With the holidays upon us, the real estate market tends to slow down, giving Realtors some rare free time. December is the perfect time of year to use that free time to evaluate the year before and better prepare their 2015 Business Plan.
Here are some tips on how to increase the probability that 2015 will be far more successful than 2014…
First, review:
- What marketing worked well?
- What marketing didn’t work as planned?
- How well did you handle the busy times?
- How organized was your business?
- How well did you juggle personal enjoyment times and your work life?
- Are you working with the best office/company for your needs?
- Were your expenses for year what you expected them to be?
- Did those expenses help bring in more revenue?
- What areas of your real estate career could be (and will be) improved upon for next year?
Remember, these questions are just for you. When it comes to answering them, be completely and brutally honest with yourself. These answers will aid you in preparing for 2015, helping you better your real estate career, and hopefully, your overall quality of life.
Using your review from above, it’s time to lay down the groundwork for your 2015 business plan.
When prepping for next year, the three biggest areas to focus on are goals, marketing, and expenses.
GOALS
- Where do you want to be in your career one year from now?
- What will it take to get there?
- Set reasonable goals, but at the same time, aim high.
MARKETING
- Figure out what marketing from 2014 you wish to continue, which you want to expand upon, which you need to drop.
- Map out your marketing plan for 2015. Set up a marketing calendar, detailing out how, when, and where you will be marketing. This includes everything from the old standbys such as mailers, signage, and local publications, to 21st century marketing via websites, social media, and blogging. This could mean overhauling and bettering some areas of your marketing, especially your web presence.
- Be flexible with your marketing calendar and willing to alter/improve upon it as the year progresses.
EXPENSES
- Set a budget and keep track of your expenses. Some expenses are “musts,” such as your local dues and fees. It is the voluntary fees that you need to keep an eye on and measure their ROI. There is nothing wrong with spending money and even increasing your expenses, as long as the money being spent is used wisely.
Every dollar spent should:
- Help bring in business and revenue – either quickly (ie: leads for active buyer/sellers) or gradually (ie: geo-targeted prospecting, blogging).
- Help you focus your time on the most important business (ie: talking with sellers/buyers, negotiating contracts), by using professional real estate virtual assistants and expanding your team.
- Help you enjoy your life more by taking time-consuming tasks away from you.
The real estate business has an 80/20 rule for Realtors.
20 percent of your efforts will bring in 80 percent of your revenue. Figure out how to best spend your efforts on that important 20 percent, and let others work on the less important 80 percent of the work. Expand your team, or if you are working solo, consider adding a buyer’s agent and starting a team. Use real estate virtual assistants to help with administrative and online tasks. Make a New Year’s resolution to work smarter, not harder in 2015. (And keep this resolution!)
While it all sounds easy, properly planning for 2015 can be more complicated than it seems. To find your business opportunities, complete a complimentary needs analysis survey or send us an email. REVStaffing can help you prepare your 2015 business plan and achieve your goals!
