• By responding to four simple prompts, you will glean vital information that you can use to create a concise business plan that is effective and strategic.

One of the biggest mistakes you can make as a real estate agent is viewing your career as a job when you should be viewing it as a business.

By treating your career as a business, you will position yourself to go through the various stages of small business development, including creating a business plan and conducting a feasibility analysis.

Empirical data suggests that owners who draft a business plan grow their enterprise faster than those who do not; but the reality for most real estate agents is that they do not have time to create a business plan, and those who do usually don’t know where to begin.

According to the United States Small Business Administration (SBA), there are typically eight sections in a business plan. In this article, I will condense those into four concise segments that can be articulated in two pages.

By answering the following four questions, you will glean vital information that will help you guide your day-to-day activities, form your business plan, meet your professional goals and ultimately sustain your real estate career for years to come.

Question 1: Short-term and long-term goals

What goals do you have for your business? Specifically, where do you want to be in one year, five years, 10 years? What steps do you need to take to meet these goals?

For example, let’s say that your goal is to open your own real estate office in Pennsylvania in five years when your children leave for college.

The step that you will need take is to earn a Pennsylvania real estate broker license. Put this down on paper, and list the specific steps you need to follow.

Question 2: Competitors

Who are your competitors? What advantages do you have over your competition?

Perhaps your main competitor is an experienced agent who has sold hundreds of homes.

As a new agent, I remember overcoming the objections of a prospective seller client by assuring her that because she was my only client, I would devote 100 percent of my time to promoting her listing.

No matter how bad the odds may seem, there is always something to offer your clients that sets you apart from your competition.

Question 3: Target client

Where do your potential clients currently live, work, exercise, shop, play, go to school, etc.?

Describe in detail your target client (think target market). Put aside the usual demographic data, and look at your answer from the perspective of the question above.

Establish a plan explaining how you will connect with these prospects.

Question 4: Communication

How will you communicate with your prospective clients?

Will you encounter prospects in person, online, both? What terms are you on: formal, informal, cordial, acquainted? Consider this part of your marketing outreach efforts.

Make a plan

Some things to keep in mind:

  • Your business plan is a dynamic and evolving document
  • Update your plan quarterly or annually
  • It’s OK to create an informal working plan on your tablet or even handwritten in a journal — do what works best for you

By answering these four simple prompts, you will be able to generate key information that you can use to create a streamlined business plan that is effective and strategic.

Establish short-term and long-term goals that will allow you to concentrate on targeted activities and lead you to meeting your goals.

Ayisha Sereni is the president of The Main Line School of Real Estate in Wayne, Pennsylvania. Follow her on Twitter or Facebook

Email Ayisha Sereni

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription