9 Steps to Creating a Strategic Real Estate Business Plan for 2024
For over 30 years, Brian Buffini has been one of the most respected and trusted leaders in the real estate industry. Join his latest Bold Predictions broadcast to learn about the real state of the market and how agents can use that data to increase their listings and win market share. You’ll also hear from Dr. Lawrence Yun, the Chief Economist at the National Association of REALTORS®, for his insight, advice and predictions on what’s ahead.
Creating a comprehensive business plan is essential for real estate agents who want to stay organized, maximize productivity and win market share. Here are 9 steps an agent should take to design a dynamic strategic plan.
1. Define Your Mission Statement
Take some time to reflect on why you are in this business. What are your primary reasons? What benefits will you provide to your potential clients? What do you hope to accomplish by taking on this responsibility?
2. Define Your Target Audience or Niche
Think about what types of clients you want to work with. It could be a category of people (such as new homeowners) or a specific niche (such as retirement communities). Will extra resources or measures be needed to reach them?
3. Evaluate Your Resources
Will you be working by yourself? Determine if it would make sense to hire an assistant or another agent to help manage lead generation. If you have a team, create a flow chart with each member’s responsibilities. That will help you to see who is doing what and identify any gaps to fill.
4. Set Clear Goals
A great model to follow is SMART goals: specific, measurable, achievable, relevant.
Include both short- and long-term objectives, such as annual income targets and the number of transactions you aim to complete.
5. Establish Budget and Financial Projections
Create a detailed budget that accounts for business expenses, such as licensing fees, marketing and advertising, office space and transportation.
Lead generation is your most important priority. A comprehensive, well-designed, multi-faceted marketing campaign is crucial for your business to succeed. As part of your budgeting step, be sure to include this important category and analyze if it makes sense to do in-house or to off source.
6. Create Strategic Action Steps
A great customer relationship management (CRM) system will help you run your business with maximum productivity.
- It allows you to organize all your contacts and their detailed information in one place. It also lets you rank contacts by importance and informs you when and how those clients and leads should be contacted.
- It has functionality that creates detailed reports so you can track your transactions and expenses. It should also be able to generate reports, so you know if you are on target to meet your financial goals and what to do to reach them.
- It helps you stay aligned with your goals, to-do lists and calendars. A CRM can also create action steps based on your goals and current progress and can generate your priority list.
7. Create a Plan for Evaluation and Review
Regularly review your progress and adjust your business plan as needed. Use key performance indicators (KPIs) to see if you are hitting your benchmarks and if you need to adjust your plan.
8. Consider Support and Accountability
Consider working with a real estate coach to help you strategize and implement measures so you can reach your goals. A coach will also help you deal with issues head on to keep you accountable and on task.
9. Commit to Continuous Learning
Commit to ongoing professional development by attending training seminars and staying updated on industry trends.
Buffini & Company – We’ve Got You!
Buffini & Company’s coaches have already been working to establish systems and resources in place to help get their clients ready and positioned for a strong 2024 selling season. To learn more about how a coach can help you take full advantage of the extraordinary year to come, schedule a free Business Consultation.