Business Planning, a year in review

By
Real Estate Agent with First Weber Group

In reflecting on my business this year, the hardest part about a transaction was the appraisal and underwriting approvals. Buyers and sellers seem to be able to negotiate, still, and sellers -- while some are losing patience -- are for the most part realistic about buyer's demands & expectations.

Of all the transactions I got accepted, less than a handful failed to close and most of my closings this year were my own listings. As much as I love buyers, buyer agency transactions only represented about 1/3 of my business. I know my average sale price; my average days on market, and I even know my list/sale price ratio.

How do I know this? I kept track! Last year about this time I was vowing to change the downward trend I had experienced. I was going to make the most of that first-time homebuyers tax credit! I created a business plan based on a form provided by my company, and then, I fine tuned it. I fleshed out plans I had, things I wanted to accomplish. I set dates and reviewed these frequently. I even included personal and family goals.

As I began to experience success and fulfill my goals, my confidence and attitude soared! It's a wonderful feeling to "check off" something you've wanted to do. It's liberating to make a decision to do something because it's part of the plan instead of fly by the seat of your pants and hope for the best!

Don't get me wrong, I've spent 12 yrs flying by the seat of my pants and have done fairly well. But this year, I exceeded my goals because I stuck to "the plan." Decisions were made based on "the plan." I didn't have to wring my hands and wonder and fret making the wrong decision... All I had to do was stick to the road map.

As the year was progressing, I even penciled in changes or alterations to "the plan." It's all part of the process.

Don't throw together a business plan because your manager is looking for one; put some thought into it and put it somewhere where you can frequently get your hands on it and review it. Tweak it! Live it!

Comments (1)

Michael Collins
*ROCK REALTY|Broker|Realtor|Real Estate|WI Short Sale Agent* - Janesville, WI
CDPE, SFR , Wisconsin Short Sale Specialist Realto

Hi Nancy,

Did you find that you were working with a higher percentage of buyers with the tax credit still active?  Obviously that percentage should fall a bit now I would think.

What are your thoughts?

Michael Collins - Broker
Rock Realty
www.RockRealtyWI.com

 

May 06, 2010 04:56 AM