Writing a business plan may seem a daunting task as there are so many moving parts and concepts to address. Take it one step at a time and be sure to schedule regular review (quarterly, semi-annually, or annually) of your plan to be sure you on are track to meet your goals. According to NAR, follow these 7 essential components to create a real estate business plan for 2021:
- Mission Statement: Clearly define your purpose and the benefit you provide.
- SWOT analysis: SWOT (Strengths, Weaknesses, Opportunities, and Threats) is an assessment of you as an agent and of the landscape where you practice.
- Specific Goals: Separate your goals into short-term and long-term to ensure that your short-term goals support the long-term.
- Strategic Plan: Determine hat specific strategies you will use to achieve your goals. Your business plan should evolve as your business and abilities grow.
- Time Frame: Determine a time frame to achieve each of your goals and to help you stay accountable and focused.
- Target Audience: Define your audience and your market to help you refine your strategies.
- Systems and Processes: Have specific systems to achieve your goals. For example, use a customer relationship management system to keep track of clients and their needs.