Small Business Brief

Real Estate

7 Tips for Building Your Real Estate Business Plan

Are you considering getting into real estate? 

If so, congratulations! Working as a real estate agent means that you can create a profitable business whilst also benefiting from a flexible schedule. Not only does this make real estate an exceptionally family-friendly career, but it also allows for the ability to create a schedule that works for you. 

If you’re getting into the real estate business, you’re going to want to read this. We’re uncovering the seven most simple and effective tips for creating a real estate business plan. 

Not only will this allow your business to be more organized, but you’re also setting yourself up for long-term success in the business. 

1. Determine Your Target Market 

First things first, you’re going to want to begin by determining your target market. This is the particular group of clients that you will direct the majority of your business toward. 

For example, you might decide that you’d like to primarily work with first-time homebuyers. Or, maybe you’d like to focus on creating a business that focuses exclusively on the buying and selling of condos. 

Either way, it’s going to be in your best interest to determine a market specialty. This way, your clients will begin to think of you as an expert in that particular field and refer fitting clients. 

2. Create a Website 

It’s time to create a stunning website for yourself! 

In this day and age, every serious real estate agent is going to be expected to possess a website. Without this website, it’s going to be difficult for your clients and even your co-workers to take your business seriously. In fact, one study found that 75 percent of consumers admit to judging a company’s credibility from their website. 

Let’s be honest, if your client can’t go home and look you up on Google, they’re likely going to move on to someone else. When we consider that there are nearly 1.4 million real estate agents currently operating in America, it’s simple to understand just how fierce the competition is. 

The good news is that create a real estate website doesn’t have to be so complicated or expensive. Instead, opt to create a simple website that showcases who you are, which areas you service and showcase your listings. 

3. Establish a Social Media Presence

Today, it’s rare for a real estate agent not to have a dedicated presence on social media. 

And, why not? A standard social media profile is a free and simple way to connect with your audience. This is also a great way to showcase yourself and highlight what makes you stand out from the competition. 

In this day and age, it’s safe to say that instagram for real estate is essential. Even more than Facebook, this is where you’re going to connect with new clients, showcase your successes and display your branding.  

4. Govern Your Finances 

Next, it’s time to focus on your finances. 

Unlike many career paths, real estate is one in which you actually have to invest your own money. Without doing so, it’s going to be a challenge to establish a business that is successful or long-term. 

Before you really establish your business, you’re going to want to lay out your finances. In doing so, you’re going to create a monthly budget. This budget is going to outline all of the costs of your business on a monthly basis. 

For example, it will include fees related to your brokerage, your website, your marketing budget, gas, and social media. You’re also going to want to account for costs such as signs, paperwork, and any staging and listing supplies. 

5. Build a Client List 

From here, you can move onto creating your first client list.

In short, this is a list comprised of anyone and everyone in your immediate life. This could be anyone from friends and family to neighbors and acquaintances. You’re going to want to find out their home address as well as their basic contact information. 

Of course, you’re not going to have a large or even diverse client list when your first commence your business. However, you’re slowly going to begin building this contact list as you grow your business. Sooner or later, your client list will be comprised of thousands of names. 

When you first establish your business, you’re going to want to send an email to everyone on this list. In general, the purpose of this email is to introduce your new real estate business and to ask for their business in the future. 

6. Set a Schedule  

When it comes to real estate, you’re not expected to clock into your office every day between 9-5.

Instead, most real estate agents benefit from the ability to create their own schedule. In fact, this is what draws a large percentage of real estate agents to real estate in the first place. 

In order to make the most of your days, it’s essential to create a realistic schedule that works for you. It’s crucial to ensure that your schedule is specific in that it states what your daily activities will be and when. 

For example, you might determine that weekday mornings between 9:00-12:00 will be dedicated to prospecting. Similarly, afternoons between 1:00-3:00 are reserved for marketing and the hours between 3:00-7:00 are open for showings. 

7. Familiarize Yourself  

Lastly, it’s time to familiarize yourself with your target area. 

In large cities, many real estate agents will choose to farm one or two areas in particular. With this, the agent can look forward to focusing on these particular areas of the city and establishing a presence in that area. The goal is to be seen and known as the local expert in those neighborhoods. 

In doing this, you’re going to want to know anything and everything about those neighborhoods. This could be anything from the condo dwellings that reside in those neighborhoods and the school zones to the transit and housing trends that are particular to those neighborhoods. 

Creating a Real Estate Business Plan 

If you’re sitting a home preparing for a career in real estate, it’s best to begin with a real estate business plan. 

This is going to outline the goals of your business, the methods to these goals and how you’re going to make your business a success. This is going to account for anything from determining your target market and establishing a budget to designing your website and creating your social media profiles. 

Once you establish this real estate business plan, it’s officially go time! 

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