Why is a Business Plan Critical for Real Estate Success?
Years ago, when I (Ivey) first started my real estate career, I began my business planning for the coming year in late October or early November.
I entered those sessions bright eyed and bushy tailed. I set goals for the activities I was going to complete every day, week, and month to hit my dollar goal I hoped to reach in sales volume. My old brokerage actually had a formula that traced that volume goal down to the exact number of outreaches needed to translate to an average client conversion rate–based on average home sales price and past performance.
But then, January happened.
It was cold, dreary, and much like a New Years Resolution that starts out strong with healthy eating and trips to the gym, the activities stagnated. I got busy with things that filled my time but didn’t actually meet the criteria of what I needed to be doing. And when I made myself do the activities I had to do, I really didn’t enjoy it.
Who likes to make cold calls or hit up acquaintances with a very vulnerable request for business or referrals?
That’s when it hit me.
The typical real estate business plan doesn’t work for me (or most people) because it doesn’t get to the core of what brings me joy and why I do what I do. It assumes that money is the greatest motivator and while it certainly helps, it isn’t our reason for being. Our “why” is more likely aligned with our family, friends, faith, or causes that bring a smile to our faces and happiness to our hearts.
Your business plan is critical to your success, of course. An aimless practice of any business will lead to mediocre success and rely on pure luck too much.
But the questions you must ask yourself first are much more intimately connected to who you are as a person and your life goals. From there, you can generate the activities that help you fulfill those things.
The magic in this plan is when you think that way, you actually attract the right kind of real estate business that brings you joy AND helps you reach your financial goals.
For our SMART Growth Planning at SMART Real Estate Consulting, we combine heart and soul with actionable SMART goal setting based on your key motivators. We create sales-generating activities that speak to your passions and marketing strategies that reflect your expertise.
At the end of the day, you will enjoy the tasks on your SMART Growth Plan because they were built for YOU.
Doesn’t that sound like fun?
If you want to dive deeper into the SMART Growth Plan, we are available for customized, one-on-one SMART Growth Planning. Just get in touch to schedule your training.
Go, set SMART Goals that bring you joy!
