SET THE PLAN TODAY

It is critical for all of us to create a business plan for each one of us so that we have a road map to arrive at our destination. I see so many Realtors not focused and frustrated. This can be remedied by establishing a solid business plan. Furthermore, I would highly recommend to them on having a mentor to keep one accountable during this time.

Here are the TOP 5 MISTAKES CREATING A BUSINESS PLAN

  1. UNREALISTIC FINANCIAL PROJECTIONS-I am going to make $1 million in my first year in real estate. How many of you have witnessed this from a new Realtor? Setting realistic financial projections creates a true picture for oneself.
  2. Opportunity-I believe the Realtor needs to define who they will serve such as first time home buyers. Otherwise, one will do a shot gun approach to real estate and become frustrated because of no accomplishment.
  3. No Marketing Plan-A Realtor needs to define a solid marketing plan so people know that they exist when thinking about leasing, buying or selling real estate. Too many real estate agents miss the mark.
  4. Competition-Agents do not analyze the competition in their own local markets. Who is my competition? How will I compete with my competition?
  5. Budgets-Real estate agents do not create realistic budgets when it comes to expenses. Many of them ignore living expenses needed to sustain oneself. Furthermore, most agents do not have marketing in their budget. We receive many calls each month to purchase marketing devices that will increase our business by 25%. Focus and frugal is needed when starting off in the real estate business.

I encourage all of us to avoid these mistakes when creating a business plan in order to achieve the unthinkable. One must be focus and determined to achieve the business plan. Also, other people will need to be involved in order to achieve the plan. I see #5 being the biggest mistake with many Realtors starting their business of.

 I DID IT!

 

Make the Call, Set the Plan, Do the Deal$!

Feel free to listen to my Radio Show to learn more about the phoenix real estate market, new trends, and the latest opportunities.  The Real Estate and Beyond Radio Show Airs every Saturday from Noon-2:00pm on Conservative Newstalk KKNT 960am in Phoenix, Arizona.  You can listent to past shows, or stream on-line.

 

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Comment balloon 14 commentsHarry F. D'Elia • June 30 2009 07:57AM

Comments

Figuring out your competition is a good one but when you live in large market area's do you really have a direct competition, I used to think that when I worked in a smaller office and first started out now I really dont see that.

Posted by Heather the Realtor Orlando, Lake Mary, First Time Home Buyers, Bank Owned Homes (LemonTree Realty) over 9 years ago

Thanks for sharing your post this morning with us. I look forward to more from you. Have a great day!

Posted by Eric Villaverde (DoubleTree Home Inspection Services L.L.C.) over 9 years ago

Heather-great point and thanks for input

Posted by Harry F. D'Elia, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (Real Estate and Beyond, LLC) over 9 years ago

Thanks Eric have a great day out there today

Posted by Harry F. D'Elia, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (Real Estate and Beyond, LLC) over 9 years ago

Harry, thank you for this post, it was great.  We agree with you totally that #5 is the biggest mistake and one we have fell into many times!! We are going to flag this and certainly hope you keep this topic going Harry!  Have a great day. 

Posted by Al & Peggy Cunningham, Brokers, Our Family Wants To Help Your Family! (RE/MAX West Realty Inc., Brokerage) over 9 years ago

Harry,

Great information.  I especially like #5.  I constantly write against looking for a magic pil or the latest greatest lead generator that claims to increase your business.  Most times these things do nothing but drain your pocket.

Thanks for sharing

Have a great day &

Make This YOUR Best Year Ever

Leander

Posted by Leander McClain, Cecil & Harford County Realtor over 9 years ago

Thanks for the great responses to this post. Make it happen today and beyond

Posted by Harry F. D'Elia, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (Real Estate and Beyond, LLC) over 9 years ago

I am defnitely not going to make $1 million selling lots of $100K homes today!  THanks for this post, I am sending it to my buyer's agents!

Posted by Renée Donohue~Home Photography, Western Michigan Real Estate Photographer (Savvy Home Pix) over 9 years ago

 

Renee-we have to work extra harder and assist more people. It all comes back to us in the end. Thanks

Posted by Harry F. D'Elia, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (Real Estate and Beyond, LLC) over 9 years ago

Expectations often don't ever meet up with REALITY! A plan is important! Set some basic guidelines, including what you will and will not put up with from buyers or sellers.

Posted by Marilyn Harrell, Wixom Lake - Beaverton MI (ReMax Riverhaven) over 9 years ago

Great input Marilyn. Make it happen

Posted by Harry F. D'Elia, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (Real Estate and Beyond, LLC) over 9 years ago

I found your post to be most informative today. I always enjoy reading your posts.

Posted by Tim Green (Real Estate and Beyond LLC) over 9 years ago

Tim thanks for stopping in today

Posted by Harry F. D'Elia, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (Real Estate and Beyond, LLC) over 2 years ago

Marilyn I have to agree with you on your comments

Posted by Harry F. D'Elia, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (Real Estate and Beyond, LLC) over 2 years ago

Participate