The start of a new year gives us an opportunity to establish new goals and get a jumpstart on our plans. With some careful consideration and planning, we can easily set our sights toward success in the upcoming year.
How to update your real estate business plan for 2024
We know it’s sometimes difficult to focus on big-picture items—like marketing your brand—when you’re overwhelmed with a significant to-do list. But we encourage you to schedule a distraction-free day (or two) to focus on the future of your business.
Here are some questions to ask yourself as you plan the next quarter and year.
Have I found my niche market?
Some real estate agents have succeeded by narrowing their focus to a specific property type or client. As you think about your future in real estate, consider if this is the right move for you.
Discuss this decision with mentors within your brokerage. Perhaps a service gap needs to be filled in your area. You may be exceptionally skilled with a specific type of client or property.
If a pattern emerges, research marketing techniques to target these specific clients. For example, do you want to narrow your focus to second homes? Then become the local expert on slip rentals and marinas.
Whatever your demographic is, think about how you will help your potential clients and grow your business with organic referrals.
What are my 2024 business goals?
When you work for yourself, knowing how to set limits within your schedule is challenging. Having specific, measurable goals will help
Here are some goal examples for your real estate business:
- Add X properties/clients from my niche within the first/second/third/fourth quarter of 2024.
- Participate in or sponsor X new local events that cater to my target market.
- Add X social media followers by writing interactive posts and offering helpful niche-focused content.
- Enroll in X hours of continuing education courses focusing on marketing strategies.
As you can see, not all of your goals have to be income-related.
How should I spend my marketing budget?
Review your goals and what you know about your target demographic. Then, consider the best way to spend your marketing budget to help you meet those goals.
If you have been in the real estate business for a while, measure how much money or time you spent on each marketing strategy. Look at the results of your effort. Ask new clients how they found you so you can determine how much each new client costs.
Need help with your 2024 business goals? Visit https://www.colibrirealestate.com. We offer top-notch continuing education options for your real estate license renewal and to help you grow your business.