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The Real Estate market might not be great but do you have a business plan for 2008?

Real Estate Agent with Brokered by eXp Realty LLC SL # 3014652

With all the negative media stories out there it can be very discouraging to the struggling Realtor® or Mortgage broker or any profession you might be involved in. I was only using these two as an example. I for one feel for each and every one of you that might be experiencing this. Just to let you know....you are not alone.

With 2007 coming to an end it might be a good time to start thinking of the future. So going into 2008 I believe we will see our market to continue to decline just a bit more. There is talk of another 20% decline in property values and with very high levels of inventory there still doesn't seem to be an ending to it  just yet. But I think we might start to see the market take a swing back upward in the spring but that shouldn't stop you from preparing for better times. Why not start now?

 Now I was never the type to sit down at my desk and do a full blown analysis of how my year went and forecast the next. I worried more about waking up in the morning...getting out of bed and hoping my two feet hit the ground at the same time but I do believe that it is important to lay down some sort of foundation and write down a few realistic goals. For example...you might have a goal of making 100K next year but realistically you might only make 75K. But at least you were still meeting a realistic goal. Here is how I might approach it. I would look at how much icome I brought in and how I attained it. Then I would figure out all of my expenses.

» Read full article on my blog

Posted by

Neal Bloom


Greg Wilson
1st Cornerstone Realty - Schaumburg, IL

Neal, thanks for the post.  Looking forward to the future with a plan is always a great start.

Dec 02, 2008 12:16 AM
Carla Harbert
www.LorainCountyHomeSales.com - Avon, OH
RE/MAX Omega: Lorain-Medina County Area

I have 100% faith in preparing a business plan & taking the steps to stay on task. It helps keep me focused with a goal in mind. Good post. -Carla

Dec 07, 2008 12:43 PM
Marty Remo
RE/MAX Benchmark- Marty Remo-CDPE, E-Pro - Monroe, NY
HV Home Team

I find that my plan keeps me focused and helps me stay motivated!

Dec 15, 2008 11:53 PM
Doug Wolfe
Long and Foster Real Estate, Inc. Phoenix, MD - Phoenix, MD

I need a business plan. I need a business planner.  Or maybe I need to read one or two of these stinking business planning books I bought two years ago.  No. I need a business planner book reader person.  Now THAT's a plan!

Dec 20, 2008 03:13 PM
Rosalinda Morgan
Brookville, NY
"The Rose Lady"

Neat - Great post.  A great reminder for all of us.  I started a business plan last December but got sidetracked.  I have to sit down and put them on paper.  I'm expanding my web presence this year because I'm beginning to see results.

Feb 14, 2009 12:35 PM
Paul McKee
Keller Williams Realty - The Hatcher Group - Portland, ME

Neal, a business plan is very important for any agent, unfortunately many do not have one.  It's great to set goals, but they need to be based on your history and the new habits you might start in order to obtain your goals or dreams.  It's very improtant to know your conversion ratios with appointments and closings, the two are different.  It's equally important to understand what percentage of your business is from listings and buyers.  Kowing your average sale price will help you take all of this and put it into a fomula that enables you to know exactly how many appointments you need to make monthly/weekly to hit your goals for the year. Focus on apppintments and the sales will come regardless of your conversion ratio, it's nicer knowing what it is however. 

Feb 14, 2009 03:59 PM
Jack Climer
Jack Climer Realty, LLC - Springfield, MO

Neal, it is suprising how many  have no business plan, my business plan is always being reviewed. A nice post.

Feb 22, 2009 07:12 AM
William James Walton Sr.
WEICHERT, REALTORS® - Briotti Group - Waterbury, CT
Greater Waterbury Real Estate


Of course I have a business plan. I just haven't taken the time to write it out in full detail yet.

Did I thank you for your post on sending market reports? That's a part of my plans...except I've been spooked into giving it up prematurely because of the time we're in  - what worked in the 90's may not work in the age of Facebook and Myspace - so I'm biding my time on that. I need to see for myself that it will not work, and I just started.

I do have to write it out finally, becasue it will help me keep track of my expenses. Thanks for the reminder - always good stuff.

Mar 06, 2009 03:41 PM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Hmmm . . .  it's August 22, 2009 -- 2009!!  COME ON and take the FEATURE off . . .

Aug 22, 2009 03:41 PM
David L. Montgomery
David L. Montgomery

Every year I start in the 4th quarter to review and assess my performance, milestones and accomplishments for the year.  After I wipe the tears from my eyes, I start making plans for the coming year.  This approach has worked for me and while I may not always hit my targets; I know why and how to correct my activity for the future.

The old adage: 

"He who fails to plan, plans to fail"

Aug 31, 2009 12:00 PM
Jay Beckingham
Christensen Financial Mortgage - Port St Lucie, FL
Seniors ROCK!

i'll see if i can find it, it's probably still around here somewhere, i think.

Oct 16, 2009 02:34 PM
Guy Berry
Real Estate Expert Witness Support - San Jose, CA
Real Estate Broker and Legal Expert

The best and easiest to understand goal planning is still the Millionaire Real Estate Agent book. The problem is sitting down and doing it.

Nov 14, 2009 02:50 PM
Aaron Vaughn 830-358-0455
Conifer Builders LLC - Canyon Lake, TX

I think you need to update this and ask about our business plan for 2010 instead. =)

Nov 22, 2009 12:14 PM
Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.
I have a plan and I'm working my plan. ;^)
Feb 07, 2010 10:30 PM
Ginger Harper
Coldwell Banker Sea Coast Advantage~ Ginger Harper Real Estate Team - Southport, NC
Your Southport~Oak Island Agent~Brunswick County!

Plan....must do one.


Mar 04, 2010 07:23 AM
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Neal:  I just wanted you to know that I have been successful, here.  I have just finished my business plan for 2008.  That's the good news.  The bad news is... it is June 28, 2010.  <smile>

                                                                                      June 28, 2010

Jun 28, 2010 03:06 AM
Alex Morris - Austin Real Estate Agent
Austin, TX

Karen - hilarious.  I wish it was still 2008!!!  Those were the days!

Oct 12, 2010 05:23 PM
Ginger Harper
Coldwell Banker Sea Coast Advantage~ Ginger Harper Real Estate Team - Southport, NC
Your Southport~Oak Island Agent~Brunswick County!

So true...You have to work for what you want now..


Dec 15, 2010 12:43 PM
Bill Cherry, Realtor - Dallas, TX
Broker & Wealth Coach

Good thoughts and good advice.  Without a plan, one will never accomplish that which he is capable of.

Feb 16, 2013 02:32 AM
Steve James
Standard Real Estate Marketing - Richmond, BC
Online Marketing for the Real Estate industry

Interesting that this thread has been going for 7 years, and generally life remains the same - despite the financial crisis.


does everyone's testimonials pages on their websites reflect this, like this Vancouver Mover ?

Nov 28, 2013 07:51 AM