Everyone that's ever been in business knows how important it is to have a business plan, yet fewer than 1 in 10 real estate agents have actually ever created one! Sorry to be cliche', but a business with no plan is a plan for no busness! I was recently approached by one of our newly licensed agents that is anxious to create her busniess plan in advance of diving into real estate.
What enthusiasm to start out right! She asked for my advise on how to begin, so here is what I would recommend for creating your first real estate agent business plan, whether you are new in the business, journeyman, or even a seasoned veteran. Much of the same will apply.
For the new agent, the first six months in real estate can be an overwhelming initiation, and very challenging. This critical period often seperates those that succeed from those that either leave the business or flounder their entire career. Many new agents are surprised by how much there is to learn and do. I would put less emphasis in this first year real estate business plan on closing deals and more on learning about and implementing the systems and schedules that will lead to them, lead generation and learning the business from a practical vantage. You will find it necessary invest some time simply setting up your technology, learning to use the tools of the business and becoming familiar with the real estate business practice itself.
Your business plan should have as a primary objective positively committing to, from the beginning, learning what you will need to know to survive in the business. I would suggest that your business plan should include a clear commitment to engaging in as much training and coaching as you can manage. And then implement what you are learning.
If you are not a new agent, but have never had a business plan, approach your business plan like a 'newbie'. You'll have many advantages over the new agent, but you may be carrying some of the baggage of poor planning, little training and dissappointing results. A business plan can help you see yourself and your business from a 3rd party vantage. It is easier to be critical of yourself than have someone else point it out!
Keep this first plan simple, then review it often as a means of knowing if you are staying on track. A business plan is not fixed in stone, and should be adjusted, amended and improved as a living document throughout the year. When you create your business plan for next year, you will discover this year’s plan is a great launching point to create the next one and will be much easier than this very first one. And most important of all, put it ALL IN WRITING! Agents that say they have a business plan, but its not in writing don't have a plan at all. They have a wish and a dream. A business plan is a documented roadmap to success, with unnecessary detours and stops avoided. Good luck in 2013!
EXIT Realty Expertise
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King George, VA 22485
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Helping Buyers and Sellers achieve their Real Estate goals in King George, Fredericksburg, Stafford, Spotsylvania, Caroline, Prince William, Westmoreland, Colonial Beach and the Northern Neck of Virginia. Licensed in the Commonwealth of Virginia and the State of Maryland.