Capital Area REALTOR® Winter 2016

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The Importance of a Personal Business Plan

CANDY MILES-CROCKER “The Real-Life REALTOR®,

coaches, mentors and trains new and experienced real estate agents to transform their business by mastering her proven systems for success. She is a firm believer in managing expectations and her goal is to elevate the perception of real estate agents among the general public through education so every client has an amazing real estate experience. Candy’s unique training methods have shown agents what it takes to be successful! Inman News selected Candy as one of the Top 25 Real Estate Coaches in 2016. Learn more at www. RLRETraining.com.

Writing a business plan is not fun. Writing a business plan takes time. It forces you to look at your business life and your personal life. It forces you to face the truth to see what activities are working and what needs to be eliminated. It’s not fun because it forces you to take a good hard look at your spending habits and your business practices. For these reasons, most REALTORS® don’t have a written business plan. I was among that number for many years. It wasn’t until I actually sat down and wrote out my plan that I understood how invaluable having a written plan was. You need to remember that as a real estate agent you are running your own business. What business do you know of that can run smoothly and make a profit without a formal plan? Part of having a business plan is knowing your numbers. REALTORS® don’t like knowing their numbers, but they need to know them. We need to know if where we are spending our money is providing a good

We need to know if where we are spending our money is providing a good return. We need to know how many people we have to talk to in order to convert one into a qualified client. return. We need to know how many people we have to talk to in order to convert one into a qualified client. When you write your business plan you should look at your personal and business life because the two go hand-in-hand. When either one of these is off balance, your whole life is thrown off balance. You’ll need to review your personal expenses, as well as your business expenses to determine how much your life is costing you. That alone can be a rude awakening. Once you know how much you spend, you can decide how much you want or need to earn. You want to make sure you determine how much profit you want to make. Very few people run a business to break even. Consider your business plan to be your road map to success. When done properly it will eliminate stress, confusion, and doubt because you will know what you need to do each day to achieve the goals you set.

You need to remember that as a real estate agent you are running your own business.

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CAPITAL AREA REALTOR® • May/Jun 2014 CAPITAL AREA REALTOR ® — Winter 2016 23