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Part 2 - Business Planning for your Real Estate Business

Business Planning for your Real Estate Business This is the next topic in this series of ten specific tasks that leading real estate agents do to succeed. Ten specific Tasks that leading real estate salespeople do to succeed in real estate These are the ten sections contained in this series of articles to help you succeed in real estate: Part 1 - General ideas, suggestions, motivational quotes Part 2 - Business Planning for your Real Estate Business Part 3 - Prospecting for your real estate business Part 4 - Increasing Your Prospect Base Part 5 - You must "List to Last" for the long term in the Real Estate business Part 6 - Set High Listing Standards Part 7 - Marketing yourself to prove to the clients that you are worth it Part 8 - Real Estate Marketing 101 Part 9 - Concerns and Objection Handling Part 10 - Real Estate Time Management _________________ These are some of the notes that I took during the recent seminar and I am sure you will find them enlightening if not helpful! PART 2 - Business Planning for your Real Estate Business Failure to plan is planning to fail.  You are your own boss, and with that comes the responsibility of looking ahead to map your own success. All of the best entrepreneurs spend a great deal of time planning for their future. Real estate is not a job, it's a business You need to develop a business attitude if you don't have one already. Owning your own business has many rewards, but it also comes with risks. If you have a clear business plan you can hold yourself accountable and measure your successes and failures. You cannot succeed without failing, but a good plan will help you overcome failures and get back on track. If you want a return on your real estate investment, then you need to make an investment in your real estate business. One of the greatest challenges for entrepreneurs is learning how to re-invest in their business to grow their business. Salespeople have a tendency to spend as they earn and they do not put anything away for a rainy day. This is a recipe for disaster. Top producers re-invest up to 30-40% of their income on marketing themselves to grow their business. How much are you reinvesting? Determine Clear Goals for your real estate business. You need to create a budget to determine how much money you NEED to make this year. Determine your expenses separately for each month because expenses, like revenues, are cyclical. Make sure you include all business, personal and family expenses along with retirement savings. Then add a 15% cushion to determine how much you need to earn this year. You now have a clear goal. The flow is from goals to activities to results, always. Once you've determined how much you need to earn, divide your income goal by your average commission to determine how many sales you need to close. What is your normal close ratio? If you need to close 100 sales to meet your goal and your normal close ratio is 50% then you need to work with 200 clients to meet your goals. Compare your actual results with your expectations. This is the part most people forget but it is the most important. You need to take stock along the way to make sure you are on track to meeting your goal. If you need to close 100 sales then you should close about 8 each month. Every month if your actual sales do not meet your expectations then you need to change what you are doing to create more business, or you need to reduce your expenses because your income won't be enough to cover them. Measure your performance regularly so you can spot problems and correct them early before they become too large. Next Chapter PART 3 - Prospecting for your real estate business   The next chapter in this series will teach you the next step in expanding your business, read next chapter      The information contained on this page and this series of articles designed to help you succeed in real estate will give you great insights and knowledge into how your real estate business should be conducted.  (C) Copyright Business Planning for your Real Estate Business All Rights Reserved This page has dealt with real estate sales information, I hope you have found it useful.

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Ten specific Tasks that leading real estate salespeople do to succeed in Real Estate:

Part 1 - General ideas, suggestions, motivational quotes
Part 2 - Business Planning for your Real Estate Business
Part 3 - Prospecting for your real estate business
Part 4 - Increasing Your Prospect Base
Part 5 - You must List to Last for the long term in this business
Part 6 - Set High Listing Standards
Part 7 - Marketing yourself to prove to the clients that you are worth it
Part 8 - Real Estate Marketing 101
Part 9 - Concerns and Objection Handling
Part 10 - Time Management

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