Do You have a Plan for Success

So what is a business plan

Let us start with some thing very simple we do all the time . Let us assume you need to go to the Mall to buy a pair of Jeans. Let us see what steps we take.

1^st we know our Goal and have Vision which is where we are going and what are we will achive.

2^nd We make sure we know the directions to the Mall , so we know how we are getting there.

3^rd We know Approximately what are we going to spend, So we have Budget.

4^th We know about how long it will take us to get there and when we will be back , So we have Deadline.

Think about this on a simple thing like buying a pair of Jeans we had a complete plan but something as important as our carrier, our life, our livelihood we do not have a plan.

When a realtor starts the first thing they talk about is marketing themselves , sorry folks marketing does not come first it is one of the last things, I will write about a marketing plan but a lot later, you need to do a lot of research before you can start marketing.

.We go to the office thinking we will do A,B & C today but when the day ends we have done everything except what we intended to do, Why do you think that happens , We do not manage our time in a disciplined way, I will write about that a little later. I need to know my goals before managing my time to accomplish them.

Where do we Start then------ First start thinking This is your Business

If you read the books on business planning all of them say

                                                                                 Start With the End in Mind  

                               It is like playing golf your eye is not on the ball it is where you want the ball

Credit has started to play a very important role in our lives

You go to get a serious job they will want to run your credit , if you go to get insurance some of the insurance company's want to look at your credit before giving you insurance , car loans and of course mortgages .With the new guide lines in place from FNMA and FHLMC, both the agencies that securities most of the mortgages in the country have risk based add on to the rates and points on prime loans which scores below 680 and down payment below 30%. You can lad up paying as high as 2 Points  if your score is at 620 and down payment is less than 30%.

I rarely see Buyers that have a 30% or more down payment , so the fact remains that most buyers that do not have scores over 680 will be impacted . so is credit important , sure if you want to get the best rate on prime as Sub prime is almost non existent . The gole is to get buyers pre qulified before looking at houses , and a lot of times I have asked my customers to pay of a small debt or may be even go and use a credit card which has resulted in a higher score which  means a better mortgage rate for you customer.

Scary part is banks go to college campus and give out credit cards with out teaching them how to manage credit

That what can make them a customer for life , as it shows you care  

I am trying to get in to Realtors heads as to how, I can  define a perfect lender , your comments will help me to provide what Realtor expects for a mutually profitable relationship.

What is important when choosing a Lender ?

What are your Expectations from your Lender ?

What are some of the problems you face from your Lenders ?

What Niche programs/Services do you expect from your Lender ?

How can your lender help you with your business development ?

How can you lender help you with Lead Generation ?

If there was one significant improvement from your Lender what would it be ?

Do nor restrict your self to the above questions , you are welcome to make any other suggestions that you may think are necessary qualities in a Lender Thanks

As promised here is Part 1 of business plan

 

So what is a business plan

Let us start with some thing very simple we do all the time . Let us assume you need to go to the Mall to buy a pair of Jeans. Let us see what steps we take.

1^st we know our Goal and have Vision which is where we are going and what are we will achive.

2^nd We make sure we know the directions to the Mall , so we know how we are getting there.

3^rd We know Approximately what are we going to spend, So we have Budget.

4^th We know about how long it will take us to get there and when we will be back , So we have Deadline.

Think about this on a simple thing like buying a pair of Jeans we had a complete plan but something as important as our carrier, our life, our livelihood we do not have a plan.

When a realtor starts the first thing they talk about is marketing themselves , sorry folks marketing does not come first it is one of the last things, I will write about a marketing plan but a lot later, you need to do a lot of research before you can start marketing.

.We go to the office thinking we will do A,B & C today but when the day ends we have done everything except what we intended to do, Why do you think that happens , We do not manage our time in a disciplined way, I will write about that a little later. I need to know my goals before managing my time to accomplish them.

Where do we Start then------ First start thinking This is your Business

If you read the books on business planning all of them say

                                                                                 Start With the End in Mind  

                               It is like playing golf your eye is not on the ball it is where you want the ball to  land                                           The moment you loose that focus the ball lands at the wrong spot

Which means you need to know where are going , your destination , your Goal, where do you want to be in 5,10,15 Years , I am not only talking about business it incudes your life also, research shows money is not the biggest motivator . Life goals motivate you more than money, you may need money to achieve those goals. which will make you work smart and make more money along the way. Those goals can be Getting Married , owning a big house or a island, or buying a specific car before the end of the year, of cource the goals will change as you go along for better and always have a deadline.

                        So it Starts with a VISION  a Dream  just make sure it is realistic 

Look out for the next segment of Business plan , I will try to be as detailed as possible on every segment of the plan Good Luck

Please use me as a resource for all your questions  I have extencive experience in real estate , Mortgage as well as providing training for a number of real estate agents, I do teach cources at the local board of Realtors, and help number of agents with building and exicuting there business plans.

AS the market is Changing the only way to shine in this market is to out and be in contact with people that may be looking to buy and sell , there may be less Realtors and mortgage originators in days to come but if you are out in the field visible you will have a larger share of the pie