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Do You Have A Business Plan In Place Or Is Everyday An Impromptu???

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Services for Real Estate Pros with RE/MAX Executive Realty - Happily Retired 104763

Where do you want to be in 5 years?  Do you have a business plan that will assist you in getting there?  I can remember when I was a fairly new agent at Century 21 in Franklin (when God was a child) and enrolling in every course that was offered through the Century 21 system.  They did have great training for newly licensed agents.  One of the best courses that I completed was preparing a five year business plan.  To this day, I continue to utilize that format, and I do have a plan and many methods in place to get there.  I think it stems from my first career as a teacher and preparing lesson plans for the year.  Just as real estate is not on a "wing and a prayer" neither was teaching.

Everyone in business needs to put a plan in place.  These are not just short range goals.  This is a plan that fully describes every step of the way during a five year journey to reach that ultimate target.  Business cannot and should not be designed in a one day at a time format.  Do you know where you want to be in five years, and, if so, how will you get there?  You need to ask yourself that question and then find the answer and create a plan.  It's just good business.

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Barbara Todaro, Great Grandmother to Caleb, Santino, Aiden and Gianni       

Todaro Team - Retired

508-918-9148

               

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Comments(36)

Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

William....my degree is in bilogy....I taught biology, chemistry, geometry in Island Falls, Maine....near the home of Andrew Mooers....potato country.....Aroostock County...then Franklin....I taught drug education in the early '70's.

 

Apr 09, 2010 03:33 AM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Chris....it's great to be a mentor to others.....and most agents need direction with establishing plans for the future and how to attain those goals.

Apr 09, 2010 03:36 AM
Loreena and Michael Yeo
3:16 team REALTY ~ Locally-owned Prosper TX Real Estate Co. - Prosper, TX
Real Estate Agents

I love your God was a child comment. It made me laugh. Surely, you're not that "old". LOL.

I do have a long-term plan and I work at it a little a day although most of my days, it almost feels like trying to keep the fire out. I tell myself not to overlook my long term goals despite my busy-ness.

Apr 09, 2010 04:29 AM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Loreena....there are days when I feel that old!!!   as long as you have a plan in place and pay attention to what you are doing to follow that plan, you will accomplish your goals.

Apr 09, 2010 05:07 AM
Jirius Isaac
Isaac Real Estate &TriStar Mortgage - Kenmore, WA
Real Estate & loans in Kenmore, WA

I gotta admit that planning has gone out the window.

Apr 09, 2010 05:37 AM
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Hi Barbara--I agree with totally.  The agents that try to do real estate on a 'wing and a prayer' don't last very long, do they?  Love your graphics.

Apr 09, 2010 05:48 AM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Jirius.....shut the window and prepare a new plan.....you can't have a viable business without one.

Apr 09, 2010 05:56 AM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Mary....I've seen many agents, who had the potential to make it in this industry, fall to the wayside because they had no plan and no direction with their business.

Apr 09, 2010 05:58 AM
Thom Abbott
MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living - Atlanta, GA
Midtown Atlanta GA Condos For Sale

Barb...indeed. I wrote a killer Business Plan 2 years ago,and really did not implement much of it in 2009. So, here it is April, 2010, and I've still got the same plan, and not as much implemented as I need to.

I'm finally learning in real estate that time management is probably harder than trying to close a short sale!!

I've got list after list of things to do, and never enough hours in the day...and I go to the office somedays at 7am and leave at 8 or 9pm.

But, I've survived 6 years, and I will continue to survive...but kicking more of that plan into play will probably help!

Thanks for a great post!

Apr 10, 2010 03:32 AM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Thom....well, you did the first step and more than most do.....you wrote the plan.....if you had followed your plan, you would be MORE THAN surviving.....I think most in this industry right now are just surviving....if they had a plan to follow, it could be an award winning year.....I've always liked award winning years....there's just something nice about getting those "prizes"....

seriously, follow your plan and you'll work fewer hours and do fewer short sales.....I think one of my team members did 1 short sale last year and another one has one short sale being negotiated with the bank right now....it will probably close in 5 months....OMG.....we focus on new construction and above water resale properties....short sales are at the bottom of my list of properties to capture.

Apr 10, 2010 04:24 AM
Ty Lacroix
Envelope Real Estate Brokerage Inc - London, ON

I here so many agents tell me they don't have time to plan or do cash flows etc. I tell them that is why they should have a plan, they will have more time!

Ty

Apr 11, 2010 07:20 AM
William James Walton Sr.
WEICHERT, REALTORS® - Briotti Group - Waterbury, CT
Greater Waterbury Real Estate

Barbara, if you didn't already know that you'd be a prized commodity in the teaching world right now...

But I'm certain that you're having much more fun in real estate...

Apr 11, 2010 12:21 PM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Ty....great answer.....thanks

Apr 11, 2010 12:29 PM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

William.....teaching was fun, but you're right about my having much more fun doing real estate.....the pay is better, too!!!

Apr 11, 2010 12:30 PM
Sonja Adams
Keller Williams Realty - Purcellville, VA

Earlier this year I went to a 3 day planning seminar and it was fantastic.  We did a 10, 5 and 1 year plan...and it was amazing how doing a little every day, builds the foundation for success years down the road.

May 25, 2010 04:56 AM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Sonja......plan it and then enforce it.....many have plans but that's where they stop....thanks for commenting.

May 25, 2010 06:19 AM
Loreena and Michael Yeo
3:16 team REALTY ~ Locally-owned Prosper TX Real Estate Co. - Prosper, TX
Real Estate Agents

I came back to this and really realized that I have a "plan" but not really real concrete paths on how to get there. It's bad that now I only knew it's probably a Wish Plan, not a Business Plan. I only had pretty much a Blogging Plan.

Jun 20, 2010 12:04 PM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Loreena....well, now you know what you need to do....a business plan.....just put your goals in order and decide how you will accomplish them....what will it take to do that??  goals are not only financial....there are other goals also....you need a mission statement also.....

Jun 20, 2010 12:11 PM
Anna Tolstoy
Coldwell Banker Residential Brokerage - Natick, MA

Barbara, found this post of yours while I'm sitting here working on my own business plan! What a coincidence. I know I'm on the right track when I do what you suggest in your posts...

Apr 13, 2011 03:36 PM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Thank you, Anna....that's a nice compliment....

Apr 13, 2011 07:29 PM