INTEREST
Fail to plan and plan to fail THE IMPORTANCE OF PLANNING FOR REAL ESTATE SUCCESS
Jasmine Platt, Founder, Real Estate Leaders
We’ve all heard, “fail to plan, and plan to fail.” It’s a familiar adage, but it’s true. However, in my work with real estate professionals, when it comes to business success, I regularly hear big dreams, little planning and a whole lot of hope.
Let’s face it, no one enters real estate sales or leadership expecting to fail. Yet, some salespeople get into the profession and quickly leave again like revolving doors — and at the leadership level, businesses change hands regularly. This failure, sadly, is mostly due to inadequate thinking and planning. As a real estate business coach and mentor, I have watched from afar as well-intentioned people fail — I don’t want that for you. I’ve also heard some real estate professionals question whether they need a business plan. The thing is, business success should never be hung on hope. It should be grounded in accurate thinking and built on a solid plan. Sure, you might stumble upon a win or three, but your ability to create sustainable results that match your long-term goals will be limited.
The biggest mistake I observe with planning I am regularly in conversations with salespeople and managers alike who claim to have a plan for achieving their goals. But, upon closer inspection of their goals, it becomes clear that their plan is lacking — often resulting in a lot of activity, but a lack of progress. I recently worked with a salesperson, who had historically “flown by the seat of her pants”. Instead, we got her clear on her goal (six listings in 12 weeks) and crafted a solid plan. She is about to close her
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The Real Estate Institute of New Zealand
17th listing. Whilst I also provided support and accountability, her goal setting and planning drove her to her results.
Benefits of business planning In addition to clarity and direction, a well mapped out plan will give you confidence, a sense of certainty and security, a yardstick to monitor your progress, and an ability to shore up your resources when and where needed.
What to consider Here are some important elements that are worth spending the time to think about and create your plan around: Cost of living (this will help you set your financial goal) Any other financial costs (e.g., retirement savings, investments, toy purchases, holidays) Financial goals for the year (from the above figures) The key metrics you need to hit to achieve your income target (sales, listings, appraisals, appraisal-to-listing and listing-to-sale conversion rates) The personal brand and reputation you are seeking to grow/maintain and how you’ll do it (i.e., what tactics will you employ and when) Your offer, your competition and what you’ll do to stand out from the rest
