Hey Everyone! It’s Christine George, President of Marketing at Leading Edge Real Estate with offices in Boston, Cambridge and all throughout Greater Boston. Welcome to Episode 33 of Real Estate Marketing!
Today we’re talking turkey about business planning! Seriously it’s my favorite time of year. I love a good plan and taking time to reflect on your year and plan for the next is critical to any successful business.
Today I’m going to share some tips on how to begin the work of creating your business plan for the upcoming year. The first step is to reflect on the last 12 months.
- Stop.Start.Continue. The first thing you want to think about when you look back at your year is what worked and what didn’t work. Stop, start, continue is a great exercise to accomplish that. Think back and write down anything you didn’t get to or ideas you have that you’d like to start doing next year. Then think about things you did or invested in that didn’t bring you a return, maybe it’s an advertising investment or an event. Then jot down all the things that worked, that you’d continue doing.
- Identify your source of business. Understanding where your business came from is a really important exercise because it gives you a sense of where to focus your energy in the coming year. Consider all possible sources including open houses, yard signs, calls, paid lead generation, social media, client, family or broker referrals, etc.
- Review your numbers. Now that you know where your business came from, you want to understand what kind of business you did. Write down your volume, transactions and gross commissions and then calculate your average sale price and average commission/transaction.
- Track Expenses. Understanding the cost of doing business and where you made investments will help you understand where you can cut back and where you might want to invest more.
Taking a look back will give you great insights into where you want to go. Next time we’ll talk about setting goals and putting a plan into place.
That’s it for me today. As always, if you like our Real Estate Marketing vlog, we’d LOVE it if you’d like, comment and share it, check us out at leadingedgeagents.com or like us on Facebook, Twitter, Instagram or LinkedIn. Thanks so much everyone, enjoy the rest of your day and we’ll see on the next episode of Real Estate Marketing.