5 Elements of a profit-producing real estate business plan

Would you like to end the year strong and take momentum into the next year? A well-executed business plan is key. A profitable business plan must be in place and activated by November 1st.

It takes 30 to 45 days for activity to translate into contracts, allowing your people to finish the year strong and carry their momentum (pending contracts) into the next year. A good business plan consists of five elements.

Learn from last year. What worked? What didn’t work? Where did the business come from? How many offers and sales did I have? How can I improve? Unfortunately, many sales reps never take the time to evaluate their business and progress. They drift like that from year to year accident professionals in the real estate sector. You haven’t been in business for 10 years; You have a year 10 times.

Set goals for the next year. Set goals in four areas:

  • Your why; your life list; your reasons for living. What’s the rocket fuel that motivates you to get up and go to work?
  • your financial goals. Your why needs funding!
  • your net worth goals. Do you want financial freedom one day? Real wealth comes from income-generating net worth, not ordinary income.
  • your database. Do you have enough connections to reach your financial goals? A good benchmark is one household per $1,000 in gross commission income.
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Set activity goals. Unfortunately, many sales reps skip this step. You’re good at setting goals, but the key to achieving those goals is productive activity called flow. There are two types of flow: live flow (face-to-face and voice-to-voice) and auto-flow (mailings and electronic communications).

Set specific flow goals – number of calls, mailings, lunches, etc. Research shows that 50 live flow contacts result in a contract. Would you like to increase your income? Increase your flow and measure it. As we say, “Flow fixes everything.”

Plan your activities. Set aside time for your Flow activities. We tend to do what we plan to do. The system used by almost all of the top producers I’ve researched is time blocking. They control their agenda instead of drifting through the day. They arrange to meet themselves to do their flow activities.

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Act! A good business plan only makes sense if you implement it. Sales reps who plan their activities through time blocking (Step 4) are much more likely to take action. Consistency is key. What we do every day is more important than what we do every now and then.

I recently moderated a panel with four very powerful people. All had attended Ninja installation training. I asked them, “What helped you the most from the training?” To my surprise, all four said the same thing: The Five Daily Habits of Ninja. This is a morning routine consisting of:

  1. Gratitude, affirmations and positive reading to get your positive energy going.
  2. Show up for work and block out your day and week to keep you on your agenda.
  3. Write two personal notes
  4. Focus on your Hot List (people looking to buy or sell in the next 90 days).
  5. Focus on your warm list (people who want to buy or sell in the next year).
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As one of the $60 million producers said to me, “If I start my day with these five activities, I’ll have a great day. If I do this consistently, great days come together and I have a great week. Great weeks lead to great months and great months lead to my best year yet!”

What would your business or office look like if everyone had their best year yet? If you’re a sales rep, how about having your best year ever?

When I go through these five pillars with salespeople, owners, and managers, they seem to get a hit of insight and clarity. You stop being confused and afraid of the disruptors and the new technologies. They start focusing on their relationship building skills, empathy and finding ways to create a WOW! experience for their customers.

Most customers are not looking for an app or an algorithm to help them. You want an empathetic, trustworthy advisor. Offer this level of service and our future is very bright!

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