The clock’s ticking…if you’ve not yet created your 2020 business time, NOW is the time to do it. If you have, make sure you’ve included these primary components:

  • Mission/vision statement
  • SWOT (Strengths, Weaknesses, Opportunities and Threats) Analysis
  • Specific, quantifiable goals and objective including…
    • Prospect lead generation
    • Marketing for listings
    • Personal promotion
    • Advertising
    • Long-term client contact and follow-up
    • Operational systems and processes

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Here are some guidelines put together for you by John Giffen, the director of broker operations with Benchmark Realty:

  1. Define your mission/vision statement
    1. Mission – describes what you want to accomplish in 2020 and how you intend to make those goals accomplishments.
    2. Vision – outlines what your business will look like in 2020 and beyond as you grow and scale your business.
  2. SWOT analysis
    1. Do you have the necessary selling skills? Be honest.
    2. What are your weak areas and how will you strengthen them?
    3. What makes you unique and what sets you apart from your competition?
    4. Are you specializing in one demographic and/or a particular market area?
    5. What is the one niche you think you’ll see your most consistent results?
    6. What could impact (positively) and threaten (negatively) your business?
    7. How do you foresee expanding your real estate business?
  3. Set reasonable, attainable goals.
    1. Regardless of any market vicissitudes, how will you keep your business sustainable?
    2. Create specific goals so you can feel confident you’ll meet your goals with your focused attention and efforts/
    3. Do you need to include supplemental revenue sources?
  4. Create a strategic plan of action.
    1. You need a goal-to-strategy-to-action plan in place.
    2. If your goal is to work with Boomers, partner with estate attorneys.
    3. If your goal is to work with first-time buyers, create/host first-time buyer seminars.
  5. Create a time frame for your goals and stick with it.
  6. Define your sources of business.
    1. Sphere of influence.
    2. E-leads, targeted geographic areas, open houses, FSBOs, foreclosures, expired listings, door-knocking, etc.
  7. Systems and processes that support your business.
    1. CRM for database and transaction management.
      1. Top Producer, Wise Agent, etc. are popular options
    2. Make sure you know all costs involved in your systems and what your systems can and cannot do.
  8. Measure your sales success.
    1. Quantify your strategies, action plans and business goals.
    2. Check/monitor your progress at least quarterly. 

      Thanks to Inman’s John Giffen for source data.

Also read: Goldman Sachs Has New Model to Track Recessions, Podcast: Ivan Estrada – Networking His Way to Real Estate Notoriety!, Four Reasons to Buy Before 2020