Business Planning The Key to your success in Real Estate! Darryl and Christine Mitchell
A Business Plan <ul><li>You have a choice </li></ul><ul><ul><li>You can fail to plan and therefore plan to fail </li></ul>...
Why a Business Plan? <ul><li>You can get a clear picture of where you are. </li></ul><ul><li>Gives you business </li></ul>...
Vision Statement <ul><li>Where do you see yourself? </li></ul><ul><li>What do you have to accomplish? </li></ul><ul><li>Ho...
Analysis <ul><li>What is working for you in your marketplace? </li></ul><ul><li>Did you achieve your financial, career and...
Competitive Analysis <ul><li>Who are my existing competitors? </li></ul><ul><ul><ul><li>Royal LePage, Prudential, Coldwell...
Compare C21 Prudntial ReMax CB International Local National Yes By office By office National local Some Some Some Some 6.4...
Self Analysis <ul><li>How do I compete to  win  more business? </li></ul><ul><ul><ul><li>RE/MAX Distinct Value Proposition...
Analyze Effectiveness <ul><li>Is your marketing effective? Or is it “ EGO”  advertising? </li></ul><ul><li>Should changes ...
Financial and Production Review <ul><li>2010 Goal </li></ul><ul><li>$ Sales </li></ul><ul><li># of Listings </li></ul><ul>...
2010 Goal Setting 2009 Actual $2,500,000 13 10 3 13 78% $250,000 66% $7,500 2009 Goal $2,200,000 10 9 5 14 90% $220,000 80...
Marketing Budget <ul><li>What % of your Gross Income did you invest in your business in 2009 from a marketing point of vie...
You know you are a  Technology RED NECK  When --- <ul><li>Is your “VCR” still flashing?” </li></ul><ul><li>Is your “cell p...
Action Plans <ul><li>Action Steps to achieve your goals. </li></ul><ul><li>Is important to start working not just planning...
Time Management <ul><li>Your time should involve – Prospecting, Listing, Negotiating Offers, Closing. </li></ul><ul><li>Se...
Balance <ul><li>Balance is the essence of success in life as well as business </li></ul><ul><ul><li>Do you have a plan for...
Balance in Life Financial Goals Personal Goals Business Goals Family Goals
Balance in Financial Goal s Financial Goals Personal Goals Business Goals Family Goals Budget Revenues Taxes Expenses
Balance in Personal Goals Financial Goals Personal Goals Business Goals Family Goals Sports Political Health Music Spiritu...
Personal Development <ul><li>Training and development are critical for your personal growth. </li></ul><ul><li>Don’t ignor...
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2010 Business Planning 1

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This is the most recent Real Estate Business Planning Presentation for RE/MAX Professionals.

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2010 Business Planning 1

  1. 1. Business Planning The Key to your success in Real Estate! Darryl and Christine Mitchell
  2. 2. A Business Plan <ul><li>You have a choice </li></ul><ul><ul><li>You can fail to plan and therefore plan to fail </li></ul></ul><ul><ul><li>Or you can plan for your success </li></ul></ul><ul><li>That is what today is all about </li></ul><ul><ul><li>Planning your success </li></ul></ul>
  3. 3. Why a Business Plan? <ul><li>You can get a clear picture of where you are. </li></ul><ul><li>Gives you business </li></ul><ul><li>Gives you focus </li></ul><ul><li>Gives you income stability </li></ul><ul><li>Helps with financial planning </li></ul><ul><li>Provides increased profitability </li></ul><ul><li>Measures your return on investment </li></ul><ul><li>Makes you better equipped to handle change </li></ul>
  4. 4. Vision Statement <ul><li>Where do you see yourself? </li></ul><ul><li>What do you have to accomplish? </li></ul><ul><li>How am I viewed by clients, customers, company, family, friends and peers? </li></ul><ul><li>What is my attitude, performance, customer service and knowledge? </li></ul><ul><li>This statement should form the basis of your target goals and plans for the future. </li></ul>
  5. 5. Analysis <ul><li>What is working for you in your marketplace? </li></ul><ul><li>Did you achieve your financial, career and personal goals? </li></ul><ul><li>Take time to ponder and make some adjustments before moving forward. Remember if you don’t make changes you will probably get the same results. That may be great if you achieved you goals in 2009. But if you want to improve, change will be necessary. </li></ul>
  6. 6. Competitive Analysis <ul><li>Who are my existing competitors? </li></ul><ul><ul><ul><li>Royal LePage, Prudential, Coldwell Banker, C21, Boutique Offices, FSBO’s, New Home or Condo Builders. </li></ul></ul></ul><ul><li>Who are my future competitors? </li></ul><ul><ul><ul><li>Realty Sellers, Keller Williams, Internet Marketing, Homelife. </li></ul></ul></ul><ul><li>How do they compete? </li></ul><ul><ul><ul><li>No Commission, Commission Cutting, Low Overhead, High Overhead, Boutique Services, Large National Campaigns, No marketing, High Service Level, Moderate Service, No Service at all! </li></ul></ul></ul>
  7. 7. Compare C21 Prudntial ReMax CB International Local National Yes By office By office National local Some Some Some Some 6.4% 6.3% 32.1% 4.5% 35 40 160 35 +40 +40 +150 +30 Yes Yes Yes Yes Company Internet INTERNATIONAL Listings on Site Thousands Training Multi-faceted Market Share 42.4% Agents +200 Oakville Listings +200 MLS Yes
  8. 8. Self Analysis <ul><li>How do I compete to win more business? </li></ul><ul><ul><ul><li>RE/MAX Distinct Value Proposition </li></ul></ul></ul><ul><ul><ul><li>High Value Service, </li></ul></ul></ul><ul><ul><ul><li>Technology, </li></ul></ul></ul><ul><ul><ul><li>Ethics, </li></ul></ul></ul><ul><ul><ul><li>Low Error Rate, </li></ul></ul></ul><ul><ul><ul><li>Commission/Service Packages, </li></ul></ul></ul><ul><ul><ul><li>Prospecting, </li></ul></ul></ul><ul><ul><ul><li>Canadian Image </li></ul></ul></ul><ul><ul><ul><li>Neighbourhood Specialist </li></ul></ul></ul><ul><ul><ul><li>50+ Dynamic </li></ul></ul></ul><ul><ul><ul><li>30- Dynamic </li></ul></ul></ul>
  9. 9. Analyze Effectiveness <ul><li>Is your marketing effective? Or is it “ EGO” advertising? </li></ul><ul><li>Should changes be made? </li></ul><ul><li>Did we budget enough for advertising? </li></ul><ul><li>Are you adverting in media that is outdated? </li></ul><ul><li>Are you prospecting? By Telephone? Door Knocking? Kiosk or Other? Social Networking? </li></ul><ul><li>Review your marketing plan, calendar and budget for effective and efficient marketing. </li></ul>
  10. 10. Financial and Production Review <ul><li>2010 Goal </li></ul><ul><li>$ Sales </li></ul><ul><li># of Listings </li></ul><ul><li># of Listings Sold </li></ul><ul><li># of Purchaser Sales </li></ul><ul><li># of Units </li></ul><ul><li>List to Sold % </li></ul><ul><li>Average Selling Price </li></ul><ul><li>% Appointments to Listings </li></ul><ul><li>Average Gross Commission per End </li></ul><ul><li>2009 Actual </li></ul><ul><li>$ Sales </li></ul><ul><li># of Listings </li></ul><ul><li># of Listings Sold </li></ul><ul><li># of Purchaser Sales </li></ul><ul><li># of Units </li></ul><ul><li>List to Sold % </li></ul><ul><li>Average Selling Price </li></ul><ul><li>% Appointments to Listings </li></ul><ul><li>Average Gross Commission per End </li></ul>
  11. 11. 2010 Goal Setting 2009 Actual $2,500,000 13 10 3 13 78% $250,000 66% $7,500 2009 Goal $2,200,000 10 9 5 14 90% $220,000 80% $8,000 2010 Goal $2,900,000 15 12 4 16 80% $260,000 70% $7,600 2010 Actual ? ? ? ? ? ? ? ? ? ? ? ?
  12. 12. Marketing Budget <ul><li>What % of your Gross Income did you invest in your business in 2009 from a marketing point of view? </li></ul><ul><li>What media did you use that got results? </li></ul><ul><ul><li>Social Networking </li></ul></ul><ul><ul><li>Personal Marketing </li></ul></ul><ul><ul><li>Farm Marketing </li></ul></ul><ul><ul><li>Referral Base Marketing </li></ul></ul><ul><ul><li>Demographics </li></ul></ul>
  13. 13. You know you are a Technology RED NECK When --- <ul><li>Is your “VCR” still flashing?” </li></ul><ul><li>Is your “cell phone” still ringing in your jail cell? </li></ul><ul><li>Do you still use “cheese” to trap a mouse? </li></ul><ul><li>Is a “hard drive” help for your golf game? </li></ul><ul><li>Is “Running out of Memory” a mind game? </li></ul><ul><li>Is “RAM” a “horned” animal? </li></ul><ul><li>Is “SPAM” something you have for lunch? </li></ul><ul><li>Is “TWITTER” something your voice doe s? </li></ul>
  14. 14. Action Plans <ul><li>Action Steps to achieve your goals. </li></ul><ul><li>Is important to start working not just planning. </li></ul>
  15. 15. Time Management <ul><li>Your time should involve – Prospecting, Listing, Negotiating Offers, Closing. </li></ul><ul><li>Set out personal time 1 and 1/2 days each week </li></ul><ul><li>Make an appointment with yourself to go to staff meetings, training and other important business events. Don’t Skip these! </li></ul><ul><li>Set out your vacation and time off </li></ul><ul><li>Consider “100 Days to Greatness” Program. </li></ul>
  16. 16. Balance <ul><li>Balance is the essence of success in life as well as business </li></ul><ul><ul><li>Do you have a plan for success in your Physical, Mental and Spiritual wellbeing? </li></ul></ul>Physical Mental Metaphysical
  17. 17. Balance in Life Financial Goals Personal Goals Business Goals Family Goals
  18. 18. Balance in Financial Goal s Financial Goals Personal Goals Business Goals Family Goals Budget Revenues Taxes Expenses
  19. 19. Balance in Personal Goals Financial Goals Personal Goals Business Goals Family Goals Sports Political Health Music Spiritual Family
  20. 20. Personal Development <ul><li>Training and development are critical for your personal growth. </li></ul><ul><li>Don’t ignore this important goal of endeavouring to establish a professional development goal. </li></ul><ul><li>This can involve education or more humanistic goals. </li></ul>
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