Your real estate business plan is your greatest predictor of success because when done correctly, it serves as your guide for the entire year. Let me show you how to bring more certainty to what you’re able to achieve in 2024.
Our industry is shifting. With so much up in the air, nobody is exactly sure what the market is going to do or when. But even though the market might be full of uncertainty, that doesn’t mean that you have to be. With a finely tuned real estate business plan, the market can shift in any direction it wants without ever throwing you off balance.
Your business plan is your guide forward which cuts through the darkness and allows you to be certain of where you’re going.
That’s why in one week from today, I’m hosting a webinar called “Make It or Break It: Business Planning for a Turbulent 2024 and Beyond,” that’s dedicated to helping you plan for success in 2024.
In this blog, I’m giving you a sneak peek inside, sharing seven fundamental elements that make up a truly effective real estate business plan so that you’ll have time to think about each of them and prepare for when we fill them out together next week.
I can’t stress how important it is that you begin thinking about this stuff NOW and do it in the correct way. So with that said, let’s dive right in…
Real Estate Business Plan Fundamental No. 1: Purpose
Begin with your “What?” It is a fundamental principle that the universe cannot give you what you want if you don’t even know what you want.
So what do you want? But more than that, what does it look like? In ten years, what do you hope to build? “Selling some houses to make some money” is not a mission; it’s just a thing you want to do, and it won’t fuel you to achieve anything truly special.
If you haven’t already realized what your purpose is, you can discover it by listing out what you value, because your mission statement should reflect the physical manifestation of your values. And if you need help here, in the webinar I’ll show you what my top five values are in order to give you an example to work off of.
Real Estate Business Plan Fundamental No. 2: Motivation
Now that you know what you want, WHY do you want it?
The fact of the matter is that you will get tired and there will be times when you feel like getting complacent or not following through. In order to have a guaranteed way of refueling yourself and staying on track, you need to be very honest about what motivates you.
Fear of letting down my family, those who work for me, and the agents I serve is what honestly motivates me. These answers sound like what you’d hear from a LOT of people, but the truth is, sometimes people deceive themselves about what actually motivates them. This requires deep introspection. If money, lots of vacations, or status are what really inspire you to work at your best, you need to know that.
Once you know what or who you’re doing it for, it’s time to put an accountability plan in place, because no one can stay self-motivated all the time – that’s just not how people work. And unless your spouse is a professional business coach who can look at your numbers and hold you truly accountable, they don’t exactly count.
Real Estate Business Plan Fundamental No. 3: Units & Goals
What if I told you that you could bring increased predictability to your business in 2024, even with uncertain market conditions? That’s the power of tracking and measuring, and in next week’s webinar, I’ll help you dig into all the most important metrics to know.
It’s about getting very specific about what’s possible and breaking it down into an equation you can follow for success. When you set overly ambitious goals without reason or a guide to reaching them, then those aren’t real goals – they’re hopes and wishes.
Real Estate Business Plan Fundamental No. 4: Marketing & Lead Gen
Identifying how you’ll attract new business in 2024 and committing to your plan is one of the most crucial steps toward making the new year a successful one:
- What marketing are you currently running?
- What marketing are you planning to run?
- And most importantly, what marketing can you afford to run?
Your marketing budget and action plan are vital to a successful real estate business plan, but they must have a thoughtful strategy behind them. Look through what’s showing you the best results and what lead-generation pillars can complement or integrate with what you’re already doing.
Maybe there are areas where you spent too much money or ones where you would have benefited from investing significantly more. We need to get your budget dialed in and then align it with the action items you need to be hitting yearly, quarterly, monthly, weekly, and daily. Join me for the webinar and we’ll give you the template to figure all of this out.
Real Estate Business Plan Fundamental No. 5: Operations
Just because someone is running a business doesn’t mean that they always understand how it works. If you keep doing the same procedure over and over and have inconsistent results with it, there is something wrong with the procedure.
Our goal in this section is to prepare you and your team (if you have one or are planning to build one) with all the tools, resources, and SYSTEMS you need to get more done with less effort. If your SOPs aren’t already completely locked down, you want to pay extra attention to this section of your business plan.
Real Estate Business Plan Fundamental No. 6: Finances
Isn’t it interesting how people who don’t budget their money always seem to struggle with it, no matter how much they make? In 2024, you’re not going to be that person.
Your real estate business plan should have an exact breakdown of what happens with every commission check, covering your taxes, expenses, and every other aspect of your financial plan. You’ll want to work on paying off debts, making wise investments, and having money set away in case you need it (REMEMBER THAT SHIFTING MARKET?).
Real Estate Business Plan Fundamental No. 7: An Important Exercise
I’m going to hold back here because the exercise that we’re going to cover during the webinar is so important to the harmony of your team and operations that I don’t want to oversimplify it here.
You’ll have to show up to the webinar to get it, because we need to break it down step by step. Be sure to take notes because this is an exercise that should be done annually for every business plan you craft.
2024 Success Begins on October 5, 2023
I know that this year has been a difficult market for a lot of agents, and the reality is that 2024 isn’t looking any easier.
But “turbulent” doesn’t have to mean “disastrous.” It just means you need a solid plan more than ever.
So be sure to join me for my free business planning webinar, “Make It or Break It: Business Planning for a Turbulent 2024 and Beyond,” on Thursday, October 5, at 11:00 a.m. PT.
Keep these fundamentals in mind and spend some time thinking about them every day until then so you’re prepared for when we dive into them.
I’ll see you there!