GRI 409 Business Planning - Springfield, MO

Business Planning2011 & Beyond!
Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, ePro
Missouri Association of REALTORS®

May I introduce to you
Dr. Fred Grosse!
Have a “10” Today!
Document your “Mooring Lines”
Practice your “Morning Ritual!”
Enjoy your “Rewards!”

Dr. Fred Grosse’s 6 Rules
Recognize that life is primary; business funds life.
Uncover your passions and give yourself permission to celebrate them.
When working, only engage in top dollar-productive activities.
Delegate effectively, so you can work less and earn more.
Focus on what you can offer your clients, not what you can get from them.
Remember to give back to the community you live in.

What is Your Biggest Challenge Right Now?

What Have You Tried?

#1 of Top 7 Rookie Mistakes
No Business Plan
By Terry Watson!

Terry Watson’s Top 7 Rookie Mistakes!
No Business Plan!
Not using resources available to you!
Not maximizing your productivity!
Not earning REALTOR® designations!
Not purchasing equipment as a business entity!
Not crafting your message to prospects’ concerns!
No income buffer, passive income, or nest egg!

Poverty Mentality
a way of thinking
…perpetuates poverty …
focus is on what one doesn’t have
rather than what one does have.
A common characteristic is
making fear based decisions.

“Who Am I?” Audit

Where Am I Now?
Units closed this year?
Annual increase in the past 3 years?
Average Commission?
My average listing inventory
Seller inventory
Listings sold/year?
Percentage of listings taken/listings sold?

Sources of Business?
Whom do I prospect for seller listings?
Whom do I prospect for buyer clients?
How many contacts do I make a day?
Am I still mailing instead of contacting? (throwing $ at the business?)
How many property or buyer listings do I take each month?
How many contacts (How many presentations) does it take to sign a seller or buyer listing contract?
What’s my GCI?
What’s my annual expense %?
What’s my profit %?

Work On It & In It!
Initially, no less than 10% on it & 90% in it!
Increase “on” for increased results!

What’s My Bottom Line?
GCI?(Gross Commission Income)
Expense % (gross profit before taxes)
Profit? (gross profit before taxes)
Am I pleased with my numbers?

S.W.O.T.
Strengths
Weaknesses
Opportunities
Threats

Opportunities!
Weaknesses!
Strengths!
Threats!

Threatsor opportunities?

Threats or Opportunities?

4 Key Questions!
“So that I may better serve you, please let me ask you a question.
Of the following 4 options, which would your BEST FRIEND or your SPOUSE use to BEST describe YOU?
Straight-to-the-point!
Social and Outgoing
Stead and Dependable, or
Cautious & Perfectly Accurate?
Michael
Maher
7L

For theDominantperson, you will want to include executive summaries, bullet pointed key details, easy-to-find information that can be quickly reviewed; “executive” styling; bold.
For the Social/Influencerperson include color, interactivity, people-oriented materials; stylishly presented; recognition. Color flyers, web sites with flair.
For the Conscientiousperson include accurate details, full explanations; honest and straightforward; correct information; quality. Charts and graphs.
For the Steadyperson include information focused on security, dependability; remember their natural fear of change.

Weaknesses?

It’s Not Magic!
Mission
Vision
Values & Beliefs
Goals
Strategies
Action steps
Evaluation
Refinement & Redirection

Mission Statement
Ralph Roberts Mission:
Customer Focus
Personal Growth
Leadership
Team Concept
Profitability

Strategies?
“Strategic” planning requires that once your mission, vision, values, and goals have been defined,
You take the next step, creating strategies to accomplish your goals!

In the rectangle,
Write a 1-sentence
description
of one of your goals for the next year!

What’s
My
Deadline?

Productivity&EffectivenessPlanning!

Work “Billable” Hours
Billable hours = hours that produce income!
Prospecting,
Presenting,
Negotiating,
Closing & Follow-thru!

Allan is from your neighborhood. Working with an agent who knows your community can be vital to the success of your transaction. After years of personal and business interaction in the area, Allan has gained an in-depth understanding of the many factors affecting real estate transactions in Philadelphia.
Over 25 years of experience
Experienced and skilled negotiator
In-depth and active community member
Top producer
Detail oriented, trustworthy and committed to excellence
Extensive marketing and advertising background
Good rapport with lenders, appraisers and all other people involved with buying and selling real estate
Comprehensive knowledge of neighborhood marketing conditions
Totally committed to the luxury condo market
Allan has a a positive attitude, is a good listener and will go the extra mile to make your transaction as smooth and efficient as possible.
ALLAN DOMB REAL STATE
Philadelphia, PA
Since 1980, Allan Domb and his highly reputable real estate brokerage firm have been known throughout the United States as key contributors to Center City Philadelphia’s luxury condominium market.
Today, Mr. Domb continues to control 75% of Center City luxury condominium sales in buildings such as Academy House, The Barclay, Center City One, The Dorchester, Hopkinson House, Independence Place, Pier 3, Pier 5, The Philadelphian, Society Hill Towers and Wanamaker House.
Nationally, Mr. Domb has been ranked the top producing residential real estate broker for the greater part of the past twenty years.
Alan Domb

Protect PRIME Time!
Prime time = “belly to belly” buyers & sellers
Prospecting, presenting, negotiating and closing plus following through!
NO Administrative tasks during PRIME TIME!Administer in non-consumer hours (early or late)

Eliminate $ Wasters!
Track “ROI” for all promotion expenses
Plan expenses a year at a time
Use a business budget
Hold yourself accountable to the plan and the budget
No more “just one commission” excuses!
If you need help, establish a “Board of Directors” with people you respect!

Practice Positive “Dumping”
Spam?
(Panda, McAfee,Norton)
Spy-ware?
Use Message Rules
in Outlook Express or Outlook
Auto emails into folders or
Delete them before you see them!
Capture leads with message rule flyers to emails from REALTOR.com leads, your firm’s website leads, or your own web leads

Do it now!
Do it now!
Do it now!
Do it now!
Do it now!
Do it now!
Do it now!
Do it now!
Do It Now!

Cold Calling’s Dead!So What?
You never
did it anyway!

Build My Referral Business!

Do youtrulydesiremassive success?

Read, Study, Adopt 7L!

Make Your BusinessTechnology BasedNotPaper & Clutter Based!

Where’s Tech Going?

Corky Hyatt QR Code!

Ally or Foe?

Communicating in a World Full of Noise!
“Game Changer!”

Benefits of Social Networking
Easy to get started!
Not a techie? You can still network!
Immediate gratification!
“One-Click” referral sending/receiving!
Blogging, social networking can create credibility!
Excellent access to Gen X and Gen Y
Makes information readily available to consumers
It’s FREE!

How can you use social networking to “incubate” internet consumers?

Who is “New” Consumer

Who is Internet Buyer Today?
84% of all buyers are internet consumers
Expect “instant” response
56% expect a response within 30 minutes
Typical response by real estate agents was 10 hours, 16 minutes
Do a lot for themselves – researching 1st on their own

How May Hats Can You Wear?
Listing Agent?
Buyer’s Agent?
Ad Man?
Sales Mgr?
CIO (Chief Info Officer)?
Accountant?
Webmaster?
Staffing???

Assistance For “Me, Inc.”
Live assistance
Virtual assistance
Choosing the best “Office Manager”
Create the job description, i.e. which “checklists” will you delegate first, later?
DISC (Assess the personalities first)
We hire for personality and
Fire for failure to perform!

Have You DevelopedYourExitStrategy?

Systems
& Checklisting!
For a sample you can use
See Page 15…
Sale to Closing Checklist

Legal Structure
Sole proprietorship, partnership
Corporation (S, C, or LLC)
Budgeting
Organizational structure
Agent alone
Add technology tools
Clerical support
Buyer and Seller agents
CEO & into Exit Strategies
Structural Decisions

Business Budgeting

Budgeting & Taxes

ChecklistofReal EstateBusinessTaxDeductionsfromwww.Inman.com

Set Deadlines!
Write plan deadline:
Budget deadline:
Tech-equipment review deadline:
COI clean-out deadline:
Computer back-up deadline:
Legal structure review deadline:
Schedule a physical deadline:
Schedule time off deadline:
Insurance review deadline:
Living Trust deadline:

Resources!Check out the Links!
Build Your Brain Trust!

EFFECTIVENESS & EFFICIENTY CHECLIST:
How to Shut Down My Time, Effort, & Money Leaks!
CRS members comprise just 4 percent of all REALTORS®. CRS Designees earn an average of $155,876 annually — three times as much as the typical REALTOR® who sells residential real estate.

GRI 409 Business Planning - Springfield, MO

by Corky Hyatt on Aug 19, 2011

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