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9 Qualities of the Best Real Estate Business Plans

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Real Estate Technology

Jason van Steenwyk“By failing to prepare, you are preparing to fail.”

–Benjamin Franklin

Real estate is a tough enough career under the best of circumstances. Without a reasonable plan in place it can be overwhelming.

The average real estate agent needs a track to run on. Otherwise the sheer magnitude of the number of tasks that has to get done in order to generate future leads and move business through their pipeline can leave an agent paralyzed. With the constant demands on his or her time creating massive diffusion, the agent without a solid real estate business plan has no framework for prioritizing their time. Without a discipline to assign priorities, every new task seems critically urgent.

Qualities of the Best Real Estate Business PlansThe result: The agent flits capriciously from task to task, perhaps getting lucky with an occasional deal, but never making serious lasting progress in establishing his or her personal brand or creating systems that lead to future business.

Don’t be that agent.

Everyone needs a plan. But it’s not enough for a real estate agent just to put some goals down on paper and stick it in a binder and be done with it.

A good real estate business plan has the following nine qualities:

1. A Mission

Why are you in business? What do you hope to accomplish? The business plan is the HOW, but you cannot answer the HOW until you first have a WHAT.

2. A SWOT Analysis

SWOT stands for “strengths, weaknesses, opportunities and threats.” Some people regard this as a separate document from their real estate business plan. I don’t think it makes a difference, as long as you do this before you write the other sections in your plan, because the SWOT analysis will go a long way to informing how you come up with the rest of your strategy. For more on SWOT analysis for real estate agents, see here.

3. Technology Planning

This wasn’t a standard ingredient in business plans for many years, and few off-the-shelf real estate business plan templates include it. But the seamless and effective leveraging and integration of technology is increasingly vital to any sales business (which is all of them), and real estate is no exception.

If you don’t integrate your technology from the get go, you risk painting yourself into a corner, hamstringing your efforts and consigning yourself to inefficiency for a long time to come. Your technology integration plan should address the following, as a minimum:

  • Your personal website and web-based marketing
  • Email communications
  • Email marketing, including automated marketing plans
  • Your contact management system
  • Scheduling and alerts
  • Mobile technology
  • Data and document storage/paperless office issues
  • Internet security
  • Electronic signature capability

4. Simplicity

If it’s too complex, it will take too much time to screw around with. Concentrate on hitting key objectives along just a few axes. Don’t try to do everything, because by trying to do everything, you will wind up actually accomplishing nothing.

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Learn five more qualities every real estate business plan must possess on the Trulia Pro blog. Click the below image to read this article!

9 Qualities of Good Real Estate Business Plans

Comments (6)

Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Planning is everything. We can't just fly by the seat of our pants and hope for the best.

Sep 12, 2014 12:59 AM
Ann Wilkins
Golden Gate Sotheby's International Realty - Oakland, CA
Oakland, Berkeley, Piedmont CA

I usually have a great business plan from years of doing them for corporations.  However, I still flit from task to task!!!!   Having a good business plan helps a person focus - especially when you are writing the plan.  It is good to review past business.  What marketing worked and what didn't.  Also good to take it out and look at it a few times during the year!

Sep 12, 2014 02:15 AM
Kimo Jarrett
Cyber Properties - Huntington Beach, CA
Pro Lifestyle Solutions

Planning is extremely important but learning to adapt and adopt new elements are also very essential to being successful.

Sep 12, 2014 05:55 AM
Janice Zaltman
United Realty Group - Boca Raton, FL
Energy Efficient And Eco-Friendly Homes in Florida

It is so important to create a success plan and adjust it as we move forward. We are in our own business and unless we receive a W2, it is up to us to make it happen. 

Sep 15, 2014 11:53 AM
Tammy Adams ~ Realtor / Podcaster
Maricopa Real Estate Co - Maricopa, AZ
A Maricopa Agent who Works, Lives & Loves Maricopa

Too many agents fail to realize they are in the business of them. They need to have a business plan at all times. 

Sep 15, 2014 03:19 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Great post and the most important quality is SIMPLICITY. The more complicated a plan becomes the less likely it's followed in my experience.

Sep 20, 2014 10:27 PM