Hungry for a sale, an agent blankets the neighborhood with Open House signs and then waits eagerly for a bite. Their efforts may drive traffic to their Open House and perhaps even bring the gold prize—a qualified buyer. But the question remains: Did this Open House, while effective, reach its full potential?
Even in this digital age when buyers rely so heavily on the Internet, the open house remains a cornerstone of real-estate sales and prospect marketing. At Weichert, Open Houses are deep rooted in our “people first” philosophy. Statistics published by NAR in 2017 show that 73% of homebuyers visit at least one Open House prior to purchasing.* Weichert open houses, specifically, attracted nearly one million potential buyers last year.** If you have the means to assemble a pool of buyers and sellers in one place where you can directly interact with them and sell them your value vs. your competitors, why wouldn’t you want to make the most of that opportunity? But as every broker knows, a great open house event requires excellent conversational skills and a positive attitude. But more importantly, for it to be successful, it requires careful preparation, execution and follow-up. The question is whether the full potential of this type of event is being realized by your agents and for you the broker. After all, this isn’t just finding a buyer for the property being held open, but this could help you connect with your next client(s). If you haven’t recently examined how you and your agents are promoting, conducting and following up on data from open houses, you might want to consider it. As a start, take a few tips from the team at Weichert Real Estate Affiliates, Inc. who coach and train brokers across the country every day on best practices for open house management. Let’s focus on how promotion plays a large role in Open House success: Promoting Your Open House In the performing arts it is often said that “less is more”, but when promoting your open houses, actually more is more! More signs, more brightly colored balloons, more promotion starting at least a week ahead, and in more places. Traditional methods like postcard mailings and supermarket community board tear off’s should all be already part of your arsenal. Knocking on neighbor’s doors and door hangers are also part of this. The real estate coaches at Weichert teach a philosophy of keeping it personal, so there’s nothing like a phone call or personal note to get a response from the hotter prospects in an agent’s sphere of influence. But what about the digital world? Promotional strategies that do not fully include digital are leaving behind an increasingly large segment of buyers, especially millennials. Here’s a quick checklist of activities you should consider for promoting your open houses online:
Use the Open House Management Features of your CRM Most brokerages employ a real estate CRM of some type, but many just use it to send out invites or enter contact data for only the hottest prospects. If your agents are guilty of this, or your CRM lacks robust features around open house management, you may be leaving money on the table. Weichert, for example, has a proprietary CRM which provides an open house management environment that is simple to use before and after the Open House for both promotion and follow up. Weichert also has an Open House sign in tool that feeds the CRM for follow up by agents. Contacts can be tagged for immediate or subsequent follow up and all contacts are instantly available to the agent for future marketing initiatives. Reminders and easily customizable email templates and graphics round out the capabilities that diligent associates will use to improve the reach of this open house, and all future open houses. Good Open House Promotion Pays Off Open Houses require a lot of planning, but if you do it right, the upside is tremendous. We can tell you from experience, a comprehensive, energetic and positive attitude toward open houses and having a structured system of executing them makes all the difference. The opportunity is there, you just need to know how to harness it. For more information on how Weichert gives brokerages a winning edge in all aspects of real estate, call our team at 877-567-3350 or visit our website at www.weichertfranchise.com *2017 National Association of REALTORS® Profile of Buyers and Sellers. **Based on a private study by Weichert, Realtors. Original content posted on https://www.weichertfranchise.com/blog/the-open-house-in-2018-promotion/
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One of the best things you can do for your agents is help make their job easier. The more your brokerage is able to offer them, the more valuable they will be in the eyes of their clients and the more valuable you’ll be to your agents. That’s great for business and great for agent retention. But where should you start? Brokerage Differentiation 101There is clearly a wide variation in the quality of service provided across our industry. As an independent broker, being able to offer a unique set of capabilities, track record of success, or partner relationships will help set you apart in your market. Even if these capabilities are not exclusive to you, presenting them in the right way to potential buyers or sellers, makes all the difference in how your agents and your brand are perceived. Consider the following:
Want to offer your agents more? From proven systems, to real estate brokerage coaching to effective marketing tools, Weichert has so much to offer to complement your existing business and help you differentiate your brokerage. To learn more about the advantages of becoming a Weichert Affiliate, contact 877-746-2067 or go to www.weichertfranchise.com . Original content posted on https://www.weichertfranchise.com/blog/differentiate-your-brokerage-and-help-your-agents-stand-out/ In the ultra-competitive market for local home listings, the pressure to discount commissions is ever present. Some brands in your market may even make the discounted commission their primary marketing differentiator while selling themselves as full service agents. How do you compete with that?
Is discounting simply devaluing your services or something you have to do to survive? Here is some insight from the online real estate marketing specialists at Weichert. Educating Clients About the Value of your Services If you want to keep your full commission, you have to sell the value of what you do for it, plain and simple. A 4% commission from the other guy may sound great, but we all know he’s cutting corners somewhere to do that. Yet for clients, cutting broker commission seems to be the easiest route to saving money – and in their heads, this makes sense because they often lack the insight into what it is that real estate agents actually do. Taking the time to keep the client informed of the services you will provide at every step of the way is key. These include, but are not limited to:
Technology plays a vital role in achieving this and is another area where you can show the value you add at full commission. As an agent, you have access to expert online marketing tools for real estate agents, a broker who is able to properly leverage the full power of their local brand and reputation, as well as a network of financing, legal, and construction professionals who you can recommend and help manage for your client. Transform the way you sell with industry-leading real estate coaching programs Built on the expertise of experienced brokers, technology specialists and real estate industry leaders, Weichert is focused on providing effective answers to the challenges faced by today’s real estate agents. From marketing strategies for agents and a cutting-edge lead generation system to the best real estate coaching programs in the industry, we provide all the solutions you need to build your business and succeed in even the most competitive climate. If these tools and solutions sound like a good fit for your brokerage or you would like to find out more about the Weichert system, please contact us today. Original content posted on https://www.weichertfranchise.com/real-estate-coaching/best-way-to-get-full-commission-know-your-value/ You’re an independent broker who understands the real estate business. You convey confidence and know how to motivate others to be their most productive, but you need to stay fresh and relevant to get ahead of the competition. Set your sights even higher using these five habits for successful brokers adapted from Stephen R. Covey’s The Seven Habits of Highly Effective People.
Habit 1. Create New Opportunities As a tenacious broker, you get every job done. Being proactive and vigorously pursuing new opportunities is crucial for brokerage growth. Stay persistent and build new business, whether local or outside your area. Tap outside vendors, contractors, investors and builders for sales leads or partner with them for co-marketing opportunities. For instance, contract with a builder to list multiple units in a new condo conversion with your brokerage or maybe get a janitorial service you use to promote your brokerage on their company vehicles. Always remain proactive and in control while searching for new avenues of business and don’t be afraid to create your own opportunities. Habit 2. Have A Plan You obviously had goals to get you where you are today, so you understand how goals drive success. Leverage those goals by making them the focus of your daily habits. On a larger scale, use your carefully crafted business plan as a guide toward your continual long- and short-term goals. Factor in flexibility, which is important to making your goals come to fruition. Staying one step ahead by analyzing such things as market fluctuations, economic changes and technological trends and adjusting your plan early on are habits that can make your brokerage thrive no matter what comes your way. Habit 3. Work With Others To make your plan come to life, it takes a team. Build a mutually beneficial group of managers and administrators as a support team, as well as a team of agents that can help resolve problems based on legal, ethical and brokerage laws and procedures. They can become a sounding board for each other. Actively listen to and understand your support team and your agents to gain their respect, so they will listen to what you have to say, too. Accomplish more through good relations and outstanding synergy, which is easier than working alone. Habit 4. Be A Leader Having trouble letting go of management tasks that eat away at your time and stop you from taking business to the next level? As an independent broker, you’re not alone in letting go. After all, the brokerage is your baby. But can your goals really be achieved when you’re spreading yourself so thin? For optimum success, you need to allow yourself time to use your ingenuity and make your personal vision truly come to life. Step aside–it’s time to be a leader and let your trained support team manage the brokerage’s day to day tasks. Sometimes being a leader also means reaching out for help for the greater good of your team and for expediency. Having an expert coach or a network of trusted advisors is important. A common theme among experienced independent realtors is that they’ve “seen it all”. And yet when they go through the Weichert training as a new affiliate, a common reaction is “I just didn’t know how much I didn’t know”. A Weichert Affiliate gets lots of coaching and support from our expert team of industry professionals and other peer affiliates nationwide and this can become a priceless asset to growing your brokerage. Habit 5. Avoid Burnout If you follow the above four habits, you have created a more sustainable business model. Business is only part of life. Learn to balance your work and personal life to avoid burnout. That means taking time for yourself and your family to recharge your energy and renew your mind. Do things you love, take a vacation, honor family time, go out with friends, work out, practice mindfulness, keep learning and eat healthfully. Pursue community service to give back by donating time or money to a local cause. Schedule business and personal or family time separately to create a model that works for the long-haul and keeps you at your prime. Success is a Habit Get the expert coaching you need to actualize these five habits and build on your brokerage success. Learn more about becoming a Weichert Affiliate at weichertfranchise.com or call 877-746-2067. Original content posted on https://www.weichertfranchise.com/real-estate-coaching/5-habits-of-the-most-successful-brokers/ Your bustling independent brokerage is a testament to how hard you’ve worked to be known as an expert in your local real estate market. Still, it’s hard to keep up with new real estate laws, tax changes and the ever forward march of technology and digital strategies while running your daily brokerage operations. You can’t expect to know everything. That’s where having a solid support network of other brokers and real estate experts can really help. In fact, a Real Trends study indicates that independent brokers without a network do less in sales than brokerages affiliated with their larger franchised competitors who have broker networks (8.7 percent versus 10 percent or more of total sales transaction volume).
Your Broker Network Helps You Grow As a broker, connecting with others is an integral part of running a real estate operation. Having a tuned-in network of peers and industry partners to depend on is an invaluable asset when you need to keep up-to-date, seek expert answers, or require help problem solving. You may even find a mentor to help coach you toward better efficiency and a more rewarding, balanced life. These associations can also increase sales when you show your own knowledge and trustworthiness. Buyers and sellers may be referred to your brokerage and exclusive listings shared for faster sales. Broker Networking Strategies Independent brokers all face similar challenges that can be resolved together on national, regional or local levels. Different networking strategies get different results. Try a mix of these four ways to associate with other independent brokers and real estate partners and build your broker network:
Overall, broker networking is a challenge for the independent. This is where being part of an established national brand can give you a leg up. The right affiliation allows you to simply plug in and offers a sixth way to build a support network. Weichert affiliate Brokers for instance, enjoy a built-in broker network that connects them to hundreds of affiliates across the country. They enjoy regional and national opportunities to meet both virtually and face to face through events like our “Saw Session” workshops, regional Broker Council Meetings, Management Academies and national conferences, not to mention active Facebook discussion groups and advisory meetings. Plus, Weichert Workforce Mobility, our top-rated relocation company, offers affiliates the opportunity to qualify for relocation leads. Because we foster a community of support and sharing, members are very comfortable just even picking up the phone or emailing one-on-one to get advice, share ideas, bounce things around and share referrals. The family-like support that brokers receive as part of the Weichert system is one of the biggest reasons affiliates join us and stay with us. Get Expert Advice When you just don’t have the time to be an expert in every part of running your brokerage, having a network of peers and industry experts can be invaluable. But don’t just take our word for it, see what Weichert Affiliate Julie Fugate has to say about having comprehensive support.. Don’t feel like you have to go it alone. You can still run your own business while benefiting from an affiliation with a larger system. Learn more at weichertfranchise.com or call 877-957-9692. Original content posted on https://www.weichertfranchise.com/blog/six-ways-network-fellow-brokers/ As a real estate broker, it’s expected that you know a lot about the business. The success of your brokerage is directly tied to your knowledge and experience. From picking a commercial location from which to run your business, to hiring new and seasoned agents, to marketing, you run it all. You keep abreast of changes in financial and real estate newstrain and carefully study market hot sheets each morning.
What New Agents Don’t Know But how do you impart your sales and marketing skills and expertise to new agents who may be eager, but still have a lot to learn? These fresh-out-of-school agents have a general real estate education, but don’t know the first thing about what it takes to work in the business—generating leads, doing a CMA, writing a contract or even basic marketing. By now you know what new agents consistently need to learn and can coach them on those topics. While teaching them real estate best practices can be a drain on your time, you understand that new agents can only be producing agents with the proper training. Taking the time to educate new agents toward success means they have a better shot at being the 13% who succeed, rather than the 87% that fail within five years in the industry*. But if you don’t have a dedicated trainer, where do you start? Create Q&A A question-and-answer format is a fun way to train agents new to the business. Create answers to the most often asked questions you’ve heard over the years. Keep your answers clear, simple and to the point to make it simple for agents to grasp the concept and easily act. Questions to answer may include:
Make Training Accessible Share your expertise with new hires in an accessible YouTube video or other digital platform. To make the information easier to learn, shoot a short video for each question. Doing a training video, for instance, is a good delivery method that frees up your time. You can create the material, upload and use it to train many agents with no extra work on your part. Just create updates as information changes. If you are lucky enough to be affiliated with a large real estate brand like Weichert, you may have access to some of the best real estate marketing tools in the industry like an online, e-learning center, which provides a wealth of material on important training topics. Best of all it is available 24/7. Motivate For Longevity Knowing how to attract and funnel leads, how to acquire listings and how to write a contract are all key parts of any real estate business. But, as all brokers have experienced, agents often have slow times or difficult buyers or sellers. Think back to what it was like when you were just getting started as an agent. What was that bit of wisdom, quote or daily affirmation that you’ve never forgotten and still use today? Share what keeps you going each day with your new agents to teach them the art of motivation. It will help keep them in the game for the long haul. There is of course, an easier way to train new agents that works around the clock every day, so you don’t have to–that is affiliating with a company who invests and provides you with these training resources. Weichert® realizes the relationship between education and success, and offers a full suite of training programs for new agents. These include an online university and ongoing interactive training sessions to get agents up to speed fast and keep them current with best practices. Call Weichert® at 877-533-9007 to learn more. *NAR Survey 2014 https://weichertfranchise.com Original content posted on https://www.weichertfranchise.com/real-estate-coaching/training-new-agents-tap-best-resource/ Bringing new real estate agents into your brokerage, can be an exciting part of growing your business. For a new agent that is eager to grow and open to new ideas, real estate coaching is essential in order to teach them how to create and cultivate leads and sharpen their sales skills to achieve their desired results. Some of these new agents will be young, working in real estate for the first time. These young agents can be a great source for reaching first time homebuyers and connecting with Millennials.
But let’s face it, whether they are new to your brokerage or new to the industry completely, they are going to need training and supervision to be productive and understand your unique systems for marketing and selling. Fast Track To New Agent Productivity To increase new agent productivity, ensure retention, and produce strong agents, brokers need to quickly train and reinforce best sales practices and proper systems in their new recruits. However, it can be a challenge as a broker to conduct individual training sessions, while trying to also manage a company. To achieve both goals, have a formal plan that includes an active and diverse set of training strategies. In addition to helping your new hire, these practices will become word of mouth for your brokerage and new agents will want to join you over others if the word is out that your training is the best in the area. Here’s a few tips from the professional coaches at Weichert: Assign A Mentor to All New Agents Some brokers do a few individual trainings, but expect the new agent will primarily learn the ropes from an already established agent. Seasoned agents often appreciate the extra help to further grow their business (and share commissions), while also imparting their knowledge and expertise as a new agent mentor. For consistency, set a timeline of goals for new agent productivity that includes occasional meetings with you. During each goal review meeting, discuss these results and how the new agent can improve. Setting these mutually agreed upon goals really is important to both you, and your new agent. Consider Supplementary Online Training Systems Some brokers who do not have good internal systems may bring in outside real estate trainers. While this can be effective, it is also an additional brokerage expense. As a less costly approach there are web-based coaching programs that you can investigate as a supplement to other personalized methods. These are cheaper than hiring a personal coach, but typically are very generic treatments of processes that may or may not be suitable for your business. The ideal situation is training that perfectly describes your business model, your processes, and your tools. Weichert training for example, provides online courses, scripts and other tools through their online University that directly support the proven processes and systems that Weichert gives their affiliates. They are highly specific and relevant to the operational model that has proven to be so successful for Weichert affiliated brokers. Build a Formal Training Program Many brokers create and present extensive real estate coaching agent programs which they have built over many years. It’s good to have something formal that defines how things operate inside your agency, and best practices as you see them, but this, too, can require a great time and resource investment to cultivate. One of the benefits of franchising is access to this type of sophisticated training. Weichert affiliate agents, for instance, have access to Weichert’s “Fast Track” training and live sales training sessions to quickly get new agents up and running with the tools and systems needed for long-term success in the business. Weichert agents and managers also benefit from ongoing weekly webinars and local mastery sessions which provide ongoing live training opportunities given by experts on many different topics critical to agent success. If you need to grow this yourself however, we recommend that each time you hire a new agent you chisel away at this kind of training material and enhance your training tools so that eventually you’ll have a living, working, comprehensive training program. Or you can plug into a system that is already developed for you through affiliation. Final Thoughts Real estate coaching for new agents doesn’t have to be difficult. It doesn’t have to drain the broker’s time or the company’s revenue. The best training programs are ones that achieve a balance between your time and expenses, and that contain multiple sources of training material, including hands-on coaching and online training. The best training is also the one designed to complement and support a proven blueprint for both agent and broker success. Getting and training new agents is the lifeblood of your success as a broker. You can do it yourself, or you can get a big assist from a franchise brand, such as Weichert. Speak with the Weichert franchise team today and begin to understand how effective a recruiting, coaching and agent training process can be for your brokerage. Visit https://www.weichertfranchise.com for more information. Original content posted on https://www.weichertfranchise.com/blog/tips-coaching-new-real-estate-agents/ While they haven’t yet isolated the gene for real estate success, Weichert affiliate Brandon Long may be the perfect test subject. Brandon inherited his mother’s love for the real estate industry and more than a little of her drive for success as well. “I grew up in a real estate family,” mused Brandon, on a typical busy day that took him between two of the four offices of Weichert, Realtors® – The Griffin Company, in northwest Arkansas. “My mother started a brokerage back in 1974 when I was just 4 years old. In those days, you could just get a license and open a storefront. She’s been at it ever since and is still the largest independent broker in her market.” When he was in his late twenties, Brandon took the plunge and got his real estate license, too. After a few years as an agent, Brandon knew that owning his own brokerage was where he wanted to be. Brandon and his good friend Carter Clark, started an independent brokerage focused on the residential market in and around the Northwest corner of Arkansas in 2003. “Our market is in an area with some of the largest corporate headquarters in the county. Walmart and Tyson Foods are based here and every vendor that sells to them has a presence in the local area,” notes Brandon. “We are in a beautiful corner of the state and many of those employees decide they want to settle out here.” While achieving some growth from 2003 to 2007, the housing crash propelled Brandon and Carter to consider some of the challenges they were facing as an independent brokerage in a highly competitive market. “Recruiting and training agents was a big challenge for us,” says Brandon, “We had nothing formal and weren’t sure how to develop it.” By late 2007 it was getting harder and harder for them to see a way forward. They decided to consider a franchise relationship. Due Diligence In researching possible franchise affiliations, Brandon and Carter looked at literally every real estate company out there. “It came down to Weichert and one other company,” says Brandon, “We chose Weichert because they were the only company that really cared about how we would make a profit.” In late 2007 they signed on with Weichert Real Estate Affiliates, Inc. In their first couple of years, which was in the midst of the housing crash, the brokerage grew from 20 to about 70 agents. Their success did not go unnoticed by other local brokers and they were presentedwith an opportunity to merge with another large brokerage in the area. The Weichert corporate team assisted with due diligence throughout the merger and Weichert, Realtors® – The Griffin Company was born. With the help of Weichert and through other acquisitions over the subsequent years, the brokerage grew steadily. In January of 2018, their company will open its fourth office in Fort Smith, adding another 35 agents to the roster. The Weichert® System Today As a franchisee for a decade, Weichert, Realtors® – The Griffin Company continues to derive great value from the relationship with Weichert. Some of their favorite benefits include the Weichert Listing Presentation system aka “DOORS”, which has become an indispensable part of the agent selling process. The sales team uses it on almost every listing presentation. In addition to creating a powerful and accurate presentation, DOORS is facilitated by online tools provided by Weichert which make creation of the material easy. “If I go up against another broker with our Doors presentation vs. whatever they bring, I’ll win the listing 95% of the time,” says Brandon. For Brandon, another great benefit of the Weichert affiliation has been the coaching and training–for Brokers. “I’m always learning something from Weichert Training. I never miss the “Saw Sessions” and I’ve gone three times to the Weichert Management Academy.” The endless opportunities for coaching and learning through Weichert continue to allow the company to stay ahead of changes, technology and opportunities in the industry. But according to Brandon, no discussion of the Weichert System would be complete without mentioning the Weichert Lead Network. “We develop a huge amount of opportunities through the Weichert Lead Network. In 2017 we anticipate that 90-100 closings will happen through these leads.” Brandon points out that the National Association of REALTORS® says on average it takes 48 hours for agents to respond to leads and 50% get no response at all. According to Brandon, “With the Weichert lead acquisition and technology systems, the leads are pre-screened and transferred to a live agent on my team within 3-5 minutes of receiving a call or online form. This makes an enormous difference in our ability to be first in our market.” The Results In 2007, Brandon’s brokerage was looking at the most depressed housing market in a lifetime. After instituting the Weichert System, he was able to more than triple his agent team in just under two years. His success attracted opportunities. After a merger, and several acquisitions later, Weichert, Realtors® – The Griffin Company has increased its agent count by almost tenfold since it affiliated, has 4 offices in northwest AR, and business is booming. Brandon sums it up this way, “We couldn’t have survived without Weichert and we continue to succeed because of their active commitment to our success.” Visit Brandon and the team at http://www.weichertgriffin.com/ For more information on franchise opportunities with Weichert Real Estate Affiliates, Inc. visit https://www.weichertfranchise.com/ Original content posted on https://www.weichertfranchise.com/blog/franchise-success-spotlight-weichert-affiliate-brandon-long/ Real estate is both a rewarding and challenging profession. Associates are constantly learning and are highly knowledgeable about local community issues and the national economy. While every transaction is unique, helping people achieve their dream of homeownership is a gratifying experience that never gets old. The passion your agents have for the real estate industry is why many home buyers and sellers choose your company over your competitors. Just like a high-performance engine needs an occasional tune-up to continue performing at optimal level, your agents also need some regular coaching and encouragement from you to stay motivated and achieve the best results for your brokerage.
Get To Know Your Agents As a successful broker, you probably have a team of agents with diverse personalities. While a pep talk during an office meeting may fuel the enthusiasm of some agents for weeks, others respond to a one-on-one conversation with you about their individual business plans and revenue-based goals. You or your manager should regularly schedule a time to meet with each of your agents personally to discuss their current clients and transactions that are in progress. This also provides the management team an opportunity to learn more about them and their lifestyle. Understanding your agents helps know how to best to motivate each one of them and lend your experience where needed on deals that are in progress. Acknowledge Their Strengths and Accomplishments Recognition is one of the most effective methods of motivating your team. Everyone wants to be appreciated and respected, especially younger, or new to the industry agents. These agents in particular will need encouragement as they exrealerience the normal initial disappointments and setbacks of the selling process. Let them know you recognize that they have the potential to be exceptional real estate agents, while gently coaching them toward best practices. Make a big deal of their first sale, and let them know they have a safe, professional home within your brokerage. It is also important to let your experienced top producers know how much you appreciate them. Reliable agents who always do well can too easily be taken for granted. Allow them to mentor junior agents, as a sign of how much you respect their abilities. Maintain a Great Work Environment – Every Day. Motivating agents is not something that you can write on your to-do list and achieve in one day. Agents have different temperaments and they have good days and bad days. Brokers should strive to maintain a positive company culture that fosters agents’ creativity, teamwork, and passion for their profession. At Weichert, we have seen that the workplace culture of a brokerage often reflects a brokers’ personality. When thinking about motivating agents, be sure to take some time each day to remind yourself why you started a real estate brokerage and acknowledge that you have accomplished a lot of great things. Part of motivating agents is taking care that you are also motivated and feel good about the job you are doing, and the positive difference you are making in the lives of your agents, and the lives of your clients. At Weichert, we know a few things about building motivated real estate team. We know that Realtors working together can accomplish great things. Our real estate franchise system is created by brokers, for brokers. For information on the benefits of partnering with Weichert, visit https://www.weichertfranchise.com/ . Original content posted on https://www.weichertfranchise.com/real-estate-coaching/lighting-fire-keep-real-estate-agents-motivated/ If you think writing an annual business plan is a waste of time, think again. If you don’t know where you are going, you can’t possibly plot a solid course to get there. Then you are left meandering trying to find the best way forward, instead of having a focused plan of attack. While you might think you have it all figured out in your head, the act of writing it down can actually help you think things through and flush out the necessary details.
A typical real estate business plan will formally state your business goals, strategy, and the operational structure of your brokerage. This can sound time consuming if you haven’t done one before, but in reality, it is a helpful exercise. There are even many online business plan templates available to help and if you are part of a franchise system, like Weichert, not only do you get help creating a business plan to identify your goals, but you get the added benefits of plugging into a time tested blueprint to help you define the activities needed to reach your goals. What is most important, however, is that creating the plan takes you through a comprehensive thought process that involves every area of your current and future business. When you are done with a good business plan, you will fully understand the path you are taking, and how you expect to achieve it from both an operational and a financial standpoint. You’ll understand the challenges you are likely to face and some strategies for minimizing risks. You’ll define your relationships with your partners and investors. You’ll sketch out your real estate brokerage marketing plans and understand the unique challenges of your local market. You’ll set some yearly goals around sales targets and revenue and set a basic plan that will allow you to get there. Ideally, you’ll want to review the plan regularly to confirm you are on track. This also allows you to react if you aren’t. Best of all, you’ll have a document you can reference at any time or show future stakeholders that gives a great overview of your business. Here are a few tips for making this process easier from the real estate business coaches at Weichert®: Creating Your Real Estate Business Plan
Take the Time, Do the Plan The development of a good business plan is a rewarding exercise. The work is its own reward, we promise! And if you’ve chosen a partner like Weichert, you’ll have expert advice and a business coach to support you every step of the way. If you are a growth-minded broker looking for ways to make your brokerage more productive and get to the next level of results, talk to the Weichert franchise team today. Visit https://www.weichertfranchise.com for more information. Original content posted on https://www.weichertfranchise.com/blog/six-tips-writing-real-estate-franchise-business-plan/ |
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