Business Planning Real Estate 2023

Don’t Let Q4 Slow You Down!

If you’re like many real estate agents, you might be tempted to put yourself into “cruise control” in this final quarter. You may think that nobody’s buying or selling homes during the holidays, right? WRONG! Top-performing agents know that activity never stops, and letting up in Q4 can mean leaving money on the table.

So, do what the best agents do: LEAN IN to finish strong and make this your best year ever.

Now, Let’s Dive Into Your 2023 Business Plan

If you don’t have a business plan, now is the time to build one. If you already have one, use this as a refresher and an opportunity to refine it. A business plan is your roadmap to success, your north star. It helps you gauge daily progress and allows you to make adjustments as you move through the year.

Hopefully, you’ve had a great year and will finish even stronger. But if your year didn’t meet expectations, use it as a learning opportunity to guide your future efforts. Either way, it’s time to focus on planning for the coming year.

You need goals to succeed and a well-thought-out plan to achieve those goals. Here are some essential tips to help you craft or refine your business plan for 2023.

Revisit Your Value Proposition

Your value proposition is a statement that helps prospective clients understand the unique value you bring to the business relationship. A strong value proposition sets you apart from competitors and assures homeowners that you’re the right person to trust with one of the most important financial decisions they’ll ever make.

If you haven’t considered your value proposition, check out our recent blog post: Real Estate Value Propositions in Three Steps.

Assess Your Strengths and Weaknesses

Review your strengths and areas where you need to build skills. Consider the opportunities in your agency or market and where you might go off track. This tool is known as a SWOT Analysis – Strengths, Weaknesses, Opportunities, and Threats.

Be honest, especially about your weaknesses. For example, you may need to research market opportunities (like a wave of first-time home buyers in your area) or potential threats (such as rising interest rates affecting the real estate market).

Own Your Numbers

As a business owner, it’s imperative to know your numbers intimately. Start with your transactions and Gross Commission Income (GCI) target for the year and set a written goal.

Then, reverse-engineer a plan: Prospecting hours per day → live conversations → appointments → listing presentations → listings → buyers under contract → commissions. The more detailed your numbers, the better you can hold yourself accountable.

Also, diligently manage your expenses. Know what’s going out, and never be surprised. There are many applications you can use to manage expenses, so there’s no excuse for not knowing what you spend.

Invest in Yourself

Understand the difference between an expense and an investment. A Venti Skinny Vanilla Latte is an expense that pays zero dividends, even if it tastes good. On the other hand, an hour with a coach can generate thousands of dollars (or more) in GCI, even if it may not always be easy.

Here are some key investments to consider:

• Lead Generation/CRM Platform: Real estate agents who earn over $100,000 per year are more than twice as likely to use lead generation technology like Espresso Agent. A single transaction could cover a year of Espresso Agent.

• Coaching: Many top-performing agents cite accountability with a coach as crucial to their success. If coaching isn’t feasible, find accountability partners. Also, consider having a role-playing partner to practice scripts each morning.

• Part-time Admin Support: If your business is growing, consider investing in part-time admin help to free up your time for prospecting and listing presentations.

5-3-1 Business Plan

A business plan should include long-term goals. Many experts recommend a 1-, 3-, and 5-year plan. Regardless of your approach, hold yourself accountable to deadlines.

Absorb Your Business Plan

It’s easy to write a business plan, check it off your to-do list, and put it in a drawer. Instead, keep your plan visible so you can revisit it every day. Know your numbers daily, and adjust if you’re falling short of your targets.

If you work with a coach, discuss your plan with them. And if you’re struggling without a plan, now’s the time to sit down, review the basics, research, and start planning.

For a little inspiration, here’s a quote from Walt Disney:

“The way to get started is to quit talking and start doing.”

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