The creation and implementation of a solid business plan as a real estate professional are essential to your future success. In an industry with a large number of unsuccessful agents who give up, having this roadmap is an important success factor. Most people confuse a goal with a plan or they list a few goals on a sheet and place it in the top drawer of their desk, never to see them again.
If the goal is the means to achieve, all agents and brokers must take into account three main elements for the implementation of a strategic plan. This will help you achieve this commission / income goal and track your progress along the way. And make no mistake: creating a business plan will create success. This must be well thought out and you must be diligent in the execution of the plan.
• Achievable goals – One way to prepare yourself for failure is to set yourself an unattainable goal. If the goal is not realistic, not achieving it is a reminder of failure and not of success. Looking to the future to achieve a goal with annual progress is a better method. A good understanding of the real estate sector and the average or higher level of income currently obtained by active real estate professionals is an excellent starting point.
• Accountability – To execute a well-thought-out business plan, accountability is necessary because it must include measurable results and management of activities. It also allows you to focus on activities that perform well and produce results over those that are not productive.
• Update – Periodically review your plan and adjust it based on the results. No plan should be carved in stone because a business plan is a roadmap for the future and can not be predicted with certainty. Compare your results to the plan and be flexible to make adjustments. Do not forget that your results are due to your efforts, but sometimes to external factors beyond your control.
New real estate professionals may need to work with other agents or their real estate broker to obtain information to estimate realistic activities. There is no substitute for a quality experience and you will have most professionals happy to help you. Local market conditions, average house prices, etc. affect your business plan. Visualize your success and it will be done with an excellent business plan.