Realtor Business Plan
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Transcript of Realtor Business Plan
Personal Business Plan For:
Name:
Company:
Dates Covered:
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My Personal Vision / Mission Statement is:________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
My Core Values Are:________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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SITUATION ANALYSIS(To get where you want to go, you must understand where you’ve been)
A. Financial / Business Review:
1. How many transactions did you do in the past year? ____________________
2. What were your gross commissions in the past year? ____________________
3. What is your average commission per sale? ______________________
4. How many of your clients were:
Buyers? #____ % _____ Sellers? # _____%______
(to calculate the percentage, divide the # of either Buyer or Seller transactions by the total numberof transactions completed)
5. # of Buyer Agency Contracts Signed____________
6. How many buyers did you lose? _______
Why do you think this happened? ______________________________________________________________________________________________________________________
7. # of Buyers Sold_________
8. Buyer Conversion Rate (divide Buyers Sold by total number of Buyers worked with) _____%
9. # of Listing Presentations _________
10. # of Listings Taken ____________
11. How many listings did you loose ____________
Why do you think that this happened? ______________________________________________________________________________________________________________________
12, # of Listings Sold _____________
13. % Of Listing Presentations vs. Listings Sold (divide the Listings Sold by the ListingPresentation Number) ___________%
14. % Of Listings Sold (divide Listings Sold by total number of Listings taken)_________%
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B. Financial Goals for this year?
First, you must understand what you NEED to earn… then what you’d LIKE to earn!
How Much Do You Need to Make in Commissions to Support Your Lifestyle?
HOUSEHOLD: MONTHLY YEARLY TOTAL
House Payment or rent
Electric
Heat
Phone
Repairs
PERSONAL:
Food
Clothing
Medical
Medical Insurance
Life Insurance
Personal Spending
Other Obligations
Child Care
BUSINESS:
Car Payment
Car Repair
Car Insurance
Gasoline
Board & MLS Expenses
Signs & Business Cards
Personal Promotion
Assistant
Advertising
Farming
Computer Technology
Other
Messengers
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Copies
Business Phone
Meals
Seminars
Continuing Education
Postage
LONG TERM DEBTS:
Credit Cards
Personal Loans
MISCELLANEOUS:
College Fund
Holiday Fund
Organizational Donations
Vacation Fund
Club Dues
Charitable Contributions
Entertainment
TOTAL OF EXPENSES
LESS OTHER INCOME (GROSS)
SAVINGS: DIVIDE BY .90
SUBTOTAL
TAXES: DIVIDE SUB-TOTAL BY .72
TOTAL EARNINGS NEEDED
Now let’s examine these numbers a little closer.
1. My gross commission goal for this year is?___________
2. The number of transactions I will need to do this year in order to achieve my goal :(divide yourcommission goal by the average commission per sale)____________
3. The number of transactions I will need to complete per month:________
4. The number of transactions that I will need to complete each week: _________
5. This year I will need to sell and close this many listings (To calculate this number multiply thetotal number of transactions from line 2. by the percentage of Sellers that your worked with lastyear.) _____
6. This year given my history in winning at the listing table, I will need to make this number of
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listing presentations (To calculate this divide the total number of listings that you will need to sellthis year from line 5. by the percentage of listing presentations vs. Listings Sold) ___________.
7. The number of listing presentations I will need to make per month: _________
8. The number of listing presentations I will need to make per week:___________
9. This year given my history in selling listings, I will need to take this number of listings (To calculate this, divide the total number of listings that you will need to sell this year from line 5. by the percentage of Listings Taken vs. Listings Sold) ________________
10. The number of listings I need to sell per month: _____________
11. The number of listings I will need to sell per week: ________________
12. Given my history of working with buyers I will need to close this number of buyers (To calculate this number multiply the percentage of buyers that your worked with last year times thetotal number of transactions that you need to do this year) __________
13. Given my Buyer Conversion Rate from last year I will have to work with this many buyers this year (to calculate this divide the total number of buyers that you will need to close by from line 12 by your Buyer Conversion Rate) ______________________________________
C. Where Did My Business Come From?
How did you originate your buyers and sellers in the past year?
Source Buyer Seller
Open Houses # #
Sphere of Influence Referral # #
Past Client # #
Sign Calls # #
Personal Web Site # #
LeadStreet # #
Curbside Connection # #
Social Networking Site # #
Call Rotation Roster # #
Referral from RE/MAX Prestige # #
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Referral from outside agency # #Realtor.com # #
Direct Mail # #
Ad Calls # #
Other______________ # #
Other______________ # #
Other______________ # #
Other______________ # #
D. Market Review:
1. Do you know your market? __________________________________________________
2. How many households are in your market area / farm area?___________________________
3. How many transactions took place last year in this area?____________________________
4. How many agents are you competing with in this area? (actually doing business)?_________
5. What companies / agents are your biggest competitors?______________________________
6. What is your companies’ market share vs. the competition?___________________________
7. Do you know what your competition leverages to attract buyers and sellers?_____________
8. What are the biggest impending changes or threats in your marketplace? _______________
9. What are the emerging opportunities in your marketplace? ___________________________
8. What three things will you do to improve your market knowledge, combat the competition and take advantage of the emerging opportunities in your market?
A) _________________________________________________________________________
B) _________________________________________________________________________
C) _________________________________________________________________________
Will you do them? _______
E. Sellers:
1. On average how long do your listings take to sell? _______
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2. Is this above or below the areas average? _______
3. Do you have a finely tuned listing presentation complete with Marketing / Action Plan outlining your marketing, service and communication plans? _____________________________
4. Do you provide your sellers with a guarantee of service? _____________________________
5. Do you include in your listing presentations information about the power of RE/MAX and the exposure that it provides ________________________________
6. Do you have a check list for listing appointments?____________________________
7. Do you provide the Seller with REALTOR® interviewing questions? ____________________
8. Do you have a full e-marketing strategy to provide maximum exposure for listings?__________
9. Do you put all of your listings on craigslist.com, backpage.com and myspace.com?__________
10. Do you register the address of all of the listings that you take as a domain name and then havea sign rider made to post the domain name on the for sale sign of the listing?__________________
11.Do you enhance your listings on Realtor.com and RE/MAX.com? ________________________
12. How do you promote you open houses?_______________________
13. Do you advertise your open houses on-line…do you post them on REMAX.com?______________________
14. Do you do web commercials, slide shows, virtual tours for every listing? _________if not why not?______________
15. Do you email all of the top REALTORS in your area a web commercial of your listing?________ If not why not__________________________________________________________
16. Do you include testimonials from past Sellers in your listing presentation? ___________If notwhy not? _______________
17. What are the top three tools that you use to get the unfair advantage at the listingtable?_______________________________________________________________________________________________________________________________________________________
18. Do you try to generate spin-off business around your listings?_____How? ____________________________________________________________________________________________________________________________________________
19. Do you survey your seller clients? ___________ If not, why not? ______________________
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20. Do you send handwritten thank you notes to your Sellers after the listing appointment, after a contract is negotiated and after the sale?_____________________________________________
21. Do you do a pop by after the sale with a small gift?_________________________________
22. Do you ask your Sellers for referrals?___________________________________________
23. Do you have a database of past sellers? _________________________________________
24. What is your plan for keeping in touch with Sellers after the sale and prospecting them forreferrals?_________________________________________________________________________
Are you consistent with these activities for every listing? ________________________
25. What are three things you could do to improve the number of your listings, listing/sales ratio and spin off business for next year?
A) ___________________________________________________________________
B) ___________________________________________________________________
C) ___________________________________________________________________
Will you do them? _______
26. What are three things that you should stop doing?
A) ___________________________________________________________________
B) ___________________________________________________________________
C) ___________________________________________________________________
Will you stop doing them doing them? _______
F. Buyers
1. Do you have a Buyer’s Presentation complete with services outline etc? _______
2. Do you include testimonials from past customers? _________
3. Do you include information on the process of buying a home and the costs involved? ______
4. Do you include a list of preferred ancillary service providers? _________
5. Do you belong to an ancillary services networking community? _________
6. Do you ask all of your buyer clients to sign a services contract? ________
7. Do you provide a service guarantee to buyers? ________
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8 Do you conduct a buyer consultation session for each buyer client? _______
9. Do you provide a buyer CMA when a Buyer is considering putting an offer on a property?________
10. Do you sign up all of your buyers to receive email updates on new listings?________
11. Do you send buyers hand written notes after you first meet with them, after they have successfully negotiated an offer, after all contingencies have been removed and after the closing?____________________________________________________________________
12. Do send buyers a handwritten note of encouragement if their offer doesn’t go through? ___
13. Do you create a web commercial of the buyer’s new home and email it to them?________
14. Do you survey your buyers and ask for a testimonial? ___________Why not?_________
15. Do you offer to create a change of address card for your buyers with their picture on the front of the card and a testimonial about your serve on the back?______________________
16. Do you pop by to visit your buyers in their new home with a small closing gift? _______
17. Do you ask your buyers for referrals? ________________________________________
18. Do you put all of your buyers in a database?__________________________________
19. How do you keep in constant contact with your buyer after the sale and how do you prospectfor referrals? _____________________________________________________
20. What activities / campaigns were your best sources of finding new buyer clients?_________________________________________________________________________
21. Is there a profile of the type of buyers you enjoy working with the most?_________________________________________________________________________
22. How did you target market that buyer group?_________________________________________________________________________
23. What are three things you could improve to attract and close buyers for next year?
A) _________________________________________________________________________
B) _________________________________________________________________________
C) _________________________________________________________________________
Will you do them? ___________
24. What are three things that you should stop doing?
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A) ___________________________________________________________________
B) ___________________________________________________________________
C) ___________________________________________________________________
Will you stop doing them doing them? _______
G. Personal Marketing/Promotion/Advertising
1. How much money did you spend on personal promotion last year? ___________________
What did you do? __________________________________________________________
Did you get the return you expected? ___________________________________________
Have you created a personal brochure on Design Centre? _________________________
2. How much money did you spend on print advertising? _________________________
Did you get the return you expected? ___________________________________________
How much print advertising do you promise sellers in your listing presentation?_____________
3. Do you advertise testimonials, client survey results or your service package? ____________If not, why not? __________________________________________________________
4. What are three things you could do to increase your success rate from your personal marketing, promotion and advertising?
A) _________________________________________________________________________
B) _________________________________________________________________________
C) _________________________________________________________________________
Will you do them? ____________
5. What are three things that you should stop doing?
A) ___________________________________________________________________
B) ___________________________________________________________________
C) ___________________________________________________________________
Will you stop doing them doing them? _______
H. Prospecting for New Business
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1. Do you schedule set time / time block to actively prospect for new business?________________________________________________________________________
2. How often do you prospect for new business?
Daily ________ Weekly ________ Monthly ________ Occasionally _________
Are you Consistent? __________ Persistent? ___________ Determined? _____________
3. What percent of your time do you prospect for new business? _______________________Is it enough? ____________________________
4. Do you have short term prospecting goals? ______________________
5. Do you have long term prospecting goals? ______________________Which prospecting activities do you do most often?__________________________________________________________________________________________________________________________________________________
6. Are you satisfied with the results? ______________________________________________________________________________________________________________________
7. Which prospecting activities do you never do? ______________________________________________________________ Why? _______________________________________
8. How do you prospect for FSBO’s? _____________________________________________
9. How do you prospect for Expireds? _____________________________________________
10. Have you specific scripts you use for prospecting? ________________________________
11. Do you have a system in place to stay in touch with and prospect past clients for referrals?___________________
How often __________ What methods do you use?___________________
Are you getting enough business from your past clients?
12. Do you have a system in place to stay in touch with and prospect your Sphere of Influence?
How often? _______ What methods do you use? ______________________________
Are you getting enough business from your sphere? _____________________________
13. What percentage of your business last year came from past client referrals & sphere of influence?_____________
14. How will you prospect to attract clients from generation X & Y _____________________
15. How are you targeting minority groups? _________________________________
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16. What three things can you do to improve your success in prospecting for new business?
A) ________________________________________________________________________
B) ________________________________________________________________________
C) ________________________________________________________________________
Will you do them? _______
17. What are three things that you should stop doing?
A) ___________________________________________________________________
B) ___________________________________________________________________
C) ___________________________________________________________________
Will you stop doing them doing them? _______
I. Technology
1. Are you computer proficient? _________
2. Do you have a laptop computer equipped with an air card? ________________________
3. Do you have contact management software?_____ Do you use it?__________________Presentation software? ____________________ Other software? ____________________
4. Do you use e-mail & text for your business? ________________________________________
5. Do you use a RE/MAX or personally branded email address for business? _____________
6. Do you use e-mail to prospect for new business________What software do you use to sendout mass emails to top agents in the area, past clients etc. (topproducer.com, constantcontact.com,delivra.com?) _______________
7. Do you have an electronic news letter? (realtytimes.com, design center)__________________
8. Do you have a smart phone? _____________________________
9. Do you have a compelling personal web site and what makes it compelling? ____________________________________________________________________________________
10. Is it targeted for both buyers and sellers? ________________________________
11. Does your web site have a niche?___________________
12. Do you have buyer and seller testimonials on your site? _______________________
13. Do you have a lot of web site visitors? _______________ If not why?_____________
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________________________________________________________________________
14. Do you tell the world about your web site and how? ______________________
15. Is your web address on all of your marketing including your for sale signs? ____________
16. How quickly do you get back to internet leads? _________________________________
17. What systems do you have in place to manage and incubate these internet leads?______________________________________________________________
18. Do you have a real estate blog site?(www.realblogging.com, www.blogger.com, Active Rain)___________________________________________
19. How are you utilizing social networking in your business?___________________________
20. Should your technology skills be improved? _____________________________________
21. What three things could you do to improve your technology skills and the impact that youhave with technology with regards to the real estate industry?
A) ______________________________________________________________________
B) ______________________________________________________________________
C) ______________________________________________________________________
Will you do them? _______
22. What are three things that you should stop doing?
A) ___________________________________________________________________
B) ___________________________________________________________________
C) ___________________________________________________________________
Will you stop doing them doing them? _______
J. General & Educational
1. What skills, upgrading and educational opportunities did you take last year? _____________________________________________________________________________________
2. How many RE/MAX events did you attend last year? __________
3. What designations did you achieve? _______________________
3. What educational – business growth – books did you read last year? _________________
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4. Have you recently upgraded your communication and/or human relation skills? __________
5. How are you keeping up with industry changes and innovations? (realtytimes.com,rismedia.com, inmannews.com) ____________________________________________________
6. How are you keeping up with local industry laws and regulations? _____________________
7. Are you active with your local Board of Realtors? _______________
8. How are you giving back to your community? ___________________
9. Did you set written goals last year? __________Did you achieve them? ________________
10. Did you work to a written schedule last year? ____________________________________
11. What was your biggest business challenge in the past year how did you overcome it?_________________________________________________________________________________________________________________________________________________________________________________________________________________________
12. What three things could you do to improve your general situation specifically with regard to market knowledge, financing, education, goal setting or anything else?
A)________________________________________________________________________
B)________________________________________________________________________
C)________________________________________________________________________
Will you do them? ______
9. What are three things that you should stop doing?
A) ___________________________________________________________________
B) ___________________________________________________________________
C) ___________________________________________________________________
Will you stop doing them doing them? _______
K. Synopsis
My major strengths are:
1)_________________________________________________________
2)___________________________________________________________
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3)___________________________________________________________
4)___________________________________________________________
5)___________________________________________________________
My major weaknesses are:
1)___________________________________________________________
2)___________________________________________________________
3)___________________________________________________________
4)___________________________________________________________
My greatest opportunities are:
1)___________________________________________________________
2)___________________________________________________________
3)___________________________________________________________
4)___________________________________________________________
5)___________________________________________________________
Things I can do to improve are:
1)___________________________________________________________
2)___________________________________________________________
3)___________________________________________________________
4)___________________________________________________________
5)___________________________________________________________
6)___________________________________________________________
7)___________________________________________________________
8)___________________________________________________________
Things that I need to stop doing are:
1)___________________________________________________________
2)___________________________________________________________
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3)___________________________________________________________
4)___________________________________________________________
5)___________________________________________________________
6)___________________________________________________________
7)___________________________________________________________
8)___________________________________________________________
Remember, work to your strengths – improve your weaknesses - take advantage ofyour opportunities! And, work to your plan every day!
ObjectivesMy objectives for the next year are as follows:Priority Objective
1.
2.
3.
4.
5.
6.Notes:
1) In the right column, list all of your objectives for the next twelve months. Then, prioritize them using the column on the left.
2) Insert the highest priority objective directly beside Objective 1 on the following page and the next highest priority objective beside Objective 2 and so on, etc., etc.
Personal Business Action Plan
Objective 1:
÷ Strategy Who When
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Objective 2:
÷ Strategy Who When
Objective 3:
÷ Strategy Who When
Objective 4:
÷ Strategy Who When
Objective 5:
÷ Strategy Who When
Objective 6:
÷ Strategy Who When
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MONITORING AND REVIEWINGReview your action plan monthly! If necessary, amend your plan and get on with it!
A. THE BIG PICTUREDoes my stated focus match the results of my activities and my overall business
objectives for the year? _________
Do I need to make any adjustments? If so, they are as follows: ______________________________________________________________________________________________________________________________________________________________________________________________________
B. ACTION PLANHave I implemented all of the strategies on my Action Plan? ______________
The adjustments I need to make are: _______________________________________________________________________________________________________________________________________________________________________
C. MANAGEMENT BY THE NUMBERSMy analysis of my activities/results to date:__________________________________________________________________________________________________________________________________________________________
My analysis of my expenses/profitability to date:______________________________________________________________________________________________________________________________________________________
Adjustments I need to make:______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
C. FINANCIAL REVIEW (Review your financial objectives quarterly!)
Quarterly Review
Seller contracts completed:
Buyer contracts completed:
1st Q 2nd Q 3rd Q 4th QPersonal Earnings: Goal Actual Goal Actual Goal Actual Goal Actual
First Quarter
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YTD
Second QuarterYTD
Third QuarterYTD
Fourth QuarterTotal for Year
Your ability to monitor your financial performance will directly affect your ability to successfully implement your business plan. Do not take this step of the process lightly! Remember that successful business people constantly monitor their progress and strive for maximum results!
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Sources of your BusinessFor the next year, record each completed transaction on the following form:
Date
Clients Name:
Buyer or Seller?
Property Gross Commission
My Commission
Source of Lead____Open House____Sphere of Influence Referral____Past Client____Sign Calls____Personal Website____LeadStreet____Curbside Connection____Social Networking Site____Call Rotation Roster ____Referral from RE/MAX Prestige____Referral from outside agency____Realtor.com____Direct Mail____Ad Calls____Other______________
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DAILY PROSPECTING SHEET
Print one each out day to ensure you meet all of your lead generating goals.
Daily Prospecting Calls: DATE: ___________________________________
NAME Phone # Notes1. ______________________ ________________________ _____________________
2. ______________________ ________________________ _____________________
3. ______________________ ________________________ _____________________
4. ______________________ ________________________ _____________________
5. ______________________ ________________________ _____________________
6. ______________________ ________________________ _____________________
7. ______________________ ________________________ _____________________
8. ______________________ ________________________ _____________________
9. ______________________ ________________________ _____________________
10. _____________________ ________________________ _____________________
Profit Marketing Today:1. __________________________________________2. __________________________________________3. __________________________________________
Profit Appointments Today: 1. __________________________________________2. __________________________________________3. __________________________________________
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