How to Set Up a Real Estate Business Plan

Determine Your 1 Main Goal

Start by establishing a specific and measurable goal for your annual real estate sales production next year.  Typically agents will use objectives like total sales volume, gross commission income (GCI), number of units/properties sold, or even net income.  It is important that a main goal has a numeric value associated with it so that it can be broken down into monthly and weekly portions for measuring progress throughout the year.  For example, an agent that wants to sell 48 homes in a year knows that he or she must close approximately 4 transactions a month, or close to one property a week.

Establish 3 Priorities to Reach the Main Goal

For a real estate business plan to be effective, it must be focused.  Establish 3 priority areas that need attention over the following year.  These priorities should represent some of your more daunting tasks that will require a lot of work and help from others.  Your priorities are the big tasks that are always looming in the back of your mind that never seem to get done.  Examples might include creating a new agent website, setting up a client database contact system, hiring an administrative assistant, or developing a lead generation plan or system.

Plan 5 Strategies for Each Priority

Break down your daunting priorities into 5 manageable strategies designed to accomplish each of them.  Each strategy should represent a specific action step that is in alignment with its corresponding priority.  The key to developing effective strategies is focusing them on each priority.  Otherwise you will just have a scattered to-do list that is unlikely to ever be completed since it is not focused on the accomplishment of your preset objectives.

Example Real Estate Business Plans

We have provided two examples of one-page real estate business plans below.  The first is for an individual/solo agent, and the second example is for more established real estate teams.  Please also note that these plans are also referred to as 1-3-5 plans for their 1 goal, 3 priorities and 5 strategies.  Feel free to copy and use them to create your own plan.

real estate agent

real estate team

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About robertjrussellcompanies

International Real Estate Agent * Insurance Broker * Radio Talk Show Host * Public Speaker * find out about me - visit http://www.robertjrussellcompanies.com
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