategy. Having a plan and knowing what outcome you hope to achieve will help you determine which path to follow through all of the decisions that need to be made on your road to success. Here are six tips that will help you put together a killer real estate business plan.

Tip 1: Create a Personal Safety Plan

Your personal safety plan helps keep you safe in any situation. We believe safety is a TOP PRIORITY. If you are caught off guard, even the simplest accident can turn into a major tragedy.

Your plan should include:

  • Emergency contact information for family members, friends and associates
  • Your Associate Circle: List 3 Agents you trust in the office to notify of your agenda and whereabouts.
  • Open House and Client Meeting Protocols
  • Choose a Safety App and any Tools/Resources to keep on hand

Tip 2: Set your Business Structure

As a business owner, you have options when it comes to how you structure your entity. You should talk to your CPA to find out which option is best for you!

  • Sole Proprietorship – A sole proprietor is someone who owns an unincorporated business by himself or herself.
  • Limited Liability Company (LLC) – A limited liability company (LLC) is a business structure in the U.S. that protects its owners from personal responsibility for its debts or liabilities.
  • C Corporation – The owners of C-Corps are shareholders or stockholders (can be an unlimited number), and are issued stock as proof of their ownership. C-Corps are viewed as separate taxpayers by the IRS and pay a corporate tax rate.
  • S Corporation – S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.

Tip 3: Develop an Income Plan {you want to make money, right?}

There’s a good chance that you became a REALTOR® for a variety of reasons. We’re sure somewhere on that list is the opportunity to control your own income. Take the time to understand what kind of income you can expect based on your market and property type.

We suggest doing the following:

  1. Set your income and closed sides goals
  2. Calculate prospects needed per week
  3. Put together a P & L (Profit & Loss Statement)

Tip 4: Develop a Prospecting Plan

Prospecting is KEY if you want to be successful in real estate. You have to put together a plan that works for you. Here are some tips that will help you estimate your daily prospects needed.

  • How many doors do you want to knock per day?
  • How many phone calls do you need to make per day?
  • Set some goals, work towards them and adjust as necessary.

Tip 5: Create a Marketing Plan to Put your Plan into Motion!

Now that you’ve figured out your income objective and prospecting strategy, let’s talk about marketing! It’s critical to your success and an important component of the whole business plan.

We suggest you to do the following:

  1. Analyze your past performance
  2. Set marketing initiatives for the coming year
  3. Set your marketing budget
  4. Choose your target market & farm areas
  5. Set an SOI influence “touch” plan

Tip 6: Conduct a Health Audit

The Health Audit is here to help you analyze where your business soared in the previous year and where it could use some help. Being honest with yourself in this exercise will help you hit your goals.

We suggest you to do the following:

  • Examine your sales commissions per month or year
  • Determine how many appointments you got, showings scheduled, sales contracts written, etc.
  • Examine your marketing
  • Determine if you were able to execute on what you planned. Did XYZ particular form of marketing help you to accomplish your goals?
  • Examine your prospecting
  • Determine if XYZ form of prospecting is working for you. Are you making the right number of calls/knocking on too many doors? Are you using other forms of marketing to support your efforts?

We hope this article has been helpful and provided some good information on how to create a killer business plan!

 

Christie Clark

Christie Clark

Christie is a spicy red-head (naturally) with a heart-warming smile and a magnetic personality. She’s patient with people and brilliant in her skill. Christie has this talent for making everything she touches just better. As our Creative Design Strategist, Christie uses her talents for design and creativity to make sure the world gets to see us in a really special way. Christie is pure creative genius packaged in a sweet, loyal and bold teammate.

Real Estate Business Plan Worksheet

We have a BIG bonus for you! Feel ready to build a personalized business plan of your own? It’s an exciting process, trust us. To help you along the way, we’ve created a worksheet that will help guide you through the steps. Ready to get your hands on a copy? Just provide us with your email address below.
real estate business plan worksheet preview

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