90 day real estate business plan

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12 Reasons You Need To Make A 90 Day Real Estate Business Plan

The power of a 90 day cycle for planning your real estate business.

Of course, our mentor Mike Ferry, has taken this on as well. In fact, we have a program called 90 Days With Mike so there is a lot of power in controlling your business over a 90-day window. I wanted to give you a few points of how you can take full advantage of a 90 day real estate business plan.

The beautiful part is this time of year, think about it, 90 days is September, October, November and then December, right? It runs us right to the end of the year, what a beautiful thing to do. Wouldn’t you love to have one really aggressive, very pure 90-day cycle between now and the end of the year? I think it’d be great!

So here are 12 points you might want to consider if you want to have a great 90-day cycle:

Write down your 90-day real estate business plan goals.

1. You have to decide your goals clearly, specifically and put them in writing. You really have to decide what you will accomplish over 90 days. You have to put it in writing. Tell your family about it. It’s very common that real estate agents will set goals and they won’t tell anybody. They keep it a secret. It’s kind of like, “I don’t want to fail so if I don’t hit it, nobody knows.” Well the truth is if you want to have a great 90-day cycle, you have to set goals and tell everyone about it

Make A Decision About When You Will Work During Your 90 Day Plan

2. You need to decide the exact days you’re going to work within these 90 days. Be clear about it if you’re off on a holiday, a three-day weekend, a birthday. It’s okay. The problem with many agents is the days kind of sneak up on them, so you need to decide the exact days you’re going to work over this 90-day cycle. Be clear about it. Once again, tell everybody the days you’re going to work.

Prepare Your Call Sheets And Get Excited

3. Go ahead and prepare all of the numbers for you past clients and centers of influence and decide what you’re going to say to them. The magic of a 90-day cycle is we’re supposed to talk to everyone in our database every 90 days anyway. I think it’s time, so go ahead and prepare all those numbers and decide what the message you want to deliver is to those folks for the next 90 days.

Every 90 Days, Cleanse Your Database

4. Clean up all of your leads. It’s not uncommon for an agent to let leads pile up throughout the year. If you want to have a great 90-day cycle, you can’t go into the cycle with a whole pile of leads. Clean them up, take a day, call them all, convert them, and then throw them away.

Devise A Rating And Sales Plan For Each Of Your Listings

5. Rate all of your existing inventory. One of the beautiful things of having an incredible 90-day cycle is selling all of your listings in that window of time. So what if you were to take each listing you have and make a little mini plan for it. What if you were to decide and rate it on its condition? Rate it on its location? Price? And then, make a little mini plan to sell every listing you have. It would be an awesome way to do it.

Schedule Your Overtime Days And Hold Yourself Accountable

6. Decide the evenings and weekends that you plan on working for that extra effort over the next 90 days. I’m going to work two Saturdays a month, or I’m going to work one evening a week. Make a decision how that’s going to take place, when it’s going to happen and tell everyone about it. Hold yourself accountable or get a coach! Put it in your schedule.

For Your 90 Day Real Estate Business Plan Make A List Of Calls And Contacts

7. You have to prepare a majority of the phone numbers you’re going to call for the next 90 days. If you’re not prepared in advance, you’ll run out of phone numbers and you’ll go back to your old pattern. I’m suggesting you prepare about 70 percent of the phone numbers you’re going to need to call over this 90 day window. Your database, the just listed/just solds, old expireds, and then what we do is we just add on top those new sources of expireds and fsbos that way you won’t fail in 90 days by lack of preparedness.

Post Your 90 Day Business Plan Goals Where You Can See Them

8. Post your goals everywhere. There’s nothing more valuable than having your goals up in front of you in the office. Maybe you tape them on the mirror in the bathroom at home, or you give them to your kids or you give them to your broker. I don’t know, but I want everywhere you turn for you to see your goals. Maybe you put them on a 3×5 card and put them in your jacket or purse and carry them with you everywhere you go for the 90 days.

Set Up Your Accountability System

9. Set up some really extreme accountability. Call these accountability partners you have and recommit. Let them know you don’t want to be let off the hook for this 90 day window of productivity. Reset those accountabilities, it’s not that hard to do. Take control of how you’re held accountable.

Dedicate Time Daily To Improving Your Skills

10. Make a specific skills-improvement plan. There’s nothing more powerful than you deciding specifically what skills you’re going to improve on over 90 days and how you’re going to do it. Maybe you’re going to work one objection handler a week, or you’re going to do one script and one objection handler a week or an hour each morning on scripts and skills and an hour each afternoon on your listing presentation. I don’t know. One thing I do know is agents that are aggressively working on their skills tend to always do more business at the same time so get your skills-improvement set.

Stay Committed To The 90 Day Business Plan Process No Matter What

11. Don’t give up when you have a bad day or two. One of the challenges with a 90-day plan is that many agents will get head into the plan, they’ll be cruising a long, and all of a sudden a hiccup. Would you ever expect 90 days would go by without a single bump in the road, or a curveball? Of course not, the challenge is if you know how to pick yourself up and recommit to the plan when you’ve had a bad day or two so you’ve got to find a way to recommit when things go hay-wire. You could always just sign up for 90 days with Mike. That’s a simpler way, right?

Don’t Only Set Goals, Choose A Reward!

12. Why not decide on a big reward? you deserve a big reward for completing 90 day real estate business plan. Maybe it’s a getaway vacation, or a new watch or a piece of art for your house. Decide on a nice reward for doing your job right. If you complete one 90-day cycle like you’re supposed to between now and the end of the year, how good is this year going to wrap up?

Better yet, how good is the start of 2019 going to be? You know it. I know it. It’s the right thing to do. Go ahead, and let’s get started today.

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Watch and listen to Mike Ferry each week, as he discusses a variety of topics to help real estate agents and brokers grow their real estate business by focusing on improving their mindset, developing their skills and creating a plan of action to increase their production. Hundreds of thousands of real estate professionals have attended Mike Ferry events over the last 43 years of coaching and training real estate professionals in countries around the world. There is no question, The Mike Ferry Organization is the global leader in real estate coaching and training.

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The New Agent’s Guide to Becoming a Kickass Realtor

So you just got your real estate license. congrats.

And now you’re wondering what the heck to do next. I’ve got some good news for you: real estate is actually pretty simple. However, it can also be really overwhelming when you’re new. Real estate is all about building and nurturing relationships.

At the core, it’s a high contact and high touch career. The best Realtors are out there hustling, constantly. Just like running long distance, you have to keep a consistent and steady pace. This business can lift you up and it can beat you down. You might close a couple of deals and feel like you’re on top of the world. But the catch is you have to keep closing deals.

Nobody is going to pass you up because you are too young or too new. Instead, clients are going to overlook you because you lack confidence. You have to have to be sure of yourself.  When you get asked the dreaded new Realtor question, “ Soooo… how long you been in the biz? ” you want to surprise and impress them with your response.

There’s a lot of advice out there on the best way to grow your business. It’s important to figure out what works for you. If I were getting back into real estate today, here’s what I would do to hit the ground running.

Get A Mentor

This is your first lesson in relationship building. Find a top producer and pursue them. If you don’t know a top producer, start by asking your broker for a few recommendations and go from there.

Having a mentor gives you a firsthand look at what being a Realtor is all about (trust me, it’s not as glamorous as HGTV makes it out to be). This is the stuff they don’t teach you in school (or when studying for your license), and it’s important to soak up as much information as you can.

Here’s some sample questions you might want to ask your mentor:

• What obstacles should I expect?
• What’s your most successful marketing tactic?
• How do you turn your leads into clients?
• How do you schedule your day and manage your time?
• What’s your biggest waste of time?
• What’s your biggest struggle?
• What resources do you recommend to help me grow and succeed?

Don’t be afraid to ask a top producer to coffee or lunch and pick their brain. Most experienced agents will want to share their knowledge (and show off how good they are). There are no secrets in real estate; any agent worth their salt will tell you that. Just like there is no such thing as six-second abs. Real estate is hard work and top producers are successful because they hustle, not because they have a secret formula.

If you can’t convince an experienced agent to meet with you for coffee, then how are you going to convince a client that you are the best Realtor? Remember, real estate is all about relationship building and this is your first opportunity.

However, if an experienced agent is willing to help you, be considerate of their time. You have to have to provide value (just like with clients). Bring them coffee to say “thanks,” and send them a handwritten note after you meet. You want to get to the point where that Realtor is more than happy to be your go to person when you have a question.

Watch My Videos

I’ve made it my mission to help agents be successful. For the past several years I’ve been documenting my processes and fielding questions from agents just like you, who want to learn how to create successful real estate businesses.

And while I’m not a coach, I articulate values and tactics that have proven success. I offer a unique perspective to growing a referral-based business that’s focused on unmatched customer service.

The best part? My website and videos are available 24/7, free of charge. You can search just about any real estate topic and find tons of great information. You can also reach out to me on Facebook , Twitter , YouTube or email. I make it a priority to respond to anyone looking for advice.

Make A Business Plan

A business plan is a written version of your goals. If you want to have a successful business, then you need to have a business plan. Think of it like a map that details all the different steps you need to reach your goals.

If the task of creating a business plan seems overwhelming, then you’re not alone. Business plans are dreaded by many, but they don’t have to be these huge analytical and evaluative reports. My business plan is a one-page flowchart. Write down your goals and figure out what you need to do to make them happen.

Know The Contract

You are responsible for helping people make the biggest purchase of their life so you better know what you’re talking about. The way you handle the contract will set the tone for the rest of the transaction.

Now, I don’t expect you to know every nook and cranny. You don’t need to take a course in contract law. But you do need to be familiar with each part of the contract. You want to be able walk your client through what they are signing with confidence that you know what you’re talking about.

Contracts cover a ton of information. It’s easy to feel overwhelmed with the minutiae; there’s a lot of jargon and boilerplate terminology (definitions and explanations of language). So don’t try to tackle the whole thing at once. I suggest you break the contract up and go through it piece by piece.

The main sections of the contract include

• The agencies involved in the transaction
• The financial terms and  fiduciary responsibilities
• The timelines
• The inspections and disclosures

As you begin reading through it, you’ll definitely have questions–a great opportunity to reach out to your mentor or broker for clarification. But when you feel like you might have a good grasp on the contract, ask your mentor to test you with different scenarios. This way you can practice writing up various contracts and explaining each section.

The real understanding comes from actually doing it. You might not have 30 transactions under your belt. You might not even have one transaction under your belt, and that’s okay. But if you’re confident and you can explain the fine print, your clients will trust you.

Like I said, it’s okay if you don’t know everything . However, if your client asks a question and you are unsure of the answer, you never want to give the wrong answer. Or worse, tell them you don’t know. When you’ve done your homework and taken the time to be familiar with the contract, you will be able to better interpret the information. Let your client know that you’re going to double check and get back to them.

Bonus Tip: Grow Your Sphere Of Influence

The number one source of business for Realtors is referrals. Approximately 75 percent of an agent’s business comes from referrals and word of mouth, so it’s incredibly important to reach out to your sphere of influence and stay in contact. Your sphere includes everyone from your friends to your family to the barista at your favorite coffee shop. Start checking in and reestablishing existing relationships.  These are the people who already know you, love you and and will tell their friends that they know an awesome real estate agent (you!).

Not sure where to start? I outlined and road-mapped everything I did in my real estate business, and in doing so I created the most comprehensive course, specifically designed for real estate agents. I give you everything you need to Create a Million Dollar Real Estate Business .

How to Succeed in Your First 90 Days in Real Estate

I found huge success by building a referral based business. I focused on outstanding customer service and consistency. That mindset took me from closing just a few homes a year to averaging 300+ transactions as an individual and 900+ transactions as a team.

In addition to the 4 tips I mentioned above, here’s a rundown of what I would be focusing on for the first 30, 60 and 90 days as a new agent.

First 30 Days

The first 30 days are all about laying the foundation. You have to start establishing your presence, building your sphere and implementing good business practices.

ONLINE PRESENCE

Just like when you interview for a job, you want to make sure that your online presence is on point . Google your name, review your social media sites. Double check your privacy settings. But honestly, the best practice is to not post anything that you wouldn’t want a client or colleague to see.

WRITE DOWN YOUR GOALS

The next step is knowing what you want out of your real estate business. You need to know your goals (AKA how much money you want to make) and you need to make a plan on what you have to do to reach your goals. This is your opportunity to dream, to think big and then execute. I call these goals but really, it’s a more digestible way to say “business plan.” The problem with business plans is that they seem cumbersome and time-consuming. But they don’t have to be.

I created a super simple, easy-to-use template that will walk you through your goals and the steps you need to take to reach your goals. Once you figure out your goals, print them out, post them in front of you and give copies to your mentor, your broker and a significant other. Goals are only as good as your accountability.

CHOOSE A BROKERAGE

Knowing what you want will help you decide on a brokerage to work with . There are a lot of choices, ranging from big franchises to small boutiques, and each one has a different set of pros and cons. Some offer a lot of training opportunities, others may have a better commission split. Create a list of questions and interview several different brokerages before making a decision.

MANAGE YOUR TIME

Your success lies in your ability to execute but also to use your time wisely. Spending too much time on busy work is unacceptable. You should be spending the majority of your time doing lead generating tasks… because if you don’t have any leads, you aren’t making any money. This time management method helped me plan the month, schedule the week and prioritize each day.

ACQUIRE QUALITY LEADS

When you’re new, you have to generate leads. You need to establish yourself as a Realtor and you need to make sure that everyone you interact with knows that you’re in real estate. The 30 Day Challenge is 30 days of lead generating activities to give your business a kick in the pants. Don’t resort to buying leads. They’re cold. Brrrrrr! Cold leads don’t know you from the next Realtor. The 30 Day Challenge will help you get your name out into your community and generate quality leads.

INVEST IN YOURSELF

If all this so far sounds obvious and you’ve got it covered, I recommend getting started with this course . It’s my step by step guide on how I built a million dollar real estate business. It walks you through defining who is in your sphere of influence and how to connect with them, plus you’ll learn systems and routines to strengthen these relationships and maintain them, which will turn you into a referral-generating machine!

Days 30 – 60

Once you have established the basics (and hopefully have some leads to work with), it’s time to create systems and put processes in place.

KNOW YOUR CLIENT

No promises but if you execute on the first 30 days, you might find yourself with your first buyer. Before you get too excited and start showing them homes, you want to make sure to pre-qualify your buyers . Why? You want to make sure they are ready, willing and able to purchase a home, so you don’t get in a situation where you are driving them around, showing them homes they have no intention of buying. Pre-qualification is not as scary as it sounds… it isn’t about investigating their financials (leave that to the lender!). Instead, it simply helps you figure out what they are looking for and how you can best serve them.

DELIVER SUPERIOR CLIENT SERVICE

Speaking of service, I’m really big on exceeding my client’s expectations and I did this by providing incredible service before, during, and after the transaction. Instead of purchasing a closing gift or home warranty, I put that money towards items like delivering pizza on moving day, giant thank you cards, and bottles of champagne when their loan was approved. I call it my Ty’s 35 and I implemented these items for every buyer and every seller. These little tasks weren’t hard or terribly expensive but they made a big impact on my clients… more than a set of steak knives anyway!

REALLY KNOW YOUR CLIENT

Part of the Ty’s 35 was my All About You form. It allowed me to get to know my clients on a personal level so I could better serve and engage with them. Even if you are working with a friend or family member, you should still implement the All About You form. You never know what you might learn!

HOW TO BE CONSISTENT

A word of advice as you start implementing fantastic client service. You can’t just do one thing one time, to one client, and expect results. It’s crucial that you do many things, over and over, to every single client. You have to create a system and consistently deliver . The ROI won’t be instantaneous but you will get positive feedback. Each time you create a positive experience for a client, it plants a seed. Those seeds, when cared for, eventually grow into referrals, which in turn means more seeds are planted and even more referrals grow. Use that as your motivation to continue to provide value.

Days 60 – 90

By now you should have a routine down. You’re focusing on generating leads and being consistent. In the next couple of months, you should continue to hone your skills and focus on converting leads into clients.

KILLER OPEN HOUSES

Open houses are a killer way to get tons of leads. You have to maximize the potential of open houses and if you aren’t making the most of them, you’re simply wasting your time. The number one thing you can do to ensure that you are making the most of your time is to be prepared. You should be canvassing the neighborhood, leveraging social media and baking cookies. Trust me, fresh baked cookies work like a charm! This Open House Kit dives into the details of hosting a killer open houses–from what you need to pack to using Facebook to get even more people through the door.

ARTICULATE YOUR VALUE

When you’re a new agent, it’s likely that you won’t have impressive stats to convince sellers you can get the job done. Instead, you have to be able to articulate your value and let potential clients know that you can deliver and you’re the best for the job. Your unique value proposition is truly the best tool you can use to turn leads into clients.

CONNECT WITH VENDORS

I’ve said it many times already, but referrals are the most effective way to increase your business. I found that building relationships with vendors was another underutilized way to get referrals. It’s a win-win situation when you have a reputable loan officer, dry cleaner or pizza parlor to refer your clients to and those businesses have an awesome Realtor that they can recommend. Building relationships with vendors can feel a bit daunting so I put together The Vendor Fantasy League to help you tackle the task. The VFL is one of the most powerful trainings you can implement but it takes dedication and accountability. If you are driven and want to see your business grow exponentially, you have to prioritize vendors.

FAQs for New Agents

I know you probably have a ton of questions, or maybe you’re so overloaded with info at this point that you aren’t sure what else to ask. Lucky for you, I answer questions from real estate agents every day, and many of them are geared towards new agents just like you. Here are some of the questions I get asked the most:

• What’s the best way to generate leads?
• What’s the best way to build an online presence?
• What type of brokerage should I choose?
• How do I answer the “How long have you been a real estate agent?” question?
• Do I need a business plan? What should it look like?
• What’s the best strategy for growing my sphere of influence?
• Should I join a real estate team?
• How do I make sure that a lead is ready to buy?
• How do I deliver outstanding service to my clients on a personal level?
• What’s the best way to become a really successful real estate agent?
• What is the best way to advertise the home I just listed?
• Why aren’t my friends and family using me?
• How do I build confidence in my clients?
• Why are my clients upset?
• How do I schedule my days, weeks and months?
• How do I stay focused?  
• What do I do about inconsistent leads?  
• What tools do I need to score a listing?
• What’s the best way to get tons of leads from open houses?
• How do I create a lead generating event?
• What happens if I get a negative review?
• How do I build a kick-ass vendor network?

If you have a question that isn’t included in this list, please reach out to me . I’ll continue to update this guide as I create more content to ensure new agents have every resource they need to be successful. I want you to crush it in this industry because it truly is the best career in the world.

Good luck out there!

Tyler Smith

CEO and Founder of SkySlope | PropTech Disruptor | SaaS Entrepreneur | Seed Investor | Big Foodie

Connect with me on LinkedIn

Building a Solid Foundation: How to Create a Real Estate Business Plan That Works

A killer real estate business plan isn't just about setting a goal to hit 1 million in sales next year. (It would be a lot easier if it were!) 

A truly great real estate business plan defines exactly what drives your business, where you're headed, and how you'll navigate the market's unpredictable currents. It should be a razor-sharp action plan to scale your real estate empire. 

So, how do you craft this master blueprint without getting bogged down in the details? 

If you’re ready to join the cast of Million Dollar Listings—or if you just want to grow your modest real estate business—we can help.   

We’re going to break down how to create an actionable real estate business plan in just six steps. Your future self, with a thriving real estate portfolio, will thank you. 

What Should a Real Estate Business Plan Include?

A real estate business plan is a comprehensive document designed to help you navigate the ups and downs of the real estate industry and plan for long-term growth. 

TL:DR: A great business plan serves as a complete roadmap to help you get from where you are now to where you want to be. 

So, what should your real estate business plan include? The best plans include these eight sections: 

• Executive Summary: A concise introduction to your real estate venture. Highlight your primary goals, the niche you're targeting, and your unique value proposition in the real estate market.
• Business Description: Discuss the scope of your real estate operations—whether you're focusing on residential sales, commercial properties, rentals, or a mix. Also, mention the regions or neighborhoods you're targeting.
• Market Analysis: Delve into housing trends, regional property demand, and average property values in your selected areas. Study growth patterns and forecast potential shifts in the market.
• Marketing and Sales Strategies: Explain how you'll attract listings and buyers. This might include leveraging MLS, hosting open houses, using digital marketing tactics, or networking at community events.
• Service Offerings: Detail the range of services you plan to offer. This could include buying/selling, property management, consultation, or even staging homes for sale.
• Organizational Structure and Management: As a solo realtor, this might be about your role and responsibilities. If you have or plan to have a team or build a brokerage, describe team member roles, responsibilities, and expertise.
• Financial Projections and Strategy: Outline anticipated earnings from property sales or rentals, operational expenses, and commissions. Factor in marketing costs, licensing fees, and other industry-specific expenses.
• Growth Plan: Since real estate is as much about scaling and expansion as it is about individual sales, describe how you plan to grow—by expanding into new areas and niches, or by adding more agents to your team.

Keep in mind—these sections are suggested, not required. If some of these sections don’t make sense for your business, feel free to drop them. Maybe you want to add something else? If you’re not sure where the heck to start—that’s where this list comes in handy. 

Why Do I Need a Real Estate Business Plan?

Honestly—you don’t have to have a business plan. If you’re feeling good about your business and happy with your growth, feel free to click away. But, if you’re not closing as many deals as you’d like or if you’re just not feeling great about your business’s direction, you might want to stick around. 

In addition to increasing your sales, an effective business plan can help you: 

• Gain a Competitive Advantage : The world is full of real estate professionals. To succeed in this industry, you need an edge. A real estate business plan gives you an advantage in the market because so few competitors will create one. You'll know the exact steps to take to grow your business. Case in point: a well-crafted business plan can boost your chances of success by 12 percent .
• Mitigate Risk: Every new business venture is a risky proposition. Back in 1994, nobody thought Jeff Bezos could sell books online. Now, Amazon is one of the biggest companies in the world, and Mr. Bezos has a cool net worth in the $150 billion range. While your real estate business plan might not help you hit the billion-dollar range, it will help you mitigate risk by helping you identify potential threats and weaknesses.  
• Gain a Deeper Understanding of Analytics: Drowning in data? A great business plan will outline your goals and campaigns, and help you track the metrics that really matter. You can look at your plan in a year and assess your progress toward your goals, and adjust your approach accordingly. This will help you eliminate poor tactics or destructive behaviors and double down on what works for your business.

A business real estate plan also gives you something to celebrate. When you hit the milestones in your plan, reward yourself with a fancy dinner or pop open a bottle of champagne. Treat yo’self. Then get back to selling! 

6 Steps to Create an Effective Real Estate Business Plan Fast 

Now you know what your real estate business plan should include and why they matter. Cool. Now it's time to actually create that killer plan that will help your business grow. Ready? Follow these step-by-step instructions to create a proven plan of action you can use to grow your business.

1. Start With Your Story

Who are you as a real estate professional? Are you a master of landing the right deal? Love helping families find their forever home? 

All good business plans start with a story that explains who the individual or company in question is, what they do, and the business goals they want to achieve.

To accomplish this, make sure your business plan includes:

• An executive summary: A sentence or two that summarizes what your business does.

Example: "I sell homes to middle-income buyers in the greater Denver area."

• Your mission statement: A few sentences that explain why you do what you do.

Example: "At Smith Real Estate Group, we strive to provide our clients with amazing experiences they'll remember for the rest of their lives. Buying a home is a monumental responsibility. Our goal is to make the process simple, fun, and stress-free for our clients so they're delighted with their purchases."

• Your vision for your business: A couple of sentences that illustrate what the world will look like once you've achieved your mission. 

Example: "Eventually, I want to be the most trusted name in Boise real estate, effectively serving a range of clients who come to me to get the highest possible price for their homes."

• The SMART goals you want to achieve: The individual objectives you'll work to accomplish, i.e., "Sell 15 homes next year," or "Make $150,000 annual salary." Remember, the best goals are SMART, which stands for specific, measurable, achievable, relevant, and time-bound. 

Example: "I'll start making $150k a year (or more) within 36 months. To accomplish this, I'll invest in new marketing techniques to promote my services so I can sell 15+ homes every year."

2. Research Your Target Market

Which area of the real estate market do you specialize in? Do you sell high end luxury condos? Help businesses find the right place to expand? Maybe you’re all about helping folks find tiny homes. 

To answer this question, I suggest a fair bit of research—especially if you're brand new and don't have an established client base. Look for sections of the market that are growing and ones that are slowing down.

It's important to look at data for the location you’re serving . Nation-wide trends are useful to a point. But you really need to know what's happening in your corner of the world.

Also, research your city's other agents, brokerages, etc., as you'll compete with them for potential clients. The more you know about them, the easier it will be to differentiate yourself and achieve your short and long-term goals in the real estate industry.

3. Identify Your Ideal Clientele

Now it's time to zero in on the specific people you sell to.

There are plenty of options. You could be a condo specialist and only engage new leads who want to buy condos in your area. Or focus on real estate listings for new home buyers. Or work in the top end of the market and help wealthy individuals settle into their second homes. You do you. 

The specific demographic you choose to serve should depend on the local market, your unique skill set, and your passions. Find a balance between these three things.

When you know your ideal clientele, take a moment to define buyer personas .

Not familiar with the term? Don’t worry—it's not as weird as it sounds. A buyer persona is a fictional person you invent to represent your real-world target market. Feel free to get weird with it—your persona could be Fred the Family Man, or Suzy the Soup Maker. Just be sure to include personal details, such as goals and pain points to make it useful. 

While it may seem silly, a buyer persona keeps you focused on your ideal clientele so you can ensure your marketing efforts always match the people who want to help. 

4. Perform a SWOT Analysis

A SWOT analysis helps you pinpoint your strengths and weaknesses and find the opportunities and threats in your chosen real estate market. Think of it like a battle plan to help you conquer your real estate market. Here's a quick example:

• Strengths: Maybe you have amazing people skills, so you host open houses for your clients on a regular basis. This helps you meet potential buyers and sell clients' homes. It also acts as a terrific lead generation strategy . Or, maybe you’re really, really good at staging older homes. 
• Weaknesses: Maybe you hate social media, so you never use platforms like Facebook and Instagram—even though other agents use them to close deals . This would be a weakness, but it doesn’t mean you need to change things. Instead, acknowledge it and adjust your strategy accordingly. 
• Opportunities: If most of the real estate professionals in your town focus on low- to mid-priced real estate listings, you could target the small collection of luxury buyers in the area.
• Threats: Are there a ton of other real estate agents in your area? Maybe a nationwide brokerage is opening a new office and threatening to take your knees out with a bat. (Who knew real estate could be so brutal!) The point is: being aware of threats helps you target your services effectively so you can become a real player in the game. 

5. Set a Clear Marketing Strategy

You might run the best real estate brokerage in the United States. But if nobody knows about your real estate team's supreme skill set, you’re not likely to make many sales. Which won’t be an issue if you’re running a mob front—but if you actually want to make a profit, marketing is crucial. 

Fortunately, you've defined your target market, ideal clientele, and personal strengths and weaknesses. So, building an effective marketing strategy should be easy. 

Think about your target audience: how can you reach these people? Social media is probably your best bet if you serve young, first-time homebuyers. If you serve an older, more affluent crowd, in-person meetups and cold-calling techniques might be a good option.

Consider your competitors, too. What channels do they use to connect with new leads? Use another approach to differentiate your services better.

Finally, take a hard look at your abilities. Just because a marketing plan works for one person or company doesn't mean it will work for yours. Since you're building your business, you need to assess your strengths and weaknesses. This will help you implement strategies that suit your skills and disposition.  

6. Make a Financial Plan

Yes, we gotta talk about money. Adding financial details to your real estate business plan gives you a strong starting point to drive growth. 

How much will you spend on licensing, lead generation, and a real estate CRM ? Remember to budget for everyday expenses while working, like gasoline for your car and meals while traveling. (Just no two martini lunches!) 

You should also include the amount of money you want to make after expenses and taxes and the number of deals you'll need to close to make the numbers work together.

Most people shy away from their finances. Don’t make this mistake. You need to know what your operating expenses are to know what your cash flow is. If you don't know that, you won't know if you're on track to reach your short-term or long-term goals.

One more thing: make sure your financial plan is realistic . Dreaming of million-dollar closings might feel nice, but those numbers won't help you. Do your research and input proper cost estimates. 

3 Tips to Create a Real Estate Business Plan That’s Actually Useful 

BOOM! Now, you know how to create a business plan for your real estate business. Go you. But to make sure your plan is top-notch, keep these three best practices in mind:

KISS: Keep it Super Simple

It’s easy to get lost in the weeds and wind up overwhelmed. Don't overcomplicate the process.

Your real estate business plan doesn't need to be professionally designed unless it’s being shared with business partners or investors. You can write it in Word on your laptop computer. Or scribble it on a napkin while you sip a cocktail at the bar. Whatever feels good to you. 

The most important thing is that you actually create a plan for your real estate business . The way it looks is less crucial. Don't get caught up in the details. 

Differentiate Yourself

What makes you special? No, not just in the “My mom says I'm special!” way. Like, what really makes you stand out from the other real estate agents and brokers in your local area?

Ask yourself questions like " What can I do better than everybody else?", “Why would clients want to work with me over another agent?” or "What am I willing to do that my competitors aren't?"

Did you come up with a few things? Good, now add them to your real estate business plan.

Being average is boring—so figure out where you stand out. Then, infuse it into every aspect of your business, from your website to how you engage with clients. That way, people know what sets you apart.

Revisit Your Plan Regularly

One more thing: your real estate business plan should be a living document. In other words, you should revisit it regularly to make sure it's actually benefiting your business.

Did you choose the right market? Are you serving the right clientele? Is your marketing plan actually working? Assess your business quarterly to see what's working and what isn't. Then use the takeaways to adjust your approach. That way, you can “always be closing” more deals. 

Pro tip: when starting out, use a business plan template . This gives you a starting point and makes it easy to edit your plans at any point. 

Level Up Your Real Estate Business 

If you want to build a successful real estate business, you need a plan. Luckily, you’ve already got one. 

Once you create your plan, you'll have a clear vision you can implement systematically to grow your business faster.  

Know what else will help you succeed in this industry? A solid CRM software with proven contact management, cold calling, email marketing, and sales reporting features.

Sound good? Give Close a try. We make it super easy to track leads, follow up with prospects, generate referrals, and turbocharge your real estate business.

Sign up for a free 14-day trial today to experience the power of Close!

START YOUR FREE 14-DAY TRIAL→

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The First 90 Days: What to Expect as a New Real Estate Agent

Posted on April 11, 2023 by Krista Mashore

Are you ready to embark on a rewarding and exciting career as a real estate agent? After taking steps to become licensed, the first 90 days can be crucial for your success in this field. It's essential to take the time to prepare yourself, build your brand, and establish yourself in the industry.

Starting out as a real estate professional can be daunting, and it's easy to feel overwhelmed. Fortunately, there are steps you can take to help ensure your success in this field. In this article, we'll look at the first 90 days of starting and what you can expect along the way. With the right preparation and mindset, you can set yourself up for success and start your journey on the right foot.

Preparing for Success

Successful agents all have one thing in common – preparation. Investing the time to create a strong foundation for your real estate business will help you to hit the ground running and set yourself up for long-term success. Here are some tips for preparing for your journey in the real estate industry.

Develop a Business Plan

Your business plan is your roadmap for success . It outlines your goals and objectives, establishes marketing strategies, and maps out a budget for your business expenses. A well-written business plan will help you stay organized and focused as you embark on this new career path.

Set Realistic Goals

Setting realistic goals allows you to track your progress and measure success in the real estate industry. Ask yourself:

• What are my short-term goals and long-term goals?
• How much money do I want to make over the next 90 days?
• How much time am I willing to commit to my business each day?
• Who do I need to connect with to achieve success?

Build a Strong Network

A strong network of colleagues and contacts is essential to success in the real estate industry. Take the time to build relationships with fellow agents, lenders, lawyers, and other professionals who can offer guidance and support throughout your career.

When networking, remember to be authentic and build relationships with people who share your values. Participate in industry events like conferences, seminars, and workshops to get the most out of these connections. This will help you make valuable contacts while learning more about the industry.

Research Your Market

Understanding your market will help you identify affordable marketing opportunities to reach potential clients. Researching the local area will give you an idea of average sale prices and what types of properties are in demand. Knowing demographic information about your target market is also essential so that you can tailor marketing campaigns to their needs.

Building Your Brand

Now that you've prepared for your first 90 days, it's time to start building your brand. Your brand is how clients perceive you and your services, so creating a positive and consistent image is critical. There are several ways to do this, starting with creating a professional website and online presence.

Your website should showcase your expertise in the real estate industry and make it easy for clients to contact you. Use social media marketing to increase visibility and engage with potential clients. This includes setting up accounts on popular sites like Facebook, Twitter, and Instagram, where you can regularly post content related to the real estate industry.

Developing a consistent brand image is also important. You should use the same logo, font, and color scheme across your marketing efforts. By maintaining a unified aesthetic, you'll make it easier for clients to recognize and trust your brand.

Finally, building a reputation as an experienced and reliable real estate agent is essential to success in the industry. Do this by providing exceptional customer service to your clients and responding quickly to their inquiries. If you have satisfied clients, they will be more likely to recommend you to their friends and family. Word-of-mouth referrals are an excellent way to build a strong reputation in the real estate industry.

Building Your Business

After establishing yourself in the real estate industry, you can start building your business. Here are three key ideas to focus on:

Create a Niche for Yourself

This could be anything from specializing in luxury properties or helping first-time homebuyers. Focusing on a specific real estate area will make you an expert in that field and help you stand out.

Expand Your Services

Consider expanding your services to bring in extra money. You can offer home staging, help clients with the loan process, or provide property management services. By providing additional services, you can increase your income while giving clients more options when working with you.

Leverage Technology

Have you ever thought about leveraging technology to help you reach more clients and increase your success? Here are a few ways you can use technology to grow your real estate career:

• Develop an automated email system that sends out personalized messages to potential clients.
• Set up a CRM (customer relationship management) platform to stay organized and manage your contacts.
• Invest in digital marketing tools to help you expand your reach and increase visibility.
• Take advantage of virtual tour software so clients can explore properties without leaving their homes.

Handling Challenges as a New Real Estate Agent

No matter how much preparation you do, you will always face challenges as a new real estate agent. It's essential to be prepared for these difficult moments and know how to handle them so you don't become discouraged. Here are some tips to help you stay resilient when things don't go as planned: 

Be Prepared for Rejection

Rejection is part of the real estate business, so it's essential to be prepared for it. Don't take rejection personally but focus on what you can learn from the experience. Remember that no matter how often you hear “no,” the right opportunity will eventually come along.

Develop Strong Communication Skills

As you start your career as a real estate agent, strong communication skills help you build relationships and gain client trust. Listening carefully to your client's needs and wants, understanding their goals, and providing options that meet their needs will make you an effective agent.

Be honest and transparent when discussing buying or selling a home. Avoid making promises you can't keep, and be sure to explain any risks that may arise in a particular transaction. A clear explanation of the process also helps build trust between you and your clients.

Learn From Mistakes

It's normal to make mistakes when just starting out, but learning from them is what makes a great agent. Here are a few steps you can take to help you learn and grow:

• Read contracts, instructions, and other documents carefully before signing or agreeing to anything. This will help you avoid any costly errors.
• Take the initiative. Be bold and ask questions when you need help understanding something. This can help you avoid potential mistakes and ensure everything is handled correctly.
• Reach out for advice. Asking for advice from experienced agents can give you valuable insights and a better understanding of the business. 

Success Awaits!

As a real estate agent, you have the potential to be successful in a dynamic and rewarding field. The first 90 days are critical for building your brand, establishing yourself in the industry, and creating lasting success. By taking the time to prepare and build your business, you can start on the right foot and set yourself up for success.

Of course, it won't always be easy-there will be bumps along the way. The important thing is to stay focused and be prepared for challenges. Don't be discouraged by rejection. Develop strong communication skills, and learn from mistakes. With the right attitude and a willingness to work hard, you can achieve success as a real estate agent! So take the first steps and start your journey today—success awaits!

Recommended Reading

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The Art of Following Up: How Many Times Should a Realtor Contact a Prospect?

The Hottest Real Estate Markets in the U.S. Right Now

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Blog Real Estate Best Practices 12 Easy Steps to Creating a Perfect Real Estate Business Plan (2024 Updated!)

12 Easy Steps to Creating a Perfect Real Estate Business Plan (2024 Updated!)

To be truly successful in the world of business, you must create a solid business plan. This is the case no matter what industry you are in, and that includes real estate.

The business plan you work out must be unique. There is no cookie cutter approach. You must keep your brand image and goals in mind when creating the plan that’s perfect for you.

However, there are a few steps you can take to ensure your plan is well executed. This article will review those steps to ensure you plan is as successful as possible.

Why Create a Real Estate Business Plan?

A real estate business plan offers several benefits including the following:

• It shows you where your business is at and outlines areas where you can make improvements.
• It allows you to set goals and track progress.
• It can be used to help secure funding. Most potential investors will want to see a copy of your business plan before moving forward.
• It can be a selling point for attracting top talent.
• It provides an outline that will help you manage day to day tasks in an organized fashion.
• It can help you track your marketing efforts.
• It can help you attract clients.
• It will keep you more organized in reaching your long-term goals.

12 Steps to Create The Best Real Estate Business Plan

1. determine your business model.

There are a few ways to go when embarking on your real estate journey. You may decide you want to start or join a real estate team. Or you may decide you want to start or join a brokerage. You’ll want to decide if you need a sole proprietorship or an LLC is in your best interest. You may establish a plan early on in your career, or you may decide to change directions and create a new plan in the middle of your career.

While these are all very different paths to take, there are common elements that will need to be focused on in the plan creation process. They will be outlined in the following sections.

2. Identify Who You Are

Determining your brand identity will help you create marketing materials that reflect your image. Are you a friendly ‘people person’? Or is your main goal finding clients the best investment for their money?

Your strategies will change slightly depending on your business model. If you own or work in a team setting , you must define the role of each team member and their part in helping you reach your goals.

If you own a brokerage, your real estate business plan will help you determine what type of agents you want working for you. If you work on your own , it will all come down to your unique vision.

When putting it down on paper, your identity will consist of:

• Your Mission Statement: Your reason for being in real estate
• Your Executive Summary: One or two sentences that summarize what you do

3. Analyze Your Target Real Estate Market

Once you determine who you are as an agent, you will have a better idea of who you are marketing to. You may be targeting business owners, investors, families, luxury clients and so on. It’s also likely you will be working within a specific area.

After identifying your target audience, you need to figure out how your target market is doing. What are home prices like? How is inventory looking? Is it a buyer’s or seller’s market? And what are future predictions?

You will be able to glean this information by looking carefully at the MLS and staying on top of trends. Online and offline real estate resources will also provide some insight.

In general, you will want to stay on top of:

• General Trends including how long homes are staying on the market on average, commission rates, sale prices, etc.
• Market Opportunities based on supply and demand
• Market Saturations based on inventory and agent services

4. Analyze Your Competition

We all know the saying, ‘keep your friends close and your enemies closer’. Stay on top of what other agents are doing by subscribing to their newsletters and following their social media pages. While you won’t want to copy their strategies outright, they may just inspire you to create a marketing plan that gives you a competitive edge.

You should also look out for underserved niches and competitive saturation.

When it comes to underserved niches, there may be plenty of agents in your area specializing in family residential properties. But how many are serving the commercial sector? Or the luxury sector?

If the city sections in your area are blowing up, consider looking into properties in a nearby suburb to avoid competitive saturation.

5. Decide What Services You Will Provide

Most real estate agents provide the expected services such as conducting open houses, finding homes for buyers, determining pricing, negotiations, and keeping transactions organized in general.

But you can offer additional services that set your business apart. For example, you may provide:

• Staging: Staging involves setting up the home, so it looks more aesthetically appealing. Once upon a time, staging was offered as an addition service. But today, many agents are rolling it into their agent fees. The agent may stage the home themselves, or they may bring in a specialized team for staging.
• Professional Virtual Tours: Today, virtual real estate tours are the way to go. They allow clients to get the experience of being in the home without having to leave their home. If you are not offering this service, it’s time to get onboard.
• Neighborhood Analysis: Most agents provide clients with an overview of what a neighborhood has to offer. But if you want to go that extra mile, you can provide an in-depth report that includes crime rate, types of properties, demographics, and more.
• Relevant Discounts: Agents can offer clients relevant discounts in terms of handyman services, inspections, appraisals and more.

6. Carve Out a Niche

It’s important to carve out a niche in terms of what type of property you want to sell and who your target audience is. But you can get even more ‘niche-y’ by specializing in certain types of properties such as condos and townhouses, catering to first time buyers and so on.

It may seem like carving out a niche is limiting, but it will make people come to you first when they require expertise in your field. When choosing a niche, base it on what you are most skilled at and where you see an opportunity to grow professionally.

7. Create a Marketing Plan

The first step of your marketing plan will involve identifying your target audience and determining the best way to reach them. For example, if you are focused on first time buyers, you will be targeting a millennial crowd. In addition to emphasizing money saving goals, you may also want to advertise yourself as an agent that is environmentally friendly and gives back.

A luxury crowd may have similar concerns, but their main interests will be in finding high end properties that offer the utmost in amenities.

You must also consider the best way to reach your target audience. What social media platforms are they likely to be on? Do you think they will respond well to cold calls , door knockings , and mailings? Or is it best to keep things digital?

You must also consider race, color, origin, sexual orientations, and disabilities. Create marketing materials that are appealing and will not discriminate in any way.

8. Conduct a SWOT Analysis

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.

In terms of strengths and weaknesses, you must consider what you are best at and what could use improving. For example, you may find that you have superior digital skills but that you’re not so great with cold calling. If this is the case, you should focus on digital and avoid cold calls.

However, you may also consider improving weak spots. For example, if it was the other way around and digital was a weakness, you should consider building up your digital skills. This will give you a competitive advantage in today’s world of real estate.

It’s also important to be aware of opportunities and know when to pounce. This will help a lot with lead generation. For example, FSBO, near pre-foreclosure, and divorces are all ideal situations for an agent to come knocking. You may also think of opportunities in terms of underserved areas and niches in your community.

Threats can come in the form of competition and/or changes in the market. There is usually no way to keep these threats from happening, but you can take steps to be prepared when they occur. This will ensure you are in the best shape possible for taking them on and minimizing potential damage.

9. Focus on Your Specific Goals

• Making a certain amount of money in a given time
• Completing a certain number of transactions in a given time
• Attaining a certain number of new clients in a given time
• Reducing lead time
• Growing your company by hiring new agents and employees or opening new locations
• Determining a better work/life balance

When you set up your goals, it’s important to make them measurable and attainable. If your goals aren’t attainable, you will end up wasting time working towards goals you will never reach. You will also become frustrated by your lack of progress.

Measuring goals can be challenging. In today’s digital world, reports and analysis are provided so you can determine your ROI and figure out what’s working and what isn’t. If you are outside of the digital realm, it may be more difficult to measure your progress, but you should have some idea of how well you are doing.

10. Keep Track of Your Finances

No matter how passionate you are about your business, it won’t be a success unless you are making money. You must keep track of how much you are spending and how much you are earning. Your net profits should always be positive.

For best results, implement an online system like QuickBooks. Online bookkeeping systems will provide reports so you can see where most of your money is being spent and your main sources of income. This will help you determine what’s bringing in the most ROI, what’s generating income, and what’s not.

You may also consider hiring an accountant and/or a financial consult. Your financial team will ensure you are making smart moves at tax time and when investing in tools, software, and other business ventures.

11. Review Your Success Ratios

Your success will also be contingent on customer satisfaction. Are your customers pleased with your services? Are they referring friends and family?

If your success ratios are looking good but your finances aren’t matching up, you may be overspending on certain aspects of your business. Look at your records to see where the bulk of your money is going. Cut back if necessary.

12. Revisit Your Real Estate Business Plan Regularly

Your business plan is not set in stone. It’s a good idea to check it on a regular basis so you can revise it in accordance with your current needs. You may also want to create a new business plan if you decide to change up your business model.

A real estate business plan is a valuable tool for agents. It will keep you on course in attaining your goals. This template will help you devise a plan that is best suited to your professional needs. We wish you the best of luck in moving your company forward.

You’re a successful real estate agent, but you’d like to step to the next level. To do that, you want to create a better business plan for next year. So, how do you start? By filling out that form your manager gave you, asking for your goals for next year? Or, maybe you’re attending those trainings where seminar gurus give you 30 things to do next year. That will put you in a quandary because you don’t know how to choose! Please don’t leap to either one. Before you commit, take a look back at your last year (In the strategic planning process, it’s called the ‘ business review’.) Using the same thought process successful businesses use to create effective business plans will give you clarity.

Time To Scope Your Business Plan: Small Adjustments Pay Big Dividends

You and your business are unique.

Don’t copy someone else’s plan or commit to pie in the sky numbers until you know your three business indicators here. Armed with that information, you can pick and choose your actions and goals wisely, because you know they will work for you.

Building Your Business Best: From working with agents in my business planning courses and systems, I’ve observed that many agents don’t build a business plan around their best source of business: ‘sold’ customers and clients. Marketing surveys show that it costs six to nine times as much to get a new customer as to keep an old one. So, if you spend more money on your best source, and less on your other sources, you’ll optimize your investment.

3. How ‘delighted’ are your clients? Most so-called ‘business plans’ in real estate merely are goal-setting grids. Focusing only on the end results suggests that the ends justify the means. However, the consumer sure doesn’t think so! These goal setting grids alone lead agents to miss the point of the decade: Top-flight customer service begets more business. That is, it’s not just what you do, but how you do it. What level of service are you providing? Is it just good enough to get through the transaction? Or, is it so great that your clients are thoroughly delighted ? (Delighted consumers refer business to you–less cost and more effort equals big pay-offs, right?)

Build Delight into your Business Plan

Don’t Worry About the Tactics

If you’ve been gathering those dozens of tactics seminar gurus have suggested you MUST do, your head is probably spinning. That’s not the way to go about creating an effective business plan. Instead, take time to use the strategic planning process, which includes your business review. Commit one hour out of your day now to assess the three areas here and plan adjustments. The bonus: With your answers, you can pick from that myriad of action plans you’ve gathered and choose the ones that support your major goals. Now you have the ‘why’ for your plan, and you’ll be inspired to create and implement your unique business plan.

About the Author

Chris Heller brings 27 years of experience in real estate. Chris serves on the AgentAdvice Editorial Board and is the Chief Real Estate Officer at OJO Labs. Chris brings deep expertise having held influential industry positions including CEO of mellohome and former CEO of Keller Williams Realty International.

Last Updated: 12/29/2023

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Ultimate Guide: 11 Points to Writing a Real Estate Business Plan

Failing to plan is planning to fail. Your business plan is the GPS for success. Instead of wandering, push towards your goals and objectives with clear direction. Developing a real estate business plan is critical to forming a healthy and sustainable business. 

A real estate business plan is an important step for any real estate agent looking to build a successful career in the industry. While there is no one-size-fits-all approach, there are certain key elements that should be included in any plan. First and foremost, it is essential to set clear goals and objectives.

A study of 2,877 business owners found that companies are twice as likely to secure loans and funding if they have a business plan and 75% more likely to grow. Another study showed that 64% of companies who created a plan increased their businesses, compared to 43% of companies that hadn't yet finished a plan. 

Your own business plan is an essential tool for any business, small or large. Real estate agents use business plans to map their marketing strategies, target their advertising, and track their progress. A business plan helps agents set goals and stay on track throughout the year. It is also a valuable reference point when meeting with clients and potential investors. 

While there are many different ways to create a real estate business plan, certain elements should be included in every scenario. These elements include an overview of the business, the company's goals and objectives, a marketing strategy, and a financial analysis. By having these key components, companies can ensure that their real estate business plan is comprehensive and will help them achieve their desired results.

Harvard Business Review (HBR) stated that the chances of success rose by 12% for those that spent no longer than three months on their plan . With any longer proving futile. So, how do you write a business plan for your real estate business without getting bogged down in the details? In this post, we'll look at actionable steps agents and brokers can take to outline, execute and measure the performance of a business plan.

As a real estate agent, you know that the housing market can be unpredictable. You need to be prepared for the ups and downs of the market, and one way to do that is to have a business plan. Your business plan will help you set goals and track your progress. It will also force you to think about the costs of running your business and how you will generate leads. There are many online resources that can help you write a business plan, but the most important thing is to get started. By taking the time to write a plan, you will ensure that your business is ready for whatever the housing market throws your way.

What is a real estate business plan?

A business plan is a written document that captures the future of your business. It details what you plan and how you plan to do it.

Real estate business plans are essential for two reasons. First, they provide a road map for agents to follow as they work to build their businesses. Second, they force agents to think through all the crucial aspects of their business, such as their marketing efforts, target market, and financial goals. 

By taking the time to write a Real Estate Business Plan, agents can ensure that they are taking all the necessary steps to build a successful business.

A Real Estate Business Plan is an essential tool for any business, whether you are just starting or have been in business for years. There are many benefits to creating a Real Estate Business Plan, including: 

• Having a Real Estate Business Plan forces you to take a step back and assess your business as a whole. It allows you to see where your business stands, and identify any areas that need improvement.
• A Real Estate Business Plan provides a roadmap for your business. It can help you to set goals and track your progress over time.
• A Real Estate Business Plan can help secure your business funding. If you seek investment from Venture Capitalists or Banks, they will often require a copy of your business plan before considering your request.
• A Real Estate Business Plan can help you to attract and retain top talent. If you are looking to hire employees or contractors, having a well-crafted business plan can be a significant selling point.
• A Real Estate Business Plan can be a valuable tool for managing day-to-day operations. A clear and concise plan can help you better decide where to allocate resources and how to utilize your team's time and talents best.
• A Real Estate Business Plan can help you to measure and track your marketing efforts. By setting specific goals and objectives, you can more effectively gauge the success of your marketing campaigns and make necessary adjustments along the way.
• A Real Estate Business Plan can serve as a valuable sales tool. A professional business plan can give you a significant competitive advantage if you are looking to sell properties or convert leads into clients.
• A Real Estate Business Plan helps to keep you organized and on track. Trying to run a successful real estate business without a plan is like trying to drive from New York to Los Angeles without a map - chances are, you'll get lost along the way!

Having a Real Estate Business Plan gives you credibility in the eyes of others. If you are working with other professionals such as lenders, appraisers, or title companies, having a well-developed business plan shows that you are serious about your business and increases the likelihood that they will want to work with you in the future.

Last but not least, creating a Real Estate Business Plan is empowering! Taking the time to develop a comprehensive plan shows that you believe in yourself and your business and sets the foundation for long-term success.        

Precisely, it conveys your business goals, the strategies and tactics you'll use to achieve them, potential problems you may run into along the way and how to overcome them, roles and responsibilities, SWOT analysis, and measurement strategies.

What should a real estate business plan include?

Real estate business plans are different from traditional business plans. 

Real estate agents need to focus on their target market, their uniqueness, and how they will succeed against the competition. Real estate business plans should also include an analysis of the current market conditions and the potential for growth in the future. In addition, real estate agents should outline their marketing strategy and have a budget for advertising and promotions. By taking the time to create a comprehensive business plan, real estate agents can increase their chances of success in this competitive industry.

Real estate business plans vary in length and complexity, but all should include the following elements: 

• An overview of the real estate market 
• A description of the agent's target market 
• A marketing plan 
• A financial plan 
• A discussion of the agent's competitive advantages 

Real estate business plans provide a roadmap for agents to achieve their goals. They should include specific strategies for generating leads, marketing properties, and closing deals. The business plan should also outline the agent's budget and target income. Additionally, the real estate business plan should set forth a schedule for prospecting, listing appointments, and open houses. By following a real estate business plan, agents can increase their chances of success in real estate.

How do you assemble a real estate business plan?

A business plan is essential for any real estate business, whether you're just starting out or have been in the industry for years. It provides a roadmap for your business, laying out your goals and strategies for achieving them. But how do you go about assembling a business plan?

First, you'll need to identify your target market. Who are you trying to reach with your real estate business? Once you know your target market, you can start developing your marketing strategy. What methods will you use to get potential clients? How will you differentiate yourself from other real estate businesses in your area?

Next, you'll need to put together a financial plan. What are your revenue sources? How much money do you expect to bring in each month? What are your expenses? How much do you need to save for a rainy day? A clear financial picture will help you make sound decisions for your business.

Lastly, don't forget to include a personal development plan. What skills do you need to improve to succeed in the real estate business? What classes or training programs can you take to close more deals and earn more commissions? A well-rounded business plan will help ensure your real estate business is booming.

Writing a Real Estate Business Plan in 11 Easy Steps

1. write a detailed business description.

There's a story and context behind your business, and the business description is where that should shine. Write a brief overview of your Real Estate business. Include your business goals and how you plan on achieving them. Then create a description of your company, including its history, structure, and other relevant information.

The mission statement is part of the business description — which helps keep the rest on the track. Many mission statements follow a familiar format, like:

"To be the best, full-service Real Estate company in the Triangle and to enhance our quality of life through active community involvement.".

In a microstudy of 200 mission statements, it was found that mission statements most often talk about the company's dedication to customers (85%), shareholders (37%), employees (21%), and society (3%).

As well as a defined mission statement, make sure to include:

• When you were founded
• Where you are located
• Who the leaders are
• Special advantages/partnerships
• Market opportunities
• Legal structure

A very brief real estate business description example is:

"Norris & Company Real Estate is Vero Beach's premier upscale real estate firm. They specialize in luxury waterfront homes and condominiums, particularly in Vero Beach and Indian River County, FL."

2. Market Analysis

Research the Real Estate market in your area and identify any trends or opportunities. Include this information in your business plan.

Real estate agents must constantly be aware of the market conditions in their area to serve their clients best. Agents can provide expert guidance and advice by understanding the trends and opportunities.

When writing your Real Estate business plan, including a comprehensive analysis of the market conditions in your area. It will help you better understand your client's needs and identify potential opportunities.

Your market analysis should include:

• An overview of the Real Estate market in your area
• Identification of any trends or opportunities
• An explanation of how you will address these trends or options in your business plan

By including this information in your Real Estate business plan, you will be able to show potential clients that you are knowledgeable and prepared to help them navigate the Real Estate market.

3. Perform a SWOT Analysis

A SWOT analysis is a technique used to identify and define several key characteristics that will impact your business: Strengths, Weaknesses, Opportunities, and Threats.

Think of it this way:

Strengths and Weaknesses are internal. Threats and Opportunities are external.

An analysis can be as simple as making lists of items under each category.

For example, a strength could be a solid and experienced sales team, while a weakness might be that your business is expensive to run because you haven't nurtured supplier relations.

It could be as simple as filling four sheets of paper with descriptions of the strengths, weaknesses, opportunities, and threats — collaboratively or alone. To make the answers clearer and the exercise more manageable, you can use questions like:

• What do our competitors do better than us? Threat .
• What's our unique selling point? Strength .
• Why have customers churned in the past? Weakness .
• Which markets are underserved in your territory? Opportunities .

4. List Your #1 SMART Goal

It's great to be ambitious, but focusing on one goal makes it easier to stay motivated, track progress, and see the measurable effect of achieving it. Even better if that goal is a SMART Specific, Measurable, Attainable, Realistic, and Timed – goal.

Examples of SMART goals you might set for your growing real estate business are:

• Build a new real estate website in the next three months
• Hire and onboard three new SDRs in the next six months
• Increase monthly leads by 50% by next year
• Sell ten houses in the Dallas metro area in the next 30 days.

Pick one at a time and focus on it! Sticking to an achievable goal with a time limit makes it more likely to come to fruition. And, even just writing it down makes you 42% more likely to attain it.

5. Identify Your Market Niche

Before setting out your facts and figures, it's essential to spotlight your target market and how you'll serve this niche. It helps you decide what's realistic and feasible to achieve in your business plan.

Determining your market niche is a fancier way of saying: Who are your services best suited to? While honing in on a narrow target seems a little exclusionary, niche marketing can save you time, effort, and money on marketing.

One tool to help you define your market is a buyer persona. A persona is a fictional typification of your ideal customer, with information that enables you to steer your sales and marketing in the right direction.

It's essential to assess your niche and ensure it is consistent with the market in your area.

For example, if you've decided to focus on first-time buyers, do some research to look at relevant stats and figures:

• What percentage of sales in your market were to first-time buyers in the last 12–14 months?
• What was the average sales price to first-time buyers?

Also, assess how competitive this market is:

• Are you the only agent catering to the young first-timer?
• Are you competing with well-known heavy hitters?

A competitive SEO audit can be a helpful starting point in finding your competitors in the online space, where almost all leads will turn at some point in the buying process.

6. Implementation Plan

Before you can begin implementing your real estate business plan, you must clearly understand your goals and objectives. What are you trying to achieve with your business? Are you looking to buy and hold properties for long-term appreciation, or are you more interested in flipping houses for a quick profit? 

Once you have a good idea of your goals, you can start to put together a plan for how to achieve them. For example, if you're interested in buying and holding properties, you'll need to generate enough income from rentals to cover the mortgage and other expenses. If you're more interested in flipping properties, you'll need to find motivated sellers and then negotiate deals that provide you with a healthy profit margin. 

Regardless of your goals, careful planning is essential for success in the real estate business.

Breaking your goals into action steps makes them more tangible and ensures you're making strides to fulfill them. Here are some keys to converting your real estate business plan into actual business practices.

7. Monitoring & Evaluation

Successful real estate businesses have a plan to monitor and evaluate their progress. This plan includes setting clear goals, measuring progress against those goals, and making adjustments as needed. Without this proactive approach, it can be challenging to identify areas of improvement or stagnation. 

Additionally, a well-executed monitoring and evaluation plan can help to keep employees focused and on track. By regularly assessing performance and goal progress, businesses can ensure that they are making the most of their resources and achieving their desired results. Ultimately, a sound monitoring and evaluation plan are crucial for any real estate business that wants to stay ahead of the competition.

8. Risk Management

Real estate investing comes with a certain amount of risk. But with a well-thought-out risk management strategy, you can minimize the potential for loss and maximize your chances for success.

One of the most critical aspects of risk management is diversification. Investing in various property types in different markets spreads your risk and increases your chances of finding a profitable investment.

Another critical element of risk management has a solid business plan. Thoughtfully consider each step of the real estate investing process, from finding deals to financing them to managing the properties. Have a clear exit strategy for each investment to know when to sell or refinance. And always remember to stay within your comfort level; don't let greed or fear make decisions for you.

With careful planning and discipline, you can create a real estate investment portfolio that withstands market fluctuations and generates long-term wealth.

9. Financial Plan

Having a sound financial plan for your business is essential. To assist you, we've created spreadsheets you can use to estimate goals, income, and expenses. You will find specific instructions in the spreadsheets, but here are some guidelines for creating a financial plan:

To create your plan, determine what your expenses will be.

Here are three main areas your expenses may fall into:

• Licensing: These expenses will include training, state exam fees, etc.
• Personal: This can consist of your wardrobe, technology fees (like computer and phone), and car fees.
• Business: Business expenses include broker fees, website and MLS fees, marketing, advertising, etc.

Our template divides these expenses into the startup and yearly costs to help you discern which payments will recur and which are one-time-only. Here's an example of what your startup expenses might look like.

Yearly expenses might include recurring costs like office rent, electricity bills, and annual license fees.

Estimating income is the biggest concern for most new agents. To do this, you must decide how much money you need to make in your first year and how much you would like that figure to grow. You will also need to research some basic statistics for your market, like the average sale price for homes.

Use our business plan template to help calculate these numbers.

Transactions and Leads 

To meet your income goals and cover expenses, you'll need to conduct a certain number of transactions. And, to complete a certain number of transactions, you'll need to work a set number of leads. There's no need to work this figure out by hand. ‍

Our template will automatically calculate the number of transactions and leads you will probably need to meet your goals. Still, you will have to assess these figures to decide whether they are reasonable. For example, if you plan to work part-time as an agent in your first year but need to close 20 transactions to meet your goals, you are unlikely to have enough time.

10. Create a Personal Development Plan

A personal development plan is an essential tool for any real estate business. By taking the time to assess your strengths and weaknesses, set goals, and create a roadmap for success, you can ensure that your business is on track to reach its full potential. While it may seem daunting, creating a personal development plan is simple. 

Start by taking stock of your current situation. What are your strengths and weaknesses? What are your goals for the future? Once you clearly understand where you are starting, you can begin to map out a plan of action. Set realistic goals and create a timeline for achieving them. Put together a resources list and ensure you have everything you need to reach your goals. Finally, implement your plan and monitor your progress along the way.

Remember, your development plan should be flexible and adapt as your needs change over time. With some planning and effort, you can create a roadmap for success that will help you achieve your long-term goals in the real estate business.

11. Write an Executive Summary that Captures the Vision

Your executive summary is an anchor point you can use to understand the overall goals, cement the parameters of your target market, and make decisions aligned with your plan. It's also a way to get inspired by your original vision.

For real estate, it would include points on:

• Target neighborhoods and price ranges
• Target clients and a brief description of the persona
• Brief marketing plan overview
• Market threats and opportunities

Think of the executive summary as the section of your business plan you would explain to a friend a football game when asked how you plan to make money as an agent or broker in your local town/ city or state.

Note: due to the specific details in the executive summary, this part of the business is typically one of the last completed items.

Real Estate Business Plan Template

If you're considering starting a real estate business, you'll need to create a business plan template. Here's a basic template that you can use to get started. Remember that your business plan should be tailored to your specific business and industry.

• Executive Summary

The executive summary is a brief overview of your business plan. It should include your company's mission statement and an overview of your products or services, target market, and growth strategy.

• Company Description

This section will provide an overview of your company, including its history, structure, and team. Be sure to include information on your company culture and values.

• Mission statement

In this section, you will summarize the reason for being and the guiding principles of your organization. For example: "We are a nonprofit that provides free legal aid to those in need." You can also provide a brief overview of what we want them (the users) to come into contact with. 

Why should they care about our mission or message by telling them why it is vital to their lives now and later down the line?

• Company goals

This section will provide a high-level overview of your company's top business goals for its first years in operation.

• Market Analysis

In this section, you will need to analyze your target market thoroughly. It should include information on your customers, your competition, and the overall industry.

• Product or Service

In this section, you will need to describe your product or service. Be sure to include information on your pricing strategy and any unique features or benefits your product or service offers.

• Marketing and Sales Strategy

In this section, you will need to outline your marketing and sales strategy. It should include information on how you plan to generate leads and convert them into customers.

• Operational Plan

This section will need to provide an overview of your business operations. It should include your production process and distribution and fulfillment strategy.

This section will briefly describe what your company offers to customers.

• Target customer

To effectively reach the people we want as customers, you must provide a clear overview of who they are and how your product or service can benefit them. In this section, I'll go over some questions worth asking yourself when determining who your potential clients may be. 

• Best Practices

Write out your ideal practices for how you'll deal with qualified leads versus unqualified leads, how quickly you'll follow up with interested parties, your methods for helping a leader throughout the final steps of the sales process, and how you'll stay in touch with customers after papers have been signed.

• Financial Plan

In this section, you will need to provide detailed financial information for your business. It should include your income, balance, and cash flow statements. The following will include startup expenses, assets, liabilities, capital, break-even analysis, and loan repayment.

• Exit Strategy

This section will need to provide an overview of your exit strategy. It should include information on how you plan to sell or exit your business in the future.

Individual Agent Real Estate Business Plan

Real estate agents need a business plan like any other entrepreneur. A real estate business plan outlines your goals, strategies, and how you plan on achieving them. It is essential to have a business plan because it will help you stay focused and on track. Real estate is a competitive industry, so you need to be able to stand out from the rest.

A business plan will also be helpful if you ever need to seek funding for your business. Investors and lenders will want to see that you have a well-thought-out plan before they give you money. 

Creating a Real Estate Business Plan is essential if you want to build a successful career in real estate. With our easy-to-use template, you can get started today and be on your way to achieving your long-term goals.

There are many benefits to creating a Real Estate Business Plan, including:

• Clarifying your goals and strategies
• Mapping out a clear road map for your business
• Identifying potential obstacles and solutions
• Helping you stay organized and on track
• Increasing your chances of success

So, if you are considering starting a real estate business, sit down and write a business plan. It will be worth it in the long run!

Real Estate Team Business Plan

Before you start your real estate team, it's essential to have a business plan in place. It will help you define your goals, map your strategies, and track your progress over time. While there is no one-size-fits-all approach to creating a business plan, certain key elements should be included. Here are a few of the most important things to keep in mind:

• Your team's mission statement: What sets your team apart from the competition? Why do you exist?
• Your target market: Who are you trying to reach with your services? What needs do they have that you can address?
• Your marketing strategy: How will you get your target market and communicate the benefits of working with your team?
• Your financial goals: How much revenue do you hope to generate? What are your expenses? How will you fund your business?

By thoughtfully developing your real estate team business plan, you'll increase your chances of success in an increasingly competitive industry.

Real Estate Brokerage Business Plan

A real estate brokerage business plan is a document that outlines the goals, strategies, and financial projections of a real estate brokerage business . It should include an executive summary, market analysis, business model, operational plan, and financial plan. The executive summary should briefly describe the company, its target market, and its competitive advantages. The market analysis should assess the size and growth potential of the target market. 

The business model should describe how the real estate brokerage plans to generate revenue. The operational plan should outline the business's day-to-day operations, including staffing and marketing initiatives. Finally, the financial plan should provide detailed information on the anticipated costs and revenues of the company. A well-crafted real estate brokerage business plan can be valuable for attracting investors and achieving long-term success.

Remember that your business plan is a living document that should be updated as your company grows and evolves. Regularly reviewing and revising your business plan ensures that your real estate brokerage is always moving in the right direction.

Ready. Set. Plan

Whether you've got a ready-to-execute business plan or it's still being drafted, the most important thing is to start now — and fast.

At its core, a real estate business plan should outline the steps necessary to achieve specific goals, such as increasing sales or expanding into new markets. It should also identify potential obstacles preventing the business from achieving its objectives. By taking the time to create a comprehensive business plan, real estate businesses can increase their chances of weathering storms and coming out on top in the long run.

A business plan puts you on a clear track that makes your business 75% more likely to grow.

By following the above points, you'll be well on writing a comprehensive Real Estate Business Plan.

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90 Days to Real Estate Success: A Week-by-Week Guide

Your real estate career will flourish if you follow a proven path to success.

This week-by-week guide is a good start, but don’t feel you need to follow it precisely. Should you call FSBOs the fourth week or the fifth week? Think about farming the first month or the second month? It doesn’t really matter; what does matter is that you work your way through these milestones over the 90 days. Indeed, some issues, such as an overall business plan, should probably be considered well before you step in the door on the first day.

Week 1:You’re in business.

That means you need a plan. Identify your goals in terms of income and lifestyle. Then, make sure the area in which you’re selling can support that level of productivity. (If your goal is to make $200,000 a year, but the average commission in your area is only $3,000, you may want to reevaluate.) Once you have a goal that seems realistic, figure out how many transactions you’re going to have to close to achieve it.

One of the first things you should do is have a professional photo taken for use on your business cards, your broker’s Web site (and your own when you reach that milestone), and other personal marketing materials.

Week 2: Compile a list of everyone you know.

This includes family, friends, friends of friends, tradespeople, and professionals you’re in regular contact with such as doctors, lawyers, teachers, and store owners. Send them a letter letting them know that you’re now in real estate and available to take care of their real estate needs. This is the beginning of your database, the single most productive prospecting tool you’ll ever have.

Purchase a map and outline your prospective selling area. Then, get in your car and drive every inch of it, the main streets, the side streets, the alleys and the parking lots. Get a feel for the different kinds of housing in the area and also the locations of parks and schools and other amenities that affect pricing — and salability — of nearby residences.

Week 3: You’re starting to see customers now; make sure they know you mean business.

Later in your career, you’ll have room for flexibility, but at the start, it’s a good idea to maintain regular hours. Plan on starting no later than 9 a.m. and working until 5 p.m., whether it’s in the office or in the field. Unless you’re selling resort property, wear business attire. Also, make sure your tools and equipment are in order. Essential tools include a clean car, a cell phone, laptop or a handheld computer, and possibly a digital camera. The goal is to project competence and professionalism.

This is a good week to follow up on those letters. Call your entire prospect list. Remind people that you are now in real estate, and ask if they or anyone they know is looking to buy or sell a house.

Week 4: You should have a lead or two from your letters and calls.

If you don’t, check out the expired listings and FSBOs in your selling area and start calling. Better yet, go see them in person. Another source of leads: Go through the files of salespeople who have either retired or left the company and talk to your broker about adopting those clients. With your broker’s OK, contact them and tell them you’re calling as a representative of the company that sold them their house.

Is your listing packet in order? A good listing packet looks professional, includes information on you and your company, and provides prospective sellers with clear benefits of working with you. Ideally, your presentation should be available in both print and CD or DVD formats. Have a separate presentation ready to show prospective buyers why you’re the ideal person to help them find their next home.

Week 5: Start thinking about farming, which is identifying and focusing on a fairly tight selling area.

Generally, a farm is no more than 200 to 300 residences. Your own neighborhood is often a good place to start. In general, people like doing business with people they know. Assemble a marketing list using a crisscross directory, which lists houses by address. Four or five times per year, send every resident some kind of direct-mail piece. The first piece should introduce who you are and give pertinent biographical information. If you have a family and feel comfortable talking about them, include their names as well. The goal is to be perceived as the person to turn to in Crestwood Estates (or whatever your area) if you want to buy or sell a house.

Week 6: Take your education to the next level with a sales class.

Even “born salespeople” can benefit from expert advice. Selling is an interpersonal skill that takes time and practice to master. Yes, an outgoing personality helps. But enthusiasm by itself is not enough. You need someone who can point out what you’re doing right and how you need to improve. Also, if you’re like most people at the beginning of their sales careers, you need the discipline that comes from following a specific program. The right teacher or coach can make a world of difference.

Week 7: Investigate ways to get involved in your community — and choose one community service project that suits you.

There’s no downside at all from a business standpoint; it’ll help you be perceived as someone who knows and cares about the community. But you’ll also find it personally rewarding. There are other ways to show you’re a concerned citizen while advancing your business interests. Begin attending local planning and zoning meetings. You’ll learn about land issues, and the meetings are a great place to get to know builders and developers. New construction is the pot of gold at the end of the rainbow for many salespeople. Yes, older homes, particularly at the high end, have appeal. However, many buyers, given the choice of a new home or an existing home at roughly the same price, will choose the new home for the same reasons people prefer new cars to used cars: everything’s new, everything works, and there’s probably a warranty.

Week 8: How’s that prospecting that you started in Weeks 2 and 3 going?

It may sound simplistic, but consistent prospecting is the No. 1 way to land listings. Many top performers prospect daily. Plan on spending at least two or three mornings a week calling leads and sources of leads. Make friends with a few mortgage brokers who can refer buyers in your direction. As time goes on, the relationship will shift and you’ll become a source of leads for them. Other sources of leads: professionals who deal in property matters, such as probate and divorce lawyers; insurance agents; CPAs; and investor and landlord groups. Also: contact banks and government agencies that need to dispose of property seized in bankruptcy sales and tax and drug cases.

Week 9:Listings are the name of the game.

But buyers, especially in your early days, are very important. How do you find them? Besides prospecting, you can meet buyers by offering to conduct open houses for other salespeople in your office. Collect names and contact information from visitors, and get your colleague’s OK to follow up. Or team up with a mortgage broker in your area to sponsor homeownership seminars in neighborhoods with a lot of rental housing. Many first-time buyers are young and have relatively low incomes. Often, they don’t realize they’d be able to afford a house. Your job is to be knowledgeable about special financing options, including downpayment assistance programs, aimed at encouraging homeownership.

Week 10: Think about advertising.

Yes, real estate is largely a referrals game. But advertising can play an important role in terms of raising your overall visibility. Money is a consideration here. Unless you come into real estate with a substantial bankroll, television is going to be out of reach. Other media to consider, however, are newspaper, radio, and billboard advertising. A schedule of 30-second radio ads or a billboard at the right intersection can be surprisingly effective. As with all advertising, however, remember that repetition and consistency is vitally important. Whatever program you commit to, give it at least six months to work.

You also may want to think more about your Web marketing efforts. If you have some listings, look into the tools for marketing them available through your brokerage Web site, REALTOR.com, and other online venues.

Week 11: Sooner or later, everyone has to answer the cold-calling question.

How comfortable are you with it? In the beginning, hardly anyone likes it. But it can be an effective tool. In fact, some people build businesses around it. Whatever you do, make sure you’re aware of the Federal Trade Commission’s rules related to cold calling . Before you start, your broker should provide, or you should obtain, a list of people in your market on the National Do-Not-Call Registry. The key with cold calling is to use a script. These are commonly available through your office or through a sales trainer or coach. The goal with cold calling is to get through your script. Don’t worry about whether you get a lead or not. Cold calling is a total numbers game. It’s a mathematical certainty that if you call enough numbers, you will eventually find someone who can use your services. Some people have the stamina for this, others do not.

Week 12: Keep on plugging.

It can’t be overstressed that the key to success in real estate is persistence. It’s a given that you’re going to encounter a lot of rejection. Do not—repeat, do not — take it personally. Begin each day with the easiest call. If you feel totally stifled in one area, stop it for the day and try another. Finally, think about teaming up with a more experienced salesperson for a year or two. It’s an excellent way to make money while you learn the ropes.

Robert Sharoff

Related content, how does a rookie get listings.

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12 Reasons You Need To Make A 90 Day Real Estate Business Plan

Sep 16, 2018 | Mike Ferry TV

The Power of a 90 Day Cycle For Planning Your Real Estate Business

Of course, our mentor Mike Ferry, has taken this on as well. In fact, we have a program called 90 Days With Mike so there is a lot of power in controlling your business over a 90-day window. I wanted to give you a few points of how you can take full advantage of a 90 day real estate business plan.

The beautiful part is this time of year, think about it, 90 days is September, October, November and then December, right? It runs us right to the end of the year, what a beautiful thing to do. Wouldn’t you love to have one really aggressive, very pure 90-day cycle between now and the end of the year? I think it’d be great!

So here are 12 points you might want to consider if you want to have a great 90-day cycle:

Write down your 90-day real estate business plan goals.

1. You have to decide your goals clearly, specifically and put them in writing. You really have to decide what you will accomplish over 90 days. You have to put it in writing. Tell your family about it. It’s very common that real estate agents will set goals and they won’t tell anybody. They keep it a secret. It’s kind of like, “I don’t want to fail so if I don’t hit it, nobody knows.” Well the truth is if you want to have a great 90-day cycle, you have to set goals and tell everyone about it

Make A Decision About When You Will Work During Your 90 Day Plan

2. You need to decide the exact days you’re going to work within these 90 days. Be clear about it if you’re off on a holiday, a three-day weekend, a birthday. It’s okay. The problem with many agents is the days kind of sneak up on them, so you need to decide the exact days you’re going to work over this 90-day cycle. Be clear about it. Once again, tell everybody the days you’re going to work.

Prepare Your Call Sheets And Get Excited

3. Go ahead and prepare all of the numbers for you past clients and centers of influence and decide what you’re going to say to them. The magic of a 90-day cycle is we’re supposed to talk to everyone in our database every 90 days anyway. I think it’s time, so go ahead and prepare all those numbers and decide what the message you want to deliver is to those folks for the next 90 days.

Every 90 Days, Cleanse Your Database

4. Clean up all of your leads. It’s not uncommon for an agent to let leads pile up throughout the year. If you want to have a great 90-day cycle, you can’t go into the cycle with a whole pile of leads. Clean them up, take a day, call them all, convert them, and then throw them away.

Devise A Rating And Sales Plan For Each Of Your Listings

5. Rate all of your existing inventory. One of the beautiful things of having an incredible 90-day cycle is selling all of your listings in that window of time. So what if you were to take each listing you have and make a little mini plan for it. What if you were to decide and rate it on its condition? Rate it on its location? Price? And then, make a little mini plan to sell every listing you have. It would be an awesome way to do it.

Schedule Your Overtime Days And Hold Yourself Accountable

6. Decide the evenings and weekends that you plan on working for that extra effort over the next 90 days. I’m going to work two Saturdays a month, or I’m going to work one evening a week. Make a decision how that’s going to take place, when it’s going to happen and tell everyone about it. Hold yourself accountable or get a coach! Put it in your schedule.

For Your 90 Day Real Estate Business Plan Make A List Of Calls And Contacts

7. You have to prepare a majority of the phone numbers you’re going to call for the next 90 days. If you’re not prepared in advance, you’ll run out of phone numbers and you’ll go back to your old pattern. I’m suggesting you prepare about 70 percent of the phone numbers you’re going to need to call over this 90 day window. Your database, the just listed/just solds, old expireds, and then what we do is we just add on top those new sources of expireds and fsbos that way you won’t fail in 90 days by lack of preparedness.

Post Your 90 Day Business Plan Goals Where You Can See Them

8. Post your goals everywhere. There’s nothing more valuable than having your goals up in front of you in the office. Maybe you tape them on the mirror in the bathroom at home, or you give them to your kids or you give them to your broker. I don’t know, but I want everywhere you turn for you to see your goals. Maybe you put them on a 3×5 card and put them in your jacket or purse and carry them with you everywhere you go for the 90 days.

Set Up Your Accountability System

9. Set up some really extreme accountability. Call these accountability partners you have and recommit. Let them know you don’t want to be let off the hook for this 90 day window of productivity. Reset those accountabilities, it’s not that hard to do. Take control of how you’re held accountable.

Dedicate Time Daily To Improving Your Skills

10. Make a specific skills-improvement plan. There’s nothing more powerful than you deciding specifically what skills you’re going to improve on over 90 days and how you’re going to do it. Maybe you’re going to work one objection handler a week, or you’re going to do one script and one objection handler a week or an hour each morning on scripts and skills and an hour each afternoon on your listing presentation. I don’t know. One thing I do know is agents that are aggressively working on their skills tend to always do more business at the same time so get your skills-improvement set.

Stay Committed To The 90 Day Business Plan Process No Matter What

11. Don’t give up when you have a bad day or two. One of the challenges with a 90-day plan is that many agents will get head into the plan, they’ll be cruising a long, and all of a sudden a hiccup. Would you ever expect 90 days would go by without a single bump in the road, or a curveball? Of course not, the challenge is if you know how to pick yourself up and recommit to the plan when you’ve had a bad day or two so you’ve got to find a way to recommit when things go hay-wire. You could always just sign up for 90 days with Mike. That’s a simpler way, right?

Don’t Only Set Goals, Choose A Reward!

12. Why not decide on a big reward? you deserve a big reward for completing 90 day real estate business plan. Maybe it’s a getaway vacation, or a new watch or a piece of art for your house. Decide on a nice reward for doing your job right. If you complete one 90-day cycle like you’re supposed to between now and the end of the year, how good is this year going to wrap up?

Better yet, how good is the start of 2019 going to be? You know it. I know it. It’s the right thing to do. Go ahead, and let’s get started today.

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Watch and listen to Mike Ferry each week, as he discusses a variety of topics to help real estate agents and brokers grow their real estate business by focusing on improving their mindset, developing their skills and creating a plan of action to increase their production. Hundreds of thousands of real estate professionals have attended Mike Ferry events over the last 43 years of coaching and training real estate professionals in countries around the world. There is no question, The Mike Ferry Organization is the global leader in real estate coaching and training.

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Carrot’s 90 Day Inbound Real Estate Marketing Action Plan

Get a step-by-step breakdown of how to leverage Carrot’s online inbound real estate marketing platform to attract sellers, buyers, and tenants.

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It only takes a few clicks and you have a real estate investor website up and running. But what do you do after that?

How do you generate inbound marketing leads for your real estate investing business?

Should you focus on PPC and Craigslist to get your first seller leads or to build your cash buyers list?

What about a timetable? When should you have these marketing strategies in place for your real estate investing websites?

Carrot’s 90 Day Inbound Real Estate Marketing Action Plan will help you break down exactly what to do to get your first 100 cash buyer leads and your first 30 seller leads.

Once you have the action plan, use the guide as a checklist and methodically work your way through the guide. By the end of the checklist, these online marketing tips for real estate investors will help you drive more traffic and convert more leads.

If you don’t have a Carrot account implementing these marketing strategies on your website could be more difficult, take more time, and be less effective. If you want to learn how real estate investors are generating 43,000+ leads every month and ranking for more 1st page, Google keywords, check out our demo for investors .

Over there, you will see just how easy, feature-packed, and awesome a Carrot website is, and how powerful it can be for your online real estate investing business. If you are marketing for motivated sellers, cash buyers, rent-to-own, or note buyers, you need to take a demo and see Carrot can offer.

Inbound marketing for real estate investing is a great use of your time, but you have to make it work by doing putting the right processes in motion.

Not every investor will want to use search engine marketing for their website, and that is okay, use this guide and action plan to understand what is right for your business.

We will be updating this page with a webinar to help you get the most out of the action plan so you can implement it in your real estate investor marketing strategies.

Fantastic customer service, great support, and an excellent product. When it comes to websites, SEO, and building authority, these guys really seem to get it. They provide a top notch product, and amazing support and training. They not only support you with the website, but offer amazing coaching to help build your overall business.” Patrick Morrison Via Facebook

Leverage Carrot’s Proven Inbound Marketing Platform

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The Real Estate 90 Day Action Planner

If you were to look up the term Goal Setting you will find it is an important method of: Deciding what you want to achieve in your life. Separating what’s important from what’s irrelevant, or a distraction. Motivating yourself. Building your self-confidence, based on successful achievement of goals.  This is where the Real Estate 90 Day Action Planner has become a huge asset to your goal setting process.

As every Realtor(R) struggles on how to set goals, find extra time in their day to  accomplish not only what they need to do in their business they long to find time for their personal life.  You always find one gets more attention than the other and you feel this constant pit in your stomach of guilt and stress trying to do it all.

Well, think about having an action planner that thinks like you do, but take all that information in your head then you have a place that is organized for you, so you can brain dump everything you have swirling around in your head.  Let me introduce you to The Real Estate 90 Day Action Planner.

The Real Estate 90 Day Action Planner was created for you, the real estate agent, who has a desire to get organized, set goals, find more time in your day, but lack the tools you need to accomplish it all.

This planner is like no other as it focuses on just real estate agents and the real estate industry.  You will now be more focused on how you organize your month, organize your day and then create goals and then have the confidence in achieving those goals knowing you can do it by keeping the goal in front of you and taking the steps to make it happen.

Best of all you have me, Kim Hughes, walking you through how to use the planner.  Kim’s background working in real estate since 1983 and specifically working with agents in their business since 1999 by showing them how to create a business that is successful and while doing that their life is in balance.

Yes, there are so many action planners, project planners, calendars in print not to mention digital planners and even though they are great they do specifically focus on the life of a real estate agent.  This one does and if you are one of those that says “ok, this is great, but I need to understand how to make the planner a part of my daily life and I need direction on how to make this work for me.”  GREAT! I am here to walk you through the planner and how to use this powerful tool in your daily life.

Once you make the bold move to use this amazing planner you will ge taken to a video introducing you to the planner and how to use it.  This will be a huge help for you to take the steps to learn how this tool can help you learn the best way to learn how to goal set, accomplish the goal, create more time in your day, find peace in your life and get you excited about your business and how to you can make it everything you want and know that you have someone to guide you through the process of creating a habit that is going to get you excited.

If you are ready to get rid of the chose and discover how you can accomplish more by having a Planner that was created for you and only you?   Get it now by by clicking here.  

If you would like to download a 7 day trial for the planner click here to complete the information and you will be taken to the download immediately.  Once you download you will also betaken to the video on how to get started using The Real Estate Agent’s 90 Day Action Planner 

24 Oct Your 90 Day Plan to Succeed as a Real Estate Agent

An overwhelmingly majority of young professionals, and even early retirees looking to make a quick buck, enter into the real estate profession each year. There’s a perception among the general public that real estate is essentially ‘free money’ and that all it takes is having the right connections and some minimal sales efforts. This is absolutely not the case. There is an almost overwhelming amount of things to worry about if you hope to succeed as a Real Estate Agent

Sadly, more than 90% of these would-be Realtors ® fail in their first year, and only 10% are able to survive and succeed in this competitive industry. Though certainly there is plenty of room to make money in real estate, it’s easy to underestimate the amount of hard work it takes to get to a point where you’re operating a profitable business. Combine this with the over-crowding of the real estate business thanks to opportunistic agents vying for the same market of clients, and it can be hard to know where to start. Objective advice is hard to find unless you’re part of an existing corporation that has your best interests at heart. Of all the reasons why these real estate businesses fail, perhaps the most important is the absence of a clear cut strategy for success. Entering into your new profession with an actionable plan to grow your business helps avoid unexpected pitfalls that unprepared agents fall prey to. Here, we give a sample timeline for the first 90 days of your journey as a Realtor ® .

Congratulations! Odds are, you’ve just started your own business. Now, it’s time to get to work. You’ll need business cards designed to impress, with a similarly impressive logo that communicates your values as a broker, a website where you can showcase yourself and your skills, and other marketing materials as needed to communicate with your housing market and help get new leads.

Make a list of everyone you know, including your family, friends, and any professional acquaintances you may already have. This gives you the beginnings of a database that you can reach out to in order to develop leads. Anyone in your life can become a potential client, so it’s important to never shut any doors if you wish to succeed as a Real Estate Agent.

Gather business tools such as your laptop, smartphone, car, digital camera, and a few outfits that communicate a professional image. These will all prove vital in your new line of work, as constant communication, travel and the ability to create stunning images are all important skills in real estate. Call your prospects and tell them that you are in the real estate business – you never know where you first sale will come from.

Try to secure leads through letters and cold calling. Offer to meet with these leads in person and inform them that you are a representative of your broker.

Identify your market and set up your office there. It’s best to choose an area that you’re already familiar with, and ideally live in. People like to do business with those who they know and see frequently, especially in real estate.

No one is a born Realtor ® . Even the most successful Realtors ® have learned from others’ mistakes and experiences. Attend sales classes to learn how to deal with your prospects.

Become associated with local events and social causes. Your goal is to present a friendly face to your prospects.

Go back to the leads you earned yourself in the first and second weeks. Develop contacts with banks, mortgage brokers, lawyers, and insurance agents in order to grow an effective network of professionals you can call on.

Attend open houses of other agents to meet people, especially potential buyers.

Make efforts to promote your business through advertising . Your budget dictates the channels of marketing you can use to spread the word about your business.

Give time to cold calling. Sooner or later, you will get results in the form of leads.

Have some patience, and be ready for rejection and do not take rejection on a personal level. Start each day with renewed hope. It may take time, but if you carry on with this sample plan through to the end, you’re sure to succeed as a Real Estate Agent   eventually. Remember, consistency is key.

Click Here to get in touch with us today to discuss your upcoming project.

Source: magazine.realtor

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30-60-90 Day Plan: 2024 Guide + Example

Updated: Apr 17, 2024, 11:50am

Table of Contents

What is a 30-60-90 day plan, benefits of a 30-60-90 day plan, elements of a 30-60-90 day plan, when to make a 30-60-90 day plan, how to make a 30-60-90 day plan in 5 steps, 30-60-90 plan example, frequently asked questions (faqs).

It can take new employees time to settle in and learn the ropes of a new position. However, employers want to see productivity sooner than later. This is why developing a 30-60-90 day plan is a good idea. It’s a plan that outlines target milestones for employees to hit in the first 30, 60 and 90 days of employment. Follow along to learn more about the 30-60-90-day plan and how to create your own. To help give your employees the best start possible.

A 30-60-90 day plan is a document that is created either by a new employee or a hiring manager and outlines the goals to be accomplished during the first three months of employment. It breaks goals down into 30-, 60- and 90-day increments. Employees work to hit set milestones that are aligned with the mission of the organization. The goal is to maximize employee output in the first days of being hired, days which can be overwhelming and confusing in many cases. The plan helps simplify what the employee should be doing and focusing on.

The 30-60-90 day plan can be written by the employee or by the hiring manager. Managers may want employees to create their own plans to get the buy-in for the milestones and goals.

What Makes a Good 30-60-90 Day Plan?

A good 30-60-90 day plan takes larger goals and breaks them down into smaller, more digestible milestones. The plan has an ultimate goal set for 90 days and shows steps that are accomplished along the way at the 30- and 60-day marks. While the goals should be accomplishable, they should also be challenging.

A good plan also aligns with the mission of the company. Managers want employees to work on goals that move the company forward. Otherwise, the company may not meet its objectives and goals.

When managers utilize a 30-60-90 day plan for onboarding new employees , they help identify the key goals for the employee in the early days of employment. Not only does it set the parameters for success, but it also empowers employees to manage their own work to a large degree. When employees know what is expected of them, they can spend their day focusing on achieving those goals rather than on tasks that don’t support the plan. The 30-60-90 day plan is the roadmap for success.

A good 30-60-90 day plan has common components that are designed to explain expectations clearly. The first element of the plan is to have the company mission or purpose of the work stated. Then, of course, there are the goals. Goals should be concrete with measurable objectives. A good 30-60-90 day plan also lists resources to help employees accomplish their goals.

Make a 30-60-90 day plan when you onboard a new employee. It will serve as a way to help transition them from a new employee to a valuable team member in a short amount of time. You can also use a 30-60-90 day plan when rolling out new initiatives. This will help existing employees understand the goals and provide a workable path to accomplishing them.

It may also be helpful for a prospective employee to create a 30-60-90 day plan when preparing for an interview. This will show the hiring manager that you are serious about hitting the ground running and making an impact toward objectives and goals.

A 30-60-90 day plan doesn’t need to be complicated. It simply outlines the main objectives of a new employee and gives them guidance on how to accomplish them.

Here’s how to create a 30-60-90 day play in five easy steps:

1. Write the company mission

The very first thing that you should do when creating a 30-60-90 day plan is to identify and write down the company mission. Remember that the plan should align with the company’s mission and goals. By having it on the page for the employee to review, you can help the employee understand their role in the bigger picture.

2. Create the first 30 days’ objectives

Write down the goals for the first 30 days. Limit the goals to three to five to keep things clear. For each goal, write down a key metric that will be used to measure whether the goal is achieved or not.

3. Create the next 60- and 90-day objectives

Just as you did for the first 30 days, write down key goals for the first 60 days. Remember to keep goals limited to three to five goals for clarity. Have a key metric stated for each goal. Do the same for the first 90 days.

4. Provide ample resources for the employee

Because the plan is a guide, you should include any relevant resources that will help the employee accomplish their goals. Resources may include listing certain people to speak with or using certain computer-led tutorials. Give the employee the resources needed to succeed with as little oversight as possible.

5. Evaluate progress

For a 30-60-90 day plan to work, you need to give it time (as the name suggests). Part of the plan is to give said time and then follow-up with an evaluation. Did the employee manage to use the resources provided to hit their objectives?

Plan For: Employee name Date: August 1, 2022

Company Mission: To help consumers find the right resources for retirement and invest their money with our firm.

Goal 1: To complete all onboarding training. All boxes should be checked as complete in the employee file. Goal 2: Review investment products and become familiar with the key benefits. Goal 3: Pass state and federal licensing requirements to sell investment products.

Goal 1: Make first sales calls to potential clients. Goal 2: Work with your manager to develop a key product list to offer clients. Goal 3: Get the first sale in the program.

Goal 1: Consistently make 50 outbound calls per day. Goal 2: Hold at least three sales appointments per day. Goal 3: Generate at least $500,000 in sales.

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Bottom Line

A 30-60-90 day plan is a great way to help onboard new employees (or get an edge in an interview process) because it shows the key objectives for the first three months of employment. It aligns with the company’s mission, helping the employee integrate quickly into becoming a valuable team member. Set realistic goals in a 30-60-90 day plan to see success and build confidence in new team members.

The 30-60-90 day plan is just one tool in the employer’s toolkit. For more insights into managing staff and building strong teams, check out our article on strategic human resource management .

How do I answer what I will do in the first 30-60-90 days?

Prepare for this question in an interview. Make sure you approach it from the perspective of the company’s goals and say what you plan on accomplishing based on what you know about the job description. Don’t hesitate to ask questions to clarify the role before answering the question.

How many slides should a 30-60-90 day plan be?

If you are presenting a plan in a PowerPoint, you want to use three to four slides. The first slide should outline the mission and overall objective of the company, while the next three slides review the goals. Use one slide for each month.

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