Building a career as a real estate agent is an exciting path to take. You are beginning a journey of essentially having your own business and working as a self-employed salesperson. But in order to succeed, you should have a quality business plan in place. At REDX we provide real estate agents with the tools and instructions you need for success, so here are some tips for building a business plan that will help you stick to the goal of long term success on the road ahead.
You want your business plan to show who you are as an individual real estate agent. You can make an extensive, elaborate presentation or It can be a simple one with a simple presentation quality. But in order to reach your goals, you must have a plan.
To Include In Your Plan
Start your business plan with an executive summary. This is where you will describe your mission, goals and achievements that are significant to your purpose as a real estate agent. Take your time on this part. Make sure the summary focuses on your unique qualities that will help you stand out in the real estate profession and catch the eye of your clients. Your executive summary can also include information about your work space, equipment and any other employees you work with, such as an assistant.
Your business plan should most certainly include a competitive analysis. Identify how you and other real estate agents are similar and different in all aspects of your job, including target market and marketing strategies. This will help you set your business apart from the others.
You want to outline both your personal and business expenses of your budget outline, including the gross income that is required to meet these expenses. Once you outline the basics of the money you need, identify how you will generate that income by showing analytics of how many transactions you will need to complete in order to achieve this required income. Further into this description should be your breakdown of how many prospects you will need to connect you to each transaction. Once you become familiar with the formulas, this process can be quite easy and become one of the most efficient ways for you to budget.
Once you know what your budget is, create a marketing calendar outlining which strategies you want to use that will work best for your needs, and date when you will be implementing them. With this budget you will also want to provide financial details surrounding your business, stating current cash and assets along with liabilities and other expenses.
A market analysis in your business plan will define the people who will buy or list their home through you. Identify your market demographics (i.e. age, gender, status, etc.) as well as their status as home owners (are the first time buyers or are they downsizing?).
Also include in your business plan the various media outlets you plan on using to promote your services. Identify how you will use these outlets and the different marketing strategies you have in place (i.e advertising, workshops or seminars, social networking, etc.).
An appendix for supplemental documents is not included in the main part of your business plan, but is a relevant section to have. Include in here a copy of your real estate license and other certifications, as well as documentation regarding your broker, brochures and other materials.
Your business plan is not a document that is completed once and then put in a file. Make sure it is an accessible document that can be changed as needed in order to help you stay consistent with building a profitable career as a real estate agent.
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