Business planning for 2013 prudential pen fed realty

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Business planning for 2013 prudential pen fed realty

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Business planning for 2013 prudential pen fed realty

  1. 1. Creating a vision and a plan for your best year yet in real estateWorkshop #1 – Business Planning Series December 11th, 2012
  2. 2. Zig ZiglarYour business is never really good or bad "out there“ - your business is either good or bad right between your own two ears.
  3. 3. Hobby or Vocation?Do you look at real estate as a job, or as your business? This workshop is designed to point you in the direction of becoming a small business owner. Not just a Realtor!
  4. 4. Today’s Agenda  Why do I need a business plan? What components should a business plan include?  Practical Business Planning Tools Top 6 business planning mistakes to avoid  Q&A
  5. 5. 2013 Planninghttp://www.youtube.com/watch?feature=player_embed ded&v=yZcWganuNrY Tom Ferry -> Great inspirational content on YouTube!
  6. 6. Why Do We Need a Plan? “He who fails to plan, plans to fail” Set goals and establish milestones Set boundaries around work time & energy Set time aside for family, vacation, and personal life Determine your financial needs, goals and budget Focus your efforts – work less, make more Reposition your business to deal with changing markets Create a business you can ultimately SELL
  7. 7. What Really Matters to You? Family Health Friends Wealth/Finances Business/Career Travel Spiritual/Religious Personal Enrichment FunThis is YOUR business plan – work in every aspect of your life. This is the beauty of self employment!
  8. 8. What Should My Business Plan Include?  Mission statement  Transactional goals for the year  Lead generation goals  Marketing plan for each month  Business budget  Personal budget  Staffing / Team Goals  Professional development, education, coaching  Personal goals
  9. 9. Mission StatementA mission statement is a statement of the purpose of a company, organization or person; its reason for existing.The mission statement should guide the actions of the organization, spell out its overall goal, provide a path, and guide decision-making. It provides the framework or context within which the companys strategies are formulated.
  10. 10. Transactional Goals
  11. 11. Transaction Summary Average Sales Price: My Average Commission Rate: Average commission per transaction: Volume: Number of transactions needed to meet annual goals: Listing to Buyer Ratio Total annual gross commissions: Total adjusted gross commission after broker split: Number of referrals needed to meet goal: Percentage of business from referrals: Notes Written: Calls Made: Pop-By’s: Client Parties/Events: Database Additions:
  12. 12. How am I going to meet my transaction goals?
  13. 13. Set SPECIFIC Lead Generation Goals!
  14. 14. Traditional Lead Generation Postcards Geographic Farm Website Open Houses Cold Calls Floor Duty Internet Leads Door Knocking Set specific goals – which of these actions are you going to take? How often? Schedule them into your days, week and month.
  15. 15. Social Media Random social media usage will NOT make you money – it will just suck up your time. Choose one form of social media you’re most comfortable with or the most interested in, and spend time just on that. Once you’ve mastered it, move on to the next. You do not need to be a Facebook user to be successful in real estate. If social media isn’t your thing – don’t waste time on it – spend your valuable time on forms of lead generation that make you money!
  16. 16. Social Media Best Practices Personal Facebook – pepper in real estate content, but don’t dominate your sharing with business. Keep it to 10% of your sharing so no one hides you! Business Facebook Page – you must commit to updating it once a day. Best to wait to create a Page until you’ve mastered your personal Facebook profile skills. Twitter – a great way to gather real estate news & helpful neighborhood tidbits, and disseminate them to your database. LinkedIn – ask your clients for testimonials! Very powerful. Pinterest – create a board for your latest listing with beautiful photos. Show your seller clients that you’re going the extra mile to promote their home.
  17. 17. Referral Lead Generation Create or update your current database Target the people who have already given you referrals (A and A+ clients) Call past, current and potential clients and ASK for a referral! Host a client appreciation party Send birthday cards, thank you notes, and personal notes – check their Facebook for ideas Stop by a past client or referral source’s home or office with a small gift – also known as a “Pop By”
  18. 18. Pop-By Ideas http://www.popbyideas.com Coffee Syrup (like Egg Nog or Peppermint)- “Wishing you a warm and wonderful Christmas!”  Wrapping Paper, Tape, Bows, Gift Tags - “Don’t get wrapped up with holiday stress. Stick with me for all of your real estate needs!” Wire Whisk w/ Decorative Bag of Hershey’s Kisses - “We ‘whisk’ you a Merry ‘Kiss’mas and a Happy New Year!” Holiday Candle - “Don’t keep your friends and family in the dark about me! I’ll provide the ‘light’ they need to make the right home decisions!”
  19. 19. Plan Your Client ContactHow do your clients prefer to be contacted?
  20. 20. Include:NotesCallsPop-By’sEventsMailingsE-newslettersSeminars
  21. 21. Business Budget
  22. 22. Business Budget Tips Determine how often you want to budget (once a week, month or quarter) – start with something reasonable, and commit to it. Determine your current expenses and track, track, track Make cuts at HOME before the business There are countless tools to track your money – software, iPhone apps, spreadsheets, pen & paper! You must be willing to invest in yourself and your business in order to be successful in this industry
  23. 23. Personal Budget
  24. 24. Personal Finance Tips Separate your business & personal accounts Put yourself on a salary Talk to an accountant about the pros & cons of becoming an LLC or S Corporation  An accountant will be leading our February 12th workshop – mark your calendar and come with questions prepared! Dave Ramsey ~ Financial Peace University  http://www.daveramsey.com/fpu/home/  9 week course  Cost is $95
  25. 25. Staffing Do you need HELP?  Part time or full time assistant  Virtual assistant  Showing agent  What would it be like to have X off of my plate?  What can I budget on a monthly basis to delegate the most time-consuming administrative tasks?
  26. 26. Team Goals Are you trying to build a team? What type of team members are you looking for?  Experience level  Personality type What are your 1, 3, and 5 year goals for your team? What you PLAN for is much more likely to happen
  27. 27. Professional Development Coaching – Buffini, Mike Ferry, Tom Ferry Continuing Education – when are you due? Certifications – GRI, ABR, etc. Accountability Partners Seminars & Events – Buffini Turning Point highly recommended! Richmond & Philly in 2013. Networking with local agents – brokers opens, price opinions Real Estate Mastermind Workshops – commit for all of 2013!
  28. 28. Personal Goal Setting Work-Life Balance  How many days a week do I want to be available to clients?  How many evenings do I want to work?  Which days (or pieces of each day) do I want to purposely schedule off for personal/family/spiritual time?  How many vacations do I want to take a year? Plan with CONCRETE numbers “What you expect, expands”
  29. 29. Personal Goal Setting Tips Most important: write them down! Read your goals every day Post them somewhere conspicuous Find your WHY behind the goal – what do you value? Break your goals into manageable pieces  How do you eat an elephant? One bite at a time. Journal your progress Check in with a business coach, accountability partner, or your manager -> this piece is crucial Celebrate when you achieve each milestone!
  30. 30. For Reflection What 3 goals do you want to achieve in 2013?  How will 2013 be your BEST YEAR EVER?
  31. 31. Top 6 Business Plan Mistakes To Avoidhttp://www.youtube.com/watch?v=6Fqkdc1dDy4&li st=UU3ZAfS1Z3J_Itfy7Rp745cg&index=20
  32. 32. Online Business Plan Workshophttps://www2.gotomeeting.com/register/525273242 Thursday, December 13, 2012 at 12:00pm EST Today’s the day. It’s time to lay the groundwork for your best year ever. In this workshop well review the 2013 Market Leader Real Estate Business Plan. This free guide covers the hottest topics in today’s real estate market, including: --The most pressing challenges facing agents like you --What it’s like to be a consumer in today’s online-centric world --The must-have tools for success in 2013 --Worksheets that offer step-by-step methods strategies for success --And more!
  33. 33. Discussion Questions Do you track your numbers (transactions, volume, average commission, average sales price)? What tools do you use to track? Have you reviewed where your business comes from? Do you set annual goals?
  34. 34. Discussion Questions Do you display your goals somewhere in your home or office space? How is today’s market different from the market 1-2 years ago? What changes do you think you need to make for a stronger 2013?
  35. 35. This Month’s “Assignment”Set a goal that you would like tomeet by next month’s workshop – Tuesday January 8th, 2013!
  36. 36. Thank You Thank you for attending our first Mastermind Workshop!Your questions, feedback and topic requests are encouraged.

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