It’s that time again – time to manifest your success for another outstanding year in Real Estate! It all starts by writing your goals or desired outcomes, creating a written real estate business plan and updating or revising your business budget then measuring and tracking your results.
In our experience, we find that less than 20% of real estate professionals actually prepare written goals and a business plan.
Here’s your challenge… Are you ready, willing and able to join the success group (the less than 20%)? Are you willing to do the opposite of what the masses usually do and achieve your desired outcomes?
If you are ready… start today by following these 3 Steps to Business Planning and Take Action!
Step 1 – Write your goals and desired outcomes.
- Identify clear, concise, SMART goals and know your WHY for each of them.
Measurable/Meaningful to you
Attainable/As if Now/All areas of your life
Timeframe/Toward what you want
- Write them down for all areas of your life (Personal, Financial, Business/Career, Relationships/Family, Spiritual)
- Create Action Plans – break the goal down into steps and next actions. Take action every day!
- Measure and track your progress – you can’t improve what you don’t measure.
- Celebrate your successes along the way – make any necessary course corrections.
Step 2 – Customize your written real estate business plan.
Conduct an Assessment and Review of the current or previous year. Start by analyzing your previous year’s business – this form will help you gather and calculate key factors for your specific business. Review everything – from sources of business to average days on market and listing to sale ratios. Before you launch into your plan for the coming year, it’s critical to review what worked last year and to know your basic numbers.
Now you are ready to create a new business action plan for the year.
- Determine your total revenue goal
- Know your average net commission per closing
- Calculate the number of closed transactions to meet your income goal
- Identify your target markets and sources of business
- Build a personal and business budget for the year
- Know the total prospects and presentation you will need to hit your goals
- Create a marketing budget and calendar for the year
Step 3 – Measure and track your activities and results.
You can’t improve what you don’t measure. An excellent tracking system will allow you to make necessary course corrections and adjustments as well as track your overall success.
SECRET to SUCCESS: Create Your Daily Action Plan and Just Do It!
Once you have your business plan in place, it is critical to review it and make necessary course corrections at least quarterly. On a monthly basis, make sure to use a performance dashboard or a suitable tracking form to record your actual results and compare them to your plan or goal.
From the business plan you can create your daily, weekly, monthly ACTION PLAN. This plan will outline the income-producing activities and other tasks you are committed to in order to achieve your desired outcomes. Review and stick to your Action Plan DAILY!
A basic mantra or affirmation for your consideration and real estate success could simply be:
“I make one qualified appointment daily!”
At WBNL Coaching, we have created a comprehensive and easy to implement online course to support you in Setting Your Goal Setting and Creating Your Real Estate Business Plan.
This module is completely free – all you have to do is sign up as a (Free) basic member on our coaching site: http://wbnlcoaching.com/membership/
The Free Course contains detailed video tutorials on how to customize the WBNL Coaching Business Plan templates:
- Real Estate Business Plan (excel)
- Goal Writing Package (fillable PDF)
- Personal Budget (excel)
- Business Budget (excel) (excel)
- Income & Expenses Statement
- Success Action Plan (fillable PDF)