Whether you’re managing a team or working alone, you should have a clear strategy for growth. Start creating your real estate business plan by answering these five questions:

What are my objectives?

Develop a mission statement that conveys what you want to achieve for your clients and community. Note what you’re trying to do, the problems you want to solve, and the difference you want to make.  

Where’s my focus?

Identify the market segments you will target. Is your focus based on location, property types, or another specialty? Once you’re clear, you can effectively match your branding and marketing strategy.

What are my competitors doing?

Besides being aware of the market trends, you should know what your competition is doing. Find out what advertising, social media marketing, or business tactics they use. Learn what differentiates you from them so you can position your business to stand out. 

How much money do I have?

Knowing where you’re at financially is important for making future business decisions. Begin by accounting for all your current operating expenses. List everything from office supplies, marketing tools, education, advertising, travel, membership dues, and other fees.   

How can I make my goals reachable?

Having a goal to gain more referrals is one thing, but attaining the goal is another. Try applying the SMART goal technique to make your goals Specific, Measurable, Achievable, Televant, and Time-sensitive. For example, to gain 10 more referrals this year, state that you will email each client within 30 days of closing to ask for a Google review or a testimonial on your website.

Remember, your real estate business plan is your map to success. Build your plan for where you want to go, track your progress, and adjust as needed.