The Key Components of a Successful Real Estate Business Plan

A business plan is the roadmap all business owners need to navigate entrepreneurship. However, creating a business plan isn’t as common in real estate as other industries. Real estate agents often jump into the work of representing buyers and sellers and may be left feeling aimless when faced with inevitable obstacles in growing.

Or, they reach the end of the sales year only to find they are nowhere near the goal they set for themselves in total sales volume.

Even worse, they find themselves burnt out and missing time with their family and friends because they didn’t set the right boundaries between home and work.

Do any of these scenarios sound familiar?

Business planning is a core offering and element of SMART Real Estate Consulting, and we like to call it SMART Growth Planning.

We believe ideas and planning are fun—but executing or implementing those goals is hard and often impossible with the common way of business planning agents tend to do.

Why?

Typically, agents and brokerages aren’t creating SMART business plans with Specific goals and Measurable activities to reach them. They often lack an Accountability partner to motivate and challenge them and their plans are often not Relevant to what matters most to them with set, achievable Timelines for growth.

SMART Real Estate Consulting encourages agents and brokers to think ahead and take time to strategize through the lens of these SMART goals.

Ultimately, it all starts with understanding your motivations and values, your WHY for getting up in the morning to do what you do.

For a SMART Growth Plan, you will need to uncover your motivating factors that keep you wanting to do the very best for your clients (Doing Good) and what marketing activities you need to focus on to build your referral network (Staying Top of Mind).

Through the process of creating a SMART business plan, you will ask yourself questions like, what do I value and what brings me joy? Who was my favorite client or coworker–why did we enjoy working together? Why are you in real estate? What life accomplishments are you most proud of? What areas of real estate have you mastered? If your best friend was an agent, what would you talk about?

Your SMART Growth Plan will help put your dreams and expertise onto paper, and give you a guidebook for the kind of marketing you need to do to make it all a reality. By the end of this process, you will have a documented plan that breaks down into quarterly goals and accountability protocols–including a literal daily dashboard–that make it all a reality.

Of course, no plan is perfect, and the best plans are ones that are made to be flexible and adaptable. Your SMART Growth Plan will mold and grow throughout the course of a year. Not only will you change, but the real estate market will change as well. But when you follow the SMART model, you are guaranteed to stay on track.

Do you want to take your business planning to the next level? Schedule a call to see how we can work for you.