Learn how to build the foundations for your real estate success with these tips
A business plan is a critical document for any entrepreneur. And as an agent, that’s you! Think - would you begin anything in your life without a plan? However, creating this plan can be daunting, especially for those in the real estate industry who are focused on closing deals and generating revenue. Luckily, a one-page business plan can provide a simple yet effective solution. In this blog post, we'll outline the steps to create a one-page business plan for anyone in the real estate industry.
Want to learn more about this? Share your email with us at the bottom of this page to get a free 1-hour Mastermind session with president of Real, Sharran Srivatsaa. Follow along with your downloadable PDF one-sheet and ensure you’re setting yourself up for success.
Define Your Vision and Mission
Your vision is the ultimate goal you want to achieve, while your mission statement outlines how you will achieve it. These two elements are critical to your business plan. Start by outlining what you want your real estate business to achieve in the long run. Then, determine the core values of your business and how they will guide your operations. While it may seem a long-winded task, it serves as the baseline of what comes next.
Identify Your Target Market
Who are your clients, and what are their needs? Identifying your target market is essential to creating a successful real estate business. Consider factors like age, income level, location, and other demographics that are important to your business. Having a clear understanding of your target market will help you create a marketing plan that reaches the right people. If you aren’t planning to talk with the right people, you’re going the wrong direction. A baseball coach wouldn’t ask a basketball player to join the team, would he?
Analyze the Competition
Before you can set yourself apart from the competition, you must first understand what you're up against. Analyze the market and identify the other real estate businesses operating in the same area. Determine their strengths and weaknesses, and identify areas where you can do better. Finding pain points helps you overcome them when pitching yourself. One of our favorite things to do is conduct user research studies. Offering incentives for answering a few questions can help you gather valuable information that’s used to elevate the experience you offer.
Develop Your Marketing Plan
Once you know your target market and understand your competition, it's time to create a marketing plan. Marketing is broad - so make sure you’re targeting the right channels, areas and ideas. This plan should outline the strategies you will use to reach your target market, such as advertising, social media, and networking events. Your marketing plan should be specific and measurable, with clear objectives and
timelines. For example: as a new agent, you’re going to run 3 local advertisements in the newspaper for the month of June.
Create a Revenue Model
Your revenue model should outline how you will generate income from your real estate business. Consider factors like commission rates, fees, and any other revenue streams your business will have. Your revenue model should be realistic and achievable, based on the needs of your target market and the current real estate market. As an agent, you’ll want to be aware that it doesn’t happen overnight. Ensure you’re building a revenue ramp to predict long-term success.
Set Goals and Objectives
Goals and objectives are critical to the success of any business, and your real estate business is no exception. Your goals should be specific and measurable, with clear timelines for achieving them. Set both short-term and long-term goals, and make sure they align with your overall vision and mission. This is where your 1-pager starts to really take shape, because you’ll finally have a horizon to head for. Don’t overdo these, and instead focus on the quality of the goal. If you have one goal for the year - make it a good one.
Develop a SWOT Analysis
A SWOT analysis is a critical tool for assessing your business's strengths, weaknesses, opportunities, and threats (SWOT). It helps you identify areas where you excel and areas where you need to improve. Use this analysis to refine your business strategy and stay competitive in the real estate market. This is an area that it’s best to collaborate in, as identifying your own qualities is often more challenging than it seems - and vitally important to how you sell yourself.
Review and Refine Your Plan
Creating a business plan is not a one-time event. As your business grows and changes, your plan should evolve with it. Review your plan regularly to ensure it is still relevant and effective, and make any necessary changes to keep your business on track. If you’re able to keep it all on one-page, it’s even easier to adapt.
Remember that planning is the first step to success. It’s critical that you build a steady foundation on which to build your legacy. Remember to enter your email below for the one-page PDF template + free mastermind session to ensure you’re tackling the real estate market head-on.