business planning for the successful...
TRANSCRIPT
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Business Planning for the
Successful REALTOR®
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Real Estate Business Plan
Today’s Objectives • What is a business plan?
• Why business plan?
• 4-Part Business Plan
• Taking Actionable Steps to Creating
Your “Simple” Personal Business Plan
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What is a Business Plan?
A BUSINESS PLAN is NOT:
• a complex math problem (numbers do not inspire);
• a science project;
• number-driven;
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What is a Business Plan?
A good BUSINESS PLAN:
• Less is more (K.I.S.S.)
• Provides for specific and actionable commitments
that are measured on a consistent basis
• Facilitates change so as to not repeat history
“Insanity is doing the same thing over and over
again and expecting different results!”
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Why a Business Plan?
IN GENERAL
• Grow your business
• Quality personal life
IN SPECIFIC
• Self-discovery
• Build on strengths
• Identify weaknesses and ways to improve
• Systemize
• Work smarter, not harder
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Four-Part Business Plan
4 PARTS OF A SOUND BUSINESS PLAN
1. Reflection
• (What exists today?)
2. Wants & Needs
• (What do you want to exist tomorrow?)
3. Action Steps
• (What do you intend to do to get there?)
4. Accountability
• (How do you intend to get there?)
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Four-Part Business Plan
1. REFLECTION (What exists today?)
• You need to figure it out on your own (self-discovery);
• You need to assess your business as of today:
• You need to identify your personal strengths or advantages you bring to the table;
• You need to identify your personal weaknesses and aspects of your personality & circumstances;
• You need to evaluate your business – processes, procedures, systems, marketing, etc.
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Four-Part Business Plan
REFLECTION
1. How many people do you have in your sphere of
influence?
2. What database management system are you
presently using?
3. How often are you communicating with each person
in your database?
4. What activities are you consistently doing to
increase the names in your database?
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Four-Part Business Plan
REFLECTION
5. Do you have a farm?
• Do not strictly pick a farm where you live;
• Choose a farm with a high turnover
• Choose a farm that is not dominated by one
particular agent/office
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Four-Part Business Plan
REFLECTION
6. How many people are in your current farm?
(touches are more important than # in farm)
7. How many closings took place in your farm last
year?
8. What are you sending to your farm?
• You want to demonstrate skills and expertise (up to
the market information)
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Four-Part Business Plan
REFLECTION
9. What were the source of each of your closings? (i.e. open houses, website lead generation, past clients, spheres, etc.)
10.What was your buyer to seller ratio last year?
11.Did you accomplish your goals last year?
12.What got in your way of you accomplishing your goals?
13.What are the three most important things you accomplished last year?
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Four-Part Business Plan
2. WANTS & NEEDS
(What do you want to exist tomorrow?)
•What areas of your business do you feel you need the most improvement?
•What kind of specialized training would you like from management?
•What are you not doing in your business that you feel you should be doing?
•How often would you like to meet and review your progress?
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Four-Part Business Plan
WANTS & NEEDS – Sales Projections
• Mark to commit to – not shoot for;
• No. of Units Closed (your #) ‘bold but attainable’
• Average Sale Price (historically, market, target market, buyers vs. sellers)
• Average commission per end
• GROSS COMMISSION EARNED
• Number of listings required (DOM, Sold/Expired)
• Marketing budget (avoid reactionary)
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Four-Part Business Plan
3. ACTION STEPS
(What do you intend to do to get there?)
• 90-day plan of action (activity vs results)
• 12-month plan of action
1.Sources of business
2.Commit to action steps
3.New strategies to implement
(database marketing, email marketing, farming, etc.)
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Four-Part Business Plan
4. ACCOUNTABILITY (How do you intend to get
there?)
• Follow-up
• Coaching
• Stress vs. Tension
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Creating Your Business Plan
“The key to developing a
successful business plan is to
put it in writing and follow the
plan.”
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Creating Your Business Plan
“There will never be the perfect
plan or perfect time.”
“Make your plan based on
YOUR best judgment.”
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Creating Your Business Plan
“Stick to the plan –
don’t tinker looking for quick
fixes.”
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Creating Your Business Plan
“Set aside
three to six hours per week
to start working on your
business.”
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Creating Your Business Plan
“If you fail to plan, then you
should plan to fail.
The best thing you can do is
START –
Ready-or-not, just do it!”
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Conclusion
Task/Be Accountable...
•Ultimate Goal
CREATE A 90/DAY & 12/MONTH WRITTEN
BUSINESS PLAN
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Conclusion
Task/Be Accountable...
•Next Action Step/Commitment
Create a database or spreadsheet of contacts you would maintain in a Contact Management
System (include names, addresses, phone numbers, email addresses);
Questions?