Having owned a marketing agency before entering real estate as a profession, (we had been landlords, flippers etc. before that) ...I had
written many marketing plans for my own business and for clients as well. We have also worked with agents in providing a different perspective for them in furthering their own practices. Is there a difference between a Business Plan and a Marketing Plan ? Agents ...regardless of their years in the business, often do not have both of these in what we believe are vital, pieces in place. What's the difference and why do you need them BOTH ?
By our definition, a business plan details the cost of doing business. An earlier post referred to the detailed outline provided by Breakthrough Broker. It is what you should be taught in real estate 101...and are not. The outline you may well have done in other formats, takes you from the "I want to earn $X" to what the number of transactions are ...Listing and or Selling...using sales figure averages and beyond that...subtracting associated costs with those earnings. Broker Fees, Insurance, Taxes....a reminder of what is subtracted before you get to the net of what you have earned...that is the Business plan piece.
Now that you know what your costs are and what is subtracted...There is the Marketing Plan piece....and that we suggest is a piece that needs a clean slate ....a fresh look when it is initially written...and beyond that...to be most effective...reviewed throughout the year on a regular basis to gauge and if necessary, "tweak" the marketing activities you have planned throughout the year. What has worked in the past...what new things that may not have been available in the ever 
changing digital/internet world you may choose to add. You may leave some room in that budget for new classes, ideas, etc. that you may unaware of at the inception of your plan. Your Marketing Plan is the Fuel for your business plan...what are you going to do to meet your financial goals? The cost of mailing, your website, virtual assistant, imprinted items, sponsorships, things old and new that go into your own special recipe of your marketing mix. Don't be afraid to adjust it with a little more this and a little less that throughout the year...the market changes...relying on the "same old/same old" may not be the best approach. People staying in homes longer may well have you examining new ways to add to your client roster and grow your business.
Have you considered what some people refer to as an "Accountability
Partner" ? Regardless of your tenure in the business...it can be a bi-weekly or monthly meeting to discuss the execution of your plan...how well it worked or if changes need to be made. This can be an invaluable tool in shaping your business and growing it by adding an outside perspective and interjecting new ideas. Will this be the year you try this "tune up" to your plans ?
This has been a business/marketing post brought to you by Sally K. & David L. Hanson, Broker Associates with EXP Realty honored to be of service for all things real estate in southeastern Wisconsin.
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