Here’s a Weichert® coaching tip that will serve you well now and next year: Buckle down these last few weeks and finish up next year’s real estate business plan. You’ll go into the holidays knowing that you have a strong plan in place for 2024. Easy to say, not so easy to do? We understand. Our team has some expert advice to jump-start your process. Let’s break it down, literally, by starting with …
J is for Justify. Quite simply, take stock of and justify to yourself everything that’s in your business plan. Self-reflection can help you identify exactly what you’re trying to achieve and why. Rediscover the benefits and value that you’re hoping to realize or build upon. This step helps to solidify your vision for your business and align your full staff toward collective goals and purpose.
Facts, figures, and trends will guide you, so be sure to include them when building out the justification of your business plan. Remember to also include less measurable elements, too, such as strengthening company culture. Choose initiatives that matter to you.
When you can justify the elements in your business plan, you ensure that it’s built on solid, relevant ground.
U is for Unpack. As you continue to work on your business plan, imagine that you’re preparing to go on a long trip. Before you pack for the journey, you need to think about everything that’s going in your suitcase.
Deconstruct last year’s business plan by plucking out all the main elements. What are you taking with you for your 2024 travels? What can you leave behind? What new objectives do you want to bring along this time? To pack your business plan with the best, most strategic approach, start by unpacking last year’s plan.
BAM, a real estate news and media company, says, “You make mistakes and learn from them. You try things and find what works and what doesn’t (or not without some adjustments). All of it matters. Everything you learn that helps you become a better real estate agent can also come into play when you’re planning for the future. … Incorporate those lessons into a clear and actionable business plan for the next year.”
M is for Map. The business plan is the map itself, guiding you throughout the year. Here are some integral parts to include:
- What’s your operational budget? Where will you put your dollars to work?How will you manage your time?How will you increase lead generation?What are your marketing plans?What systems and tools need to be maintained, phased out, or newly implemented?How will you maximize your CRM?What leadership opportunities will you create to coach your team?How will you nurture development, from them and for yourself?Are you considering a franchise opportunity? If so, what steps are you planning to take to help you identify your decision? Take a look at our Weichert franchise guide or talk to our team to help you determine what’s best for you.
In a previous blog about business planning, we also talked about how to jump-start the business planning process by looking at words that begin with “re.” Check it out for more inspiration. You can also map out SMART goals and conduct a SWOT analysis.
P is for Plan. At Weichert, business planning is so central to the success of affiliates that we’ve developed a formalized system around it. Our team of business consultants works with owners to create their written business plan. Together, they brainstorm, set specific goals, and prepare for a new year of successively higher targets.
At the agent level, we also encourage offices to hold a formal event we call “Planning Day”, and we provide the support. Affiliates invite all of their agents to join in a lively working session, utilizing Weichert business planning tools. This helps their teams to set income and productivity goals for the year and discuss what they’ll need to do to meet them. Our corporate team provides everything affiliates need to make the most of these sessions, from slide decks to worksheets to promotional materials. Instead of being a daunting task, business planning should actually offer relief. As a concrete, accessible reference point, it can serve as your North Star through the ups and downs that are to be expected. Contact us to hear more about it.
You can also turn to the National Association of REALTORS® for helpful tips on how to write a business plan.
Were you following along? All that spells “JUMP”! Now let’s get even more actionable with a few simple tasks you can “start” right now:
- Give yourself a deadline. For example, make December 15th your due date to complete the first full draft of your 2024 business plan. Then work backward to put time on your schedule, now until then, to get it done.Make it fun. Maybe you’d prefer to work on your business plan remotely at your favorite coffee shop. Reward yourself with a latte each time you show up to your scheduled working sessions.Believe in yourself. A business plan is an extension of you—your passion, your strengths, and your goals for growth. Don’t let the formality of the words “business plan” intimidate you.
To quote Forbes, because we couldn’t agree more, “Your 2024 plan is not just a financial forecast; it’s about the health of your business. This is a chance to reflect on what worked well last year, what didn’t, and why—and what changes you’ll make next year across all aspects of your business. And remember that success isn’t measured solely in dollars. Instead, review your people, culture, lessons learned, opportunities, projects and innovations to ensure you balance the numbers with the right values and policies to meet your targets.”
Weichert is here for you, every step of the way. We can help you jump-start new growth for your real estate business in 2024—and beyond. Let’s start a conversation.