As we head into the fourth quarter, now is the perfect time to seize opportunities for growth in the coming year. And your roadmap to success needs to start with one thing: a solid business and marketing plan, including a marketing budget.
It doesn’t have to be time consuming or complicated. This proactive approach will actually relieve stress, eliminate wasted time and hap-hazard spending, create focus and opportunities, and will often achieve even the loftiest goals—even in a changing or turbulent market.
Don’t put 2022 in your rearview just yet
Q4 offers a chance to reflect on the past year’s triumphs and challenges. The real estate industry is all about adaptability, so it’s important to honestly evaluate what has, and has not worked for you and your business. It’s also time to take stock of current goals and strategies now so you can work smarter in the new year.
Ask yourself:
- Where did your business come from, and what activities led to that business?
- What activities and expenses did not generate business? Can they be eliminated?
- What do you wish your business would look like a year from now? How can you streamline your business?
- How much income do you want to make, and how much business do you need to do each quarter to achieve that goal?
Analyze your priorities…
When you’re drafting your business plan, think about your priorities and why they matter to you. Once you’ve figured out your why, review your previous performance. Deep dive into your numbers to get a firm grasp on how your business has grown, focusing on things like:
- How many customers did you serve and help this year?
- What was your sales volume, transaction count, average sales price and gross commission?
- How can you spend more time with your family or doing what you love?
…And where you want to go
Once you’ve analyzed what worked and what didn’t, and nailed down your current stats, it’s time to embrace a growth mindset. Set your sights on even bigger things in 2023, and challenge yourself by creating new goals. Think about what you want to accomplish for each quarter of the new year, and build from there.
Don’t be afraid to set lofty goals, but be sure to temper aspirations with a dose of reality. The aim should be to have goals that challenge you as a real estate professional while being realistically achievable with a bit of hard work.
Get strategic
You have to put it all together into a written plan, and then add the expense or projected income to each line item or action in your plan. This couples the strategies with the tactics needed to generate leads and opportunities, and creates a budget that empowers you to execute your plan. For each tactic consider your:
- Target audience
- Time investment
- Expense
- Estimated number of leads and projected income
Once you’ve worked out the details, it’s time to hold yourself accountable. Keep a detailed log of your goals, whether daily or weekly, and spell out exactly what you hope to achieve. Accountability also extends to your budget; plan out what you think you will need to spend, then track your spending and your ROI (Return on Investment).
No matter where you’re at in your real estate career, putting together a strong business and marketing plan now will help fuel your growth in 2023. Looking for a place to start? Download our free Real Estate Business Plan to unlock your potential, and get prepared for a supercharged career.
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