Real estate business planning: Your pre-real estate business plan checklist

Real estate business planning: Your pre-real estate business plan checklist

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November 23, 2022
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Elm Street Technology
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Education & Best Practices

Business planning is one of the most crucial steps that you can take as a real estate professional. However, to plan for a successful real estate business, you must first pre-plan.

Pre-planning helps you define your objectives, monitor changes in the real estate industry, check your working knowledge of new trends, and tells you if you need to devote more time and resources to your continued education as a real estate agent. After all, your prospective clients and current clients rely heavily on you to be their preferred expert.

And while pre-planning may seem like a large task alone, it can greatly reduce your stressors before sitting down to write your real plan.

With a few simple steps, you can develop an effective strategy to help unload some of the busywork while you focus on your potential clients.

Know what the latest trends are.

Are there new technologies that could improve your service's competitive advantage? Is there a new direction in target market mentality? What sales strategy best works with your target audience? What questions do your prospects have about fundamental changes in real estate legislature? Can you answer them?

Understand what's changing in your specific market and what your prospects are searching for - particularly what may be confusing to them or what their buying habits are. This also allows you to determine how many resources and how much time you may want to devote to educating yourself or refreshing your knowledge about updates and trends.

Find out how your competitors are doing.

Yet another crucial facet of planning is knowing what to account for. We often say that you should know what your competitors are doing, but that doesn't have to be a full reconnaissance mission or filled with devious intent. In fact, a little internet research can help you go a long way.

After you've done your research, ask yourself questions like: Is there an opportunity for you to do something similar but more in-tune with your prospects and clients? Can you do it for less? Have these methods been tried before? Have you tried them? Do you know how your leads and clients may respond to them?

Explore your marketing strategy

You've probably created a business plan in prior years. And while some of your marketing efforts may have paid off, others may not have been as successful. Take a walk through your past attempts and explore whether you'd have been satisfied as a prospect viewing your marketing materials. Separate yourself from your work and take on the observer persona.

This allows you to really view yourself through the lens of your target audience. Make sure to take notes and compare your strategies to other successful real estate agents. What are the key differences? Where did you find obstacles? Did you account for those obstacles in a previous business plan?

If you're new to the game, explore the marketing strategies of a fellow real estate agent - maybe your teammate, mentor or even your broker. Make notes about what they've tried, what's worked in the real estate market, and what might be better suited to the audience those marketing efforts may have missed.

Every business needs a business plan. Real estate too.

These are just a few pre-planning strategies to help get your real estate business plans up and running with precision. Once you've taken the observational role and learned from past experiences or current mentors, you're ready to apply your findings to your new business plan. And remember, you're never alone when creating a plan for your real estate business.

Tags:
Best practices | Marketing | Business tips
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