Agents should start crafting their 2018 business plans

November 17, 2017

With 2018 almost here, it's wise for real estate professionals to set aside some time to craft their business plans for the year ahead. This step can help to inform a lot of their decisions, even months down the line, and pay dividends with the right strategies.

The most important questions to ask when putting together a business plan are, "What do I hope to achieve this year?" and "Is that objective realistic?" For real estate agents, the goals they lay out can vary widely - some might want to focus on building their professional networks, while others look to grow their reach on social media. However, finding the right way to address any issue includes having an understanding of what's feasible and having that insight inform every decision they make as they craft their 2018 business plans, according to Fortune Builders.

Letting the market help
Agents should be intimately familiar with their local or state markets and generally aware of the prevailing forces seen at the national level. With this knowledge in mind, it becomes a lot easier to plot out how each month might go, allowing for agents to set both short- and long-term goals. It might also be wise for agents to take a look at what some local competitors have been doing in recent months and see how those actions align with what they've been doing. If there's a difference, and that other agent has enjoyed some success, it can be a good idea to perform a more thorough competitor analysis.

In addition, it's also smart to build some flexibility into long-term plans. The market can change over the course of a year, and what's true right now isn't likely to be the case six, nine, or 12 months down the line. If agents can pivot to new strategies while maintaining core goals, they're likely to get ahead.

What to consider
Other good strategies for crafting a strong business plan for the year ahead include looking at potential hurdles and preventative actions that can be taken to avoid them, according to Real Trends. While not every such issue is foreseeable, some are, and finding ways to sidestep them well in advance can keep business going smoothly all year long. Furthermore, it's wise for agents to think about how they can leverage their relationships with people in the community, colleagues in the industry and more. Doing so can ensure they're on the right track when it comes to achieving every goal they set for themselves.

Of course, figuring out the right path forward is only part of the key to success. Agents must also make sure they're staying focused on their business plans, checking in regularly to see if they're on the track to meeting their goals and changing course as necessary. It's important to remember that a business plan doesn't have to be a rigid road maps, and agents can change things up to react to emerging market conditions whenever necessary.