Some time ago, knowing about my career, a very close friend approached me to ask for my advice and to tell me that he had decided to undertake and become a real estate agent; He told me that he had always been interested in real estate and that he considered himself a very good salesperson.
He was very excited and motivated, the idea of making money doing something that had interested him for a long time and the growing real estate market in the city prompted him to make that decision.
Talking with him, I asked him what his idea was about what the job of a real estate consultant really was. His answer frankly did not surprise me, like most people who start a real estate career, he thought it was a very simple job and that the money would arrive in the blink of an eye.
His idea was simply to do a couple of shifts a week, cater to incoming prospects, and sell. I listened to him carefully, he sounded very excited by that decision he had made.
After a while of talking, the most awaited moment arrived, what do you think about it? Do you think it can go well for me? What do you recommend I do to make it better? I wonder.
On the one hand, I did not want to take away his emotion and motivation, but on the other I had to disappoint him, after all he was my friend and I was interested in helping him.
In summary, some of the things I remember saying to him were, that the work of a successful real estate agent as Rudn Enclave Rawalpindi involves much more than he had in mind, that he was going to have to keep busy with various activities and that it was very important that he had a proactive and persistent attitude.
However, I mentioned to him that he needed to be careful because keeping busy does not necessarily mean income will be generated. He had to engage in the right activities to generate the results he wanted.
My most important recommendation, considering the other aspects that I had already mentioned, was that you write your Personal Real Estate Business Plan in which you would have to define the essential elements concerning yourself and the business you planned to undertake.
Having a well-defined business plan provides direction and strategy for performance, paves the way for success, and defines and details the stages of business evolution.
At the end of our talk he told me that he was very grateful for having approached me, his words were, you have given me another perspective, you have opened my eyes, now I will have more elements to consider to perform better and achieve what I want.
So I offered my friend help so that another day we could sit down to work and define his Personal Real Estate Business Plan. After helping you, I decided to share this information with you so that you can develop your own plan and optimize and get the most out of your effort and resources.
Next, a detail of the 9 steps or essential elements that a Personal Real Estate Business Plan must contain according to Source
1. Identify and Define Who You Are as a Real Estate Agent
To begin with, it is important that you are very clear about who you are and how you can participate in the real estate industry. Take into account your personality, your resources (time, money, tools, collaborators), your motivations and above all, what you want to achieve.
A list of your strengths and weaknesses can help you identify areas of opportunity that you need to personally focus on to improve. Defining an individual philosophy will help you easily develop your entire business plan and will also give direction to your work.
Another important aspect is that you define your personal brand, print your essence, be authentic. Make sure you convey security and trust, as well as offer a unique proposition or added value.
2. Analyze your Target Real Estate Market
This is one of the keys to being successful. Research and stay informed about the real estate aspects of your market, observe, talk with real estate colleagues, interview people involved in the local sector (appraisers, notaries ...).
The more specific or segmented your analysis is, the better. Define what numbers or metrics you should know and update them periodically.
- What are the most popular colonies?
- What is the most requested type of property?
- What is the average price of the last trades?
- What is the average time required to sell a property?
- How many properties are there for sale in a given area?
- How often are certain types of properties sold?
3. Study your Competition
Just as you must have a clear vision of your market, you must also be aware of who your competitors are.
Observe carefully and determine who they are, how they run their business, what areas they serve, how they communicate with the market, how their company is formed, how they promote themselves, how they operate.
This analysis will serve you mainly to understand the competitive situation of your market and compare it to detect possible areas of business opportunity that are not being addressed.
Taking into account the previous points, conclude a market niche in which to specialize. This will help you focus on a particular segment, make the most of your efforts and resources, and position yourself more easily and quickly.
Identify where the greatest business opportunity is, what market niche remains to be addressed. You can decide to specialize in a particular geographic area (for example a neighborhood or subdivision, a region of the city), a type of property (for example apartments, land), a category (commercial), a type of operation (houses in income), or a combination of them.
Before continuing to the next point, ask yourself, what strategies can you apply that are different from those of your competitors?
4. Define What Service You Will Offer
You probably think that this point does not make sense, but I invite you to think a little beyond the obvious answer.
Based on those you have analyzed so far in the previous points and without neglecting your passion and your personal strengths, define your service offer as much as possible. Keep in mind that you do not have to choose just one, but remember that whoever covers a lot, little squeezes.
5. Establish How You Will Reach Your Ideal Client
Once your market niche has been defined, identify the profile of your ideal client, you can contemplate different possibilities that meet the criteria you have established. This is known as buyer persona, write down their demographic, family, cultural and socioeconomic characteristics; defines your information needs in real estate matters, as well as products or services.
These profiles will be of great help to you to determine your communication and marketing strategies to have a more effective reach. You will be able to define more easily what activities to carry out to prospect more efficiently and have a higher conversion rate.
6. Perform a SWOT Analysis
SWOT analysis is a commonly used tool in business planning. It involves a conscious assessment of the internal characteristics and the external situation through the analysis of Strengths, Weaknesses, Opportunities and Threats.
For this analysis you must take into account both personal aspects (personality, skills, resources) and those that we have treated so far in the previous points.
The interpretation of the matrix is done by combining the categories to obtain conclusions through questions. For example, you could be strong at prospecting but weak at following up; Faced with this situation, what actions should you take to improve? What tools could you use to better monitor?
7. Determine Your Goals
In this section of your plan, you should set goals in different areas, consider at least personal, financial and business goals. Take into account the information you have collected in your market and competition research.
To set your goals, you can rely on the SMART methodology, which refers to 5 basic characteristics according to this acronym in English. These characteristics are: Specific, Measurable, Achievable, Relevant, at a certain time.
Likewise, I suggest that you set yourself short, medium and long-term goals, so that some will lead you towards the following.
Once your goals have been defined, determine what tools and activities you will need to use to achieve them. Some examples of the goals you can set yourself are:
- Number of exclusives contracted each month
- Number of sales made each quarter
- Number of daily contacts
- Annual net income
8. Define your Situation and your Financial Needs
In order to carry out your work as real estate agents and achieve the objectives that you have set for yourself, you must be clear about your current financial situation and the costs that your activity will represent.
Poor financial planning is one of the main failure factors for defecting real estate advisers. Learn about other reasons why real estate agents leave their career before the first 5 years .
For this reason, keep in mind that this is a crucial point in the real estate business plan, but do not be alarmed, there is a simple way to do it. Make sure to take into account all your personal expenses as well as all your operational and administrative costs, including marketing and prospecting expenses.
9. Design a Work Program
At practically this point, you will have finished your personal real estate business plan. It is time for you to determine what activities you should do and how often so that your plan and your goals crystallize with your effort and the passage of time.
According to your availability and the tasks that you have identified as necessary, design a weekly or daily work schedule, establish specific hours to develop your activities and set goals as a result of them.
I recommend you enroll in our specialized course How to be Successful in Property Sales, which is a guide that will help you design and plan a work program in order to generate continuous real estate sales every four weeks.
10. Set a Date to Evaluate Your Results and Adjust Your Plan
Finally, set a date or a period of time in which you will follow up on your plan and evaluate your results. Your personal real estate business plan must be kept up to date, I suggest a quarterly review to make adjustments that encourage you to achieve your goals.
Remember that a real estate business plan is crucial for your success, it will give you the necessary direction in your day to day and sufficient clarity to avoid stagnation and reduce frustration.