With a new year already looming, it’s time to start thinking about creating your 2019 real estate business plan. CENTURY 21 Redwood Realty’s real estate coach, Tom Ferry, suggests these essential elements as part of his 2019 business plan that he’ll be walking our agents through at the business planning session that he's hosting on November 14, 2018. Don’t create your business plan outline without these categories!
First, dream a little. What are your goals for your real estate business in 2019? Think about concrete goals you can set. These should include what you want to attain regarding Sales Volume, GCI (Gross Commissionable Income), Transactions, and Appointments.
Don’t forget to include your life outside of real estate, however. Include your overall physical, financial, relational, and spiritual goals into your 2019 business plan so you can ensure that you'll incorporate everything on a regular basis. It’s easy to forget to or to set aside those things in our lives outside of real estate; adding them into your 2019 real estate business plan ensures they stay top of mind.
Remember, goals aren’t achievable unless they’re SMART (Specific, Measurable, Attainable, Realistic, and Timely)! That being said, don’t be afraid to aim high. Often, real estate agents set their goals too low and never really stretch their goals, failing to realize the success that’s within reach with a little hard work.
What’s Your 'Why?'
Next, explicitly Identify the reason or reasons why you want to achieve your 2019 business plan. Is it to attain more financial security? To make money for a specific purpose, like ensuring a better future for your children? Is it so you can confidently contribute more to your community? Once you’ve determined your 'why,' you’ll then want to outline what the benefits are of taking action toward that 'why' and what the consequences might be if you don’t choose to take action. Would you be placing yourself in more debt? Would you be putting more pressure on your children when it comes to their education decisions? Would your chosen charity not be able to meet its own goals if you don’t match yours?
Seeing that your actions have consequences that affect more people than you may help be a driving factor and gives you something to revisit when you feel like your inspiration is flagging.
Know Your Numbers
Knowing precisely what numbers you need to hit your 2019 goals is incredibly important. To be able to determine what those numbers might be, you’ll want to revisit your past numbers. You’ll know, based on the number of calls you made and opportunities created, what you’ll need to do in the new year to achieve your new goals. You may also want to take into consideration any changing markets – will it be more difficult to sell a home than in prior years? Will the buyer pool be reduced by changing interest rates and mortgage considerations?
Taking what you know into account, you can then decide what numbers you’ll have to do to hit the goals you want to in the new year.
Real estate numbers aren’t your only consideration. Take your other financial numbers into account as well. What current wealth creation avenues do you have, and which do you want to include or create anew in 2019? You should also add these in your overall 2019 numbers.
Outline Your Marketing Strategies
Next, you’ll want to determine what online and offline lead sources you wish to utilize in 2019. These should consider your current target audiences, along with any prospective new audiences you’ll want to be prospecting in 2019.
From there, you can determine your strategy for each marketing segment, and how often you’ll use each marketing platform. Will it be posting on your LinkedIn account three times a week? Will it be posting on your Facebook page every day? Will it be sending a monthly newsletter? Laying out your structure for your 2019 marketing plan in this way will also help you in creating a content calendar for the months (and even year) ahead.
Break It All Down
Finally, once you have an overview of what you want to achieve, you’ll want to break this all down into bite-size weekly, daily, and even, to some extent, hourly pieces.
Based on the numbers you’ve already identified, what would your ideal weekly routine look like that will enable you to hit your goals? Then, become more explicit by taking that into a daily view. What would your ideal day look like when it comes to prospecting, marketing, and other forms of lead generation, remembering to include, of course, taking care of your family and your life. Don’t forget to include non-negotiable time– an hour of power, perhaps – set aside every day for prospecting and follow-up.
Want to get more in-depth with your business plan creation? Be our special guest at the upcoming Tom Ferry Business Planning event. Think you’ve got fantastic business planning skills already? We’re currently running a Business Planning contest for our agents…and we’d love to include you, too. Reach out to us to participate in either event!