Building a REALTOR Business Plan is easy once you understand the dynamics involved. I have developed those dynamics in a simple narrative format that will be easy to follow. I have set this up in four parts and would recommend that you bookmark them or print them out for your continued plan development. This is not hard so don't put it off.
This is Your business plan, don't leave home without it !
To survive in our challenging markets, a business plan is essential. To build one, you need to be very clear about three things
•· where you have been (Section 1)
•· Where you are currently (Section 2)
•· where you want to go (Section 3)
Skipping around a bit, let's start with the last point first. ( Section 3 ).
The first step for this phase of your plan is to develop a positioning statement detailing your business objectives. Define your Core Competencies. Your Core competencies are those things you do best and love doing. Michael Russer, ( I am a graduate of his e-productivity course) calls this practice of defining your Core Competencies as defining your perfect career.
Next we will examine your Business Objectives: specifically detailed attributes of your business goals as though you already have reached them.
How much of your total business will be from listings ( Listings Sold) and Buyers?
(Section 1 )
Then going backwards a bit, go back into your past 3 years of business and evaluate them. Set that up as valuations for the last three years production. ( Not including this year) Being May of 2007, it will be easy to track this years business. We will do that later on.
Now define where each sale or listing came from. Signs, marketing, being the neighborhood specialist, from out of area client referrals, etc.
Detail the volume and number of transactions for each of the last three years.
Define what really stands out in those last three years - even who the people were. ( Having an accurate and up to date contact list of past clients is essential for your marketing purposes and if you haven't already done that-do it now.)
What were your shortcomings these last 3 years? Were you satisfied at each of these past three levels, (years), if not why and suggest what you could have done differently. Marketing without being speciific is not a satisfactory answer.
Then answer this question: have you already implemented these changes, why or why not?
(Section 2)
What were the sales figures ( Jan through April 2007) you achieved this year? It 's early May 2007 so this will be the easiest part of the exercise. Where are you focusing now and how did you get this business closed or in the pipeline? Marketing, farm, sphere of influence, referrals or as a neighborhood specialist. Detail it out and be specific.
What did you accomplish year to date?
How much potential business do you have in the pipeline- (be real honest here and don't count what you know you shouldn't)
If you had to project all of 2007. What percent of your years projections have you met year-to-date with seven months left, what will you have to do to reach your projections.
Don't beat yourself up, there is no correct answer for that part. Let the truth be realized even if uncomfortable.
Now write out your short-term and your long-term goals for the next one to three years. This will be a Vision Statement, of how you see your business growing.
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