Don’t you just love planning out your year: setting goals and targets, plotting strategy and milestones, working on your bigger vision for the business? What, you don’t love this?
Uh oh, that might be a problem.
It’s your business for Pete’s sake. You need to have everything in order. Dot your I’s, cross your t’s.
Some independent business owners get so caught up in the day to day minutiae (some may consider it their day to day grind) that they lose sight of the big picture. Don’t let the sight of all those trees take your eye off the sight of the forest.As a real estate agent, you are you own business! Youare the captain and must control your ship – your ship must have a destination and a route to get there.
You know that you need to have a proper business plan in place. But that plan also needs to be revisited routinely, and there’s no better time than doing so at the start of your year.
You need to first establish what your realistic goals are for the year. By this, we mean how much commission you are aiming to make. How many deals to you need to do to achieve this commission? That is the end result. Now you need to establish a detailed work plan and strategy to sell that many properties – this is the “HOW”.
Who is your market – buyers or sellers or both? What geographic areas are you going to focus on? How will you establish and position yourself in those markets and communities? What marketing tools will you need? What is your marketing budget? Do you need help in the form of admin support and other agents – what will this all cost?
Your plan must be realistic.You need to monitor and update your plan throughout the year. After all conditions change!
Review your specs: your niche, and your target market. Is this still the best place for you to focus your efforts? Maybe time and circumstance have turned you in a new direction. That’s great, but you’ll have to revise your plan to incorporate the necessary changes.
Remember, you can’t hit a target that you can’t see. So you’d better be very clear on your target.
Once you are clear on your niche and its target demographic, review your approach. What strategy are you employing to reach this group? Is it still the best strategy?
Things continue to change and it’s critical that your plan reflects that. For example, the once computer illiterate senior population is catching up with the times. These baby boomers, who may have once responded to television and newspaper ads are now surfing the web. They may not be doing all their research on line, and may not spend as much time in cyberspace as the young ‘uns, but they are on the web and you can no longer afford to leave that tactic out of your arsenal.
A well thought out plan and its attendant strategy will serve you very well in the coming year. These are the blueprints to your success, so make sure they entail everything you need and are detailed otherwise they are simply goals or dreams.
Now that you have a plan, and a realistic commission budget/target; how is this all going to be funded?.Your commission will not come in equal monthly pay cheques and will be staggered through the year. You will have to wait until after closings to get paid! Many of your costs, including your personal expenses will be paid before your commissions are received. Your financial planner or accountant can help you navigate this. Besides, if you find yourself needing a little extra to put your brilliant tactics into effect, you need look no further than an advance on your upcoming commission at http://www.accesseasyfunds.com/