The most obvious mistake is not having a business plan at all. But if you do have a plan, make sure it’s as comprehensive and effective as it should be. Here are common mistakes agents make with their plans and ways to fix them.
You Don’t Know Your Audience
Who is your prospective client base? If you haven’t drilled into the details of who you are here to serve, your business plan will go nowhere.
The fix: Identify the type of consumers you want to work with, whether it’s buyers, sellers, or both. You can also refine the audience further and target first-time homebuyers, seniors who are downsizing, or members of the military. Look for associated designations exclusively for REALTORS® that will help you better understand those you want to serve. Find designations at texasrealestate.com/designations.
You Don’t Have a Clear Path to Reach Your Goals
If you have a target income goal for the year, do you know how you’ll earn it?
The fix: It’s not enough to set a number and get to work. Outline the specific actions you will take to reach your goals. This might include scheduling time each day to follow up with prospects, hosting information sessions about real estate for your farm area, and contacting past clients once a month to ask for referrals.
You Never Look at Your Plan
Maybe you already have a business plan that includes all of these aspects, but when is the last time you reviewed it?
The fix: Don’t finish the plan and put it away. Review it often—at least once a month—to assess your current achievements and your progress to reaching your goals. You can also make adjustments as needed. It’s OK if you realize actions you thought you’d want to take six months ago aren’t practical. As long as you can replace what’s not working with something that will, you’ll still have a solid plan.