Any great producer will tell you that in order to build a solid foundation for your business you need to have a plan (and a plan that is actually written down tends to stick and come to fruition).
Coach and Performance Advisor Dr. Darlene Treese’s Five Paradigm Shift Steps provide a solid framework for developing a business plan, and she would know it, having worked on leadership, performance and health. mental health with students, families and even the Department of Defense.
We’ve combined some of Dr Treese’s best advice with that from industry professionals on how agents should approach business planning for 2022.
Change your mindset
Many agents see themselves as service providers and view their work as transactional in nature. One of the most important things you can do to develop your business plan is to start seeing yourself as a business rather than a salesperson.
According to Mark Choey, Founder and CEO of HighNote, many agents fall into the trap of being very busy but having very little long-term results from all this activity.
âAs an agent, you are not only the CEO, but also the CMO, CFO, CTO, chief economist, accountant, handyman, janitor and of course the vice president. Sales ! Choey said. Understanding all the moving parts of a business can make a huge difference in how effectively you grow your business.
âDon’t let other people define your success. Know each other. “- Dr Treese
Start by determining what type of business entity would work well for you, whether it’s LLC, C-Corp, or S-Corp. Talk to your accountant or financial advisor and lawyer to better understand the pros and cons of each and to develop a plan.
Once you start to see yourself as a business owner rather than an individual agent, you will begin to develop a perspective that will help you take a big, long-term view, rather than focusing on immediate results.
One of the biggest hurdles agents face is, ironically, that of being too successful. This often results in them getting bogged down in the day to day customer service, putting out fires and doing little to plan for the future. This prevents them from taking advantage of the potential that their business offers them.
According to DOORA Properties broker-owner, Troy Palmquist, planning the year in advance, setting goals and letting those goals dictate your actions is essential to stay focused and bring more consistency to your business.
âSo many agents just get caught up in their noses when they’re busy and then stop doing the things that occupied them in the first place,â Palmquist said. One of the things he finds particularly effective – sphere of influence marketing – is the first thing to go away when agents put a few clients in place.
Palmquist emphasizes the importance of setting a goal and creating a path, then sticking to the path as you’ve mapped it out. Manage growth as it comes rather than slowing down your communication and marketing – the things that work and create growth.
âSee failure as a learning opportunity. See obstacles as challenges. – Dr Treese
According to York Baur, CEO of MoxiWorks, âOne of the key resources that agents often overlook is their sphere of influence – their ‘database’ – from which the majority of their business comes.
Leverage the potential of your CRM and transaction management platform to simplify and streamline your operations. Making sure you have the information you need in a system where you can use it in the marketplace is key to success, Baur said.
Investing in yourself and your business often means taking a leap of faith and setting yourself up for success. Part of this process is remembering the money-making activities – your networking, your reach, your expertise – and focusing your efforts on those activities.
Many agents continue to see themselves as one person with full responsibility for all aspects of their business. According to Choey, the first thing every agent needs to do is hire an assistant if they don’t already have one.
“If you feel like you can’t afford one, share it with another agentâ¦ or two!” You absolutely need an assistant to handle all the details, administration, payments, planning, so that you can do the things that only you are allowed to do, sell real estate!
âInvest in yourself. Pretend you’ve already won. – Dr Treese
Next, Choey recommends hiring a business coach who will hold you accountable for “the numbers you need to hit every week and every month.”
These aren’t necessarily sales figures, but exit figures:
- money spent on leads
- the number of calls to your sphere
- social media engagement
- time spent at networking events
- electronic newsletters
- the number of appointments made
- the number of properties displayed or previewed
- the number of clients you work with
According to Baur, there are no expenses, only investments. “Every dollar, minute, or favor in someone else is an investment that must have a return in mind.” This means that whatever you do must lead to a potential result or accomplishment.
Maintaining a consistent outward orientation will translate into consistent dividends. Free up your time and give yourself the ability to perform payroll for the people who help make this possible.
For many of us, starting a business means overcoming a lifetime of messages about who we are or what we are capable of. Some of us suffer from impostor syndrome – the feeling that we are only pretending to be as competent or capable as we seem to be – while others struggle with a childhood context of poverty, educational struggles or other challenges for our self-image.
If there are people in your life who are constantly telling you what you can’t do or making you feel bad about your efforts and accomplishments, it’s time to steer clear of them, says Dr. Treese. âSurround yourself with positive people and those who share your vision and can help it grow. Be with those who you want to be like.
âAvoid toxic people. Surround yourself with positive people. “- Dr Treese
Many agents ignore a valuable resource that is constantly available to them at little or no cost: brokerage and mastermind meetings, local associations with training and networking events, as well as national or national conferences and association events. . Connecting with the best and the brightest at these events can be a powerful motivator and a way to learn from the experiences of successful colleagues.
Plus, if the pandemic has taught us anything, there is a plethora of resources online – from blogs and YouTube channels to webinars and online courses. You can learn everything from social media marketing and graphic design to accounting and the ins and outs of specific real estate niches.
When you come from a place of possibility and potential and surround yourself with like-minded people, fellow entrepreneurs, and positive thinkers, you set yourself up for success.
Finally, from real estate investor and radio host Abhi Golhar, is the right advice to âStop planning. Start doing. “According to Golhar, too many people spend time convincing themselves that they will be successful if only they come up with a perfect plan from the start.” It’s like a rocking chair, “Golhar said. gives something to do but ultimately gets you nowhere. “
According to Golhar, many agents spend too much time working on step-by-step plans rather than putting their ideas into practice. He gives the example of creating a marketing campaign: you can speculate on which strategy will be most effective, but you will go further if you design the graphics, write the copy and run your ad. This way you can compare different iterations and focus on which one works best.
âDo what you are most passionate about. “- Dr Treese
Often times, planning is just another word for procrastination, and it will never be foolproof. Make sure that the planning process you lead for 2022 is meaningful without being an excuse or a way to delay the necessary momentum.
Christy Murdock is a real estate agent, freelance writer, coach and consultant and owner of Real estate writing. She is also the creator of the online course Crafting the Property Description: The Step-by-Step Formula for Reluctant Real Estate Writers. Follow the real estate editorial staff on Twitter, Instagram and Youtube.