A Simple Start to Business Planning
Are You Ready for 2014?
If you fail to plan, you plan to fail. I heard this phrase many years ago, and it is so true. Yet so many professionals in real estate do not set aside the necessary time to plan for their own success. If not now, then let me ask you, when?
The fourth quarter of 2013 is upon us, and there is no better time than now to analyze where you have been and where you are going in 2014. Set aside an hour to get started. I suggest making this as easy as possible, as most of us dislike the whole process. Here are several easy steps to set your goals.
1. List all of your monetary assets, including your checking account, savings, Roth IRAs, 401K if you have one, your car and your home.
2. List all of your liabilities, or monthly obligations, including your home and car payments, daycare, tuition, travel (to National Women's Council meetings, of course!) and so on. As painful as this may be, you must be realistic and aware of your obligations, as it does drive your activities and work habits.
I have done business planning with many agents and find that they like to work with something simple. So instead of figuring out how many listings and buyers and contacts you must make to achieve say, a little over $100,000 a year, make it easy. If you are on a 60-percent "split," it is necessary for you to close monthly $500,000 worth of real estate.
This could be one home, four $125,000 homes or two homes each settling at $250,000. How much easier could it be to plan? You work until you achieve. Period.
Whether you do it by calling expireds, FSBOs, your sphere of influence, open houses or cold calling, it is all up to you. How do you enjoy prospecting? As the Nike slogan goes, "Just Do It," and you will have a monetarily successful year!
Related: More from eConnect on business planning in real estate
Ann DeFries, CRS, PMN, manages Balistreri Realty's regional sales center in Boca Raton, FL. Ann was also National President of Women's Council in 2008. She can be reached at email@example.com.
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