DEVELOP A REALISTIC BUSINESS PLAN FOR REAL ESTATE

DEVELOP A REALISTIC BUSINESS PLAN FOR REAL ESTATE

 

REAL ESTATE BUSINESS PLANIt 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.

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 9 commentsHarry F. D'Elia • June 05 2011 06:18PM

Comments

Great post Harry, it needs to be said over and over. The volume of new realtors that enter the market and then leave - crash and burn in this challenging career. It is said 70% + of new realtors do not make it into their 3rd year, it is sad - after all that investment in education, in marketing , in car and clothes and advertising...

cheers

Nor 

www.envoycapitol.com

Posted by Nor Yeretsian, Envoy Capitol Realty Inc., Brokerage Toronto (Envoy Capitol Realty Inc.) about 7 years ago

Set the Plan and do the Deal$

Posted by Harry F. D'Elia, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (Real Estate and Beyond, LLC) about 7 years ago
We all need a plan to follow
Posted by Eric Villaverde (DoubleTree Home Inspection Services L.L.C.) about 7 years ago

Hi Harry: in January my managing broker started the sales meeting by saying something like "if you got your 2011 sales plan back in your inbox it's because there is something drastically wrong with it. If you made $7,000 last year and you put $150,000 as your goal, what the hell are you going to do differently to get there?". And as it turns out, about 40 people put "blog" and "FB" as new marketing activities. Wonder how that's working for them? ;-)

Posted by Leslie Ebersole, I help brokers build businesses they love. (Swanepoel T3 Group) about 7 years ago

Blog consistently with great content can make the difference

Posted by Harry F. D'Elia, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (Real Estate and Beyond, LLC) about 7 years ago

Harry, Thank you for sharing this post as a reminder.  Setting goals and creating a business plan are very important.  Implementation of the plan is critical.  Best wishes.

Posted by Richard Yates, Broker and Realtor Orange County, California about 7 years ago

Make the plan

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

Set aside time to make it happen

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

You will overcome the obstacles to achieve the goal

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

Participate