Business Plan Failures – JP & Associates REALTORS®
 

It’s that time of year where we are finalizing and shaping up our 2020 business plans. It’s an exciting time of dreaming, planning, and strategizing what’s possible. Here’s a couple of things to consider as you look to see what’s missing from your plan so you can minimize failure and maximize success:

EARN MORE LISTINGS

If you want to run an efficient real estate business, focus on gaining more listings, not more buyers. Double down on listings in 2020.

Remember that age-old saying? Whoever lists the most properties, wins!”

Listings require less time and allow you more scheduling flexibility… you don’t have to work around the clients’ schedules nearly as much as with buyers. You can also be more confident in your ability to collect payment as a seller’s agent than as a buyer’s agent. We’ve all had buyers cut us out of a deal at one time or another. And even with a buyer’s brokerage agreement, forcing payment of commissions can quickly get contentious. It’s a headache you don’t need.

One of the best resources I’ve run across for a listing system is Hoss Pratt’s book LISTING BOSS.

So, work with well-qualified, sense-of-urgency buyers, but focus your efforts on earning listings from sellers.

CHECKLISTS FOR EVERYTHING 

Aren’t you glad pilots have checklists? Even after hours and hours of detailed training and years and years of practical experience before every takeoff, before every landing and during every flight, pilots & crew follow a #checklist.

Checklists are “job aids” to reduce failure… to reduce variation in a process. A method of leaving nothing to chance.

Checklists ensure you get your daily, weekly, and monthly tasks done on time, helps you keep track of projects on deadline, and provides you’re organized throughout the day.

Are you leaving your goals, your business to run by chance by “winging it?”

TECH TO STREAMLINE YOUR BUSINESS AND PRODUCTIVITY 

There is a technology solution for everything. From your CRM to your calendar and tracking systems, even social media applications can simplify your life and add productivity to your business.

So, here is my one question? Are you using everything you need to streamline your business and lessen the burden on you? What’s the one tool you can master in the next 30 days?

HIRE HELP

Have your goals outgrown your current abilities? It might be time to hire an assistant. Does your business endure peaks and valleys because you sometimes get “too busy” to manage your marketing efforts?

Hiring your first employee can be filled with fear, yet so rewarding. Watch this video interview to see how a fellow agent doubled her business by taking this critical next step.

A Marketing Coordinator is a quarterback all of your marketing efforts to keep leads rolling in regardless of how busy you get. That way, you don’t suddenly find yourself wondering where your next client will come from when the next busy spell is over.

Getting help in your business will free you up to focus on critical, dollar-productive activities such as booking appointments, going on appointments, and negotiating contracts. These positions don’t necessarily need to be full-time. If you need to start with part-time help, share with another agent, arrange with someone to work on a part-time basis.

LEAD SOURCES AND CONVERSION

Are you casting a wide enough net to achieve everything you want to achieve?

Regardless, If you run an influence strategy business (mostly referral) or a control strategy business (mostly lead creation), agents who rely on one to three lead sources do not fare as well as those who have four to six sources.

We recently conducted a study of our top 100 agents and found – even the best of the best – missed over 30% of prior customer sales opportunities. What if you implemented a lead-nurture program that engaged people with the valuable information they need and want, and in turn, demonstrated your value?

Business planning is nine parts execution and one part strategy. The rest of this year and 2020 is yours to create, and now is the time to set those plans in motions. Consider this, your system will produce what a system will produce, nothing less nothing more. If you are not happy with your results year to date, update your system so you can create the best year ever.