Business Plan For 2020 - Is Yours Ready?

Every agent needs a plan to succeed; a real estate business plan keeps you accountable and on track. An optimal business plan for real estate agents includes firm goals, but it’s also fluid — you’ll want to update your real estate business plan as you grow and the market evolves.

Here’s what a good real estate agent business plan will show you:

  •  Where you are today
  •  Where you want to be
  •  How you’ll get there
  •  How to measure your performance
  •  When and where to make a course correction 

How to write a real estate business plan—here are the recommended steps:

  •  Write an executive summary - who you are, what services you offer and who you serve.
  •  Define your mission statement - clearly state your guiding principles and goals.
  •  Create a team management summary - If you’re working with a team, include all members who contribute to your success and how they help.
  •  Know your target client - Determine who your target client is. This could be a first-time home buyer, a home seller, a renter or a more specific subset like retirees or investors.
  •  Outline SMART business goals -  Your goals should be specific, measurable, attainable, realistic and timely — in other words, SMART. Once your real estate business goals are SMART, break down each goal into objectives, which are the specific tasks and activities required to accomplish the goal.
  •  Plan for market growth & track market trends
  •  Develop a SWOT analysis - Strengths, weaknesses, opportunities and threats — every business plan needs a SWOT analysis. Recognize your competition.
  •  Create a marketing strategy - Highlight your resources and key features.
  •  Project yearly sales forecast - Use market growth, trends and other real estate marketing strategies to predict your annual sales for the next three years.
  •  Measure client experience - Keep track of all the services you offer — and measure how quickly you deliver them. This helps you build a strong client relationship and track the results over time.
  •  The final step in your real estate business plan template is measuring the plan’s performance. Track performance-related questions and how you’ll measure them. Once you are able to measure your performance, you can adjust your business plan accordingly.

*Courtesy of Zillow.com