2024 Situation Analysis - Business Planning Workbook by RE/MAX Hallmark

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GROUP OF COMPANIES

2024 SITUATION ANALYSIS WORKBOOK FOR BUSINESS PLANNING POWERED BY

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WORKBOOK

AFFIRMATION

FOR BUSINESS PLANNING

I begin each day with a clear mind and a specific plan to get the most from my time and my effort. I follow my plan and I reach my goals. An accurate description of me would include the words professional, hard-working, qualified, skillful, energetic, enthusiastic, organized, determined, successful and confident. I am good at persuading others to my point of view. That is because I first and always recognize and understand the point of view of the individual to whom I present my ideas, my service. I know how to listen – and I do. I have learned to hear not only the words which are being said, but I also listen to the unspoken thoughts that lie behind them. I am always prepared. I take the time to do it right. In everything that I do, I am prepared, confident, and selfassured. I always take care of the details of my work. I keep myself “up”. I know that making good presentations means keeping myself energetic and in control. My presentations are always professional and effective. I never avoid confronting a problem or making a call of any kind. I keep myself working and that keeps me winning. I deserve the business that I create. I know that success starts with seeing myself as the capable, productive individual that I am. I am always sincere and honest. I believe that all achievements begin with trust, skill, and determination. I lead my clients to a successful conclusion without hesitation. At every opportunity I offer advice and consultation that is in their and therefore my, best interest. I realize that the very best and most valuable client relationships are those that last a lifetime.

MISSION STATEMENT

My personal mission statement is as follows: Type under the line

WORKBOOK

FOR BUSINESS PLANNING

A - BUSINESS REVIEW:

SITUATION ANALYSIS STEP ONE

1. How many transactions did you do in the past year?

2. What were your gross commissions in the past year?

3. How many of your clients were: Buyers? Sellers? 4. How many were directly or indirectly from your sphere of influence?

5. How many were acquired as a result of prospecting?

6. What types of prospecting?

7. How many were from other sources (e.g. B2B referrals, Agent referrals, Duty Time

SITUATION ANALYSIS STEP ONE

1. Do you have a finely tuned value proposition for Seller Clients complete with action plan outlining your marketing, negotiation, service, and communication plans?

B - SELLERS:

2. Can you deliver it online using ZOOM or other product with confidence?

3. How many listings did you take in the past year?

4. How many of those listings sold?

5. What was your Sale to listing ratio? (Listing sold ÷ Listing taken x 100 = List/Sales ratio)

6. On average how long do your listings take to sell?

7. Is this above or below your Board average?

8. What were your main sources of listings last year? (e.g. Sphere of Influence, Prospecting)

WORKBOOK

FOR BUSINESS PLANNING

B - SELLERS: CON'T

SITUATION ANALYSIS STEP ONE

9. Do you try to generate spin-off business around your listings? (Pre-Launch, Launch & Active period) How?

10. Are you consistent with these activities for every listing?

11. Do you ask for Google Reviews/Rank my Agent/Facebook reviews from every client?

12. What are three things you could do to improve the number of your listings, listing/sales ratio and spin off business for next year?

ABC-

Will you do them?

SITUATION ANALYSIS STEP ONE

1. Do you have a finely tuned value proposition for Buyers complete with services included?

2. How many potential buyers did you work with last year?

C - BUYERS:

3. How many buyers did you successfully work with?

4. How many buyers did you lose? Why do you think this happened? 5. Do you conduct a buyer consultation/strategy session for each buyer client?

6. Do you ask all your buyer clients to sign a representation agreement?

7. What activities were your best sources of finding new buyer clients?

8. Is there a profile of the type of buyers you enjoy working with the most? Did you target marketing to that buyer group? How?

WORKBOOK

FOR BUSINESS PLANNING

C - BUYERS: CON'T

SITUATION ANALYSIS STEP ONE

9. What are three things you could do to improve the number of your listings, listing/sales ratio and spin off business for next year?

ABC-

Will you do them?

SITUATION ANALYSIS STEP ONE

1. Do you have a system in place to stay in touch with your Sphere of Influence? How often? What methods do you use? Are you getting enough business from your sphere?

D - PERSONAL MARKETING PROMOTION ADVERTISING

2. Do you have a CRM? (Client Relationship Management System?_____ Do you use it? ______ 3. How much money did you spend on personal promotion last year? What did you do? _______________________ Did you get the return you expected?

4. How much money did you spend on direct target marketing (including social media)_________________ Did you get the return you expected?

5. Do you know your hard & soft costs for each listing you take?

6. Do you use video to promote your services, past client experiences, “live” experiences during a transaction or other engaging ways to connect with your social sphere? If not, why not?

7. What are three things you could do to increase your success rate from your personal marketing, promotion and advertising?

Will you do them?

WORKBOOK

FOR BUSINESS PLANNING

SITUATION ANALYSIS STEP ONE

1. Do you schedule set time to actively prospect for new business?

E- PROSPECTING FOR NEW BUSINESS

2. How often do you prospect for new business? Daily Weekly Monthly Occasionally Are you consistent? Persistent? Determined? 3. Which prospecting activities do you do most often?

4. Are you satisfied with the results?

5. Which prospecting activities do you never do? Why? 6. Is there a form of prospection you would like to learn or become more proficient in?

7. Do you use scripts while prospecting to stay focused on the reason and expected outcomes of your communications?

8. What percent of your time do you prospect for new business?

Is it enough?

SITUATION ANALYSIS STEP ONE

9. Do you have short term prospecting goals?

10. Do you have long term prospecting goals?

11. What three things can you do to improve your success in prospecting for new business? .

ABC-

Will you do them?

WORKBOOK

FOR BUSINESS PLANNING

SITUATION ANALYSIS STEP ONE 1. Are you computer & smart phone literate?

Do you have an

F- TECHNOLOGY

iPad? Do these tools to add value to your clients? How? 3. Do you need to learn a new program/app or process? Identify 4. Do you use social media for your business?________ Do you use LinkedIN?__________ 5. Do you use video for your business? why not?

6. Do you have a personal website? Is it “boxed” or “custom” Is it IDX capable? Do you have lead tracking and auto responders on your website? Do you have stealth sites with lead generation technology? Do you have a blog? Is your content updated regularly? Why not? 7. Should your technology skills be improved? 8. What three things could you do to improve your technology skills to help you with your business?

AB-

CWill you do them?

SITUATION ANALYSIS STEP TWO

1. Do you know your market? _________ Do you know how to calculate absorption rates?______ 2. Are you able to articulate how macro/microeconomics impact the Real Estate market?

G- GENERAL

3. Are you comfortable advising clients as to financial options available?

4. What skills, upgrading and educational opportunities did you participate in last year?

5. Have you recently upgraded your communication and/or human relation skills?

6. Have you ever had any formal training in negotiation?

7. Do you have any niche market specialties? (Estate/Investor/ Condo/Luxury etc.)

8. Does your marketing plan include focus on promoting your niche?

WORKBOOK

FOR BUSINESS PLANNING

SITUATION ANALYSIS STEP ONE

9. Did you set written goals last year? Did you achieve them?

G-GENERAL CON'T

10. Do you have a daily activity list to stay on track?

11. How often do you measure your progress? What does “accountability” to your goals/plans look like?

12. What was your biggest business challenge in the past year? How did you overcome it?

13. What three things could you do to improve your general situation regarding market knowledge, financing, education, goal setting or anything else?

ABCWill you do them?

The next portion of the planning process is to consolidate the information learned in the situation analysis. Review the analysis carefully and complete the SWOT analysis on the following page.

SITUATION ANALYSIS STEP TWO

My major strengths are: (reviewquestionnaire–whereyousaid“yes”) 1. 2. 3. 4. 5.

H- SYNOPSIS AKA SWOT

My major weaknesses are: (reviewquestionnaire–whereyousaid“no”) 1. 2. 3. 4. 5.

My greatest opportunities are: (review analysis and spot opportunities) 1. 2. 3. 4. 5.

My greatest opportunities are: (review analysis and spot opportunities) 1. 2. 3. 4. 5. 6. 7. 8.

Remember, work to your strengths delegate your weaknesses if possible; or improve them! take advantage of your opportunities! And, work to your plan every day!

WORKBOOK

FOR BUSINESS PLANNING

SITUATION ANALYSIS STEP TWO

FINANCIAL ANALYSIS A. The Past Year 1. In the past twelve months my gross commission production was: 2. In the past twelve months the number of transactions completed was: 3. Therefore, the average commission per transaction was:

4. Of the total transactions completed, the following number was with sellers: and the following number was with buyers:

SITUATION ANALYSIS STEP TWO

B. The Next Year 1. My goal, in gross commissions, in the next twelve months is

(Note: This is approximately Commission Earnings)

in GCI (Gross

2. Given the average calculated above, I will therefore need to complete the following number of transactions

3. Assuming an 11 month work year and a 6 day work week, I will therefore need to complete the following number of transactions every month

Likewise, I will need to complete the following number every week:

4. Given my history of working with sellers and buyers I will have to complete the following number of seller transactions: and the following number of buyer transactions:

WORKBOOK

FOR BUSINESS PLANNING

SITUATION ANALYSIS STEP TWO

OBJECTIVE My objectives for the next year are as follows:

Notes:

1. In the right column, list all of your objectives for the next twelve months. Then, prioritize them using the column on the left. 2. Inset the highest priority objective directly beside Objective 1 on the following page and the next highest priority objective beside Objective 2 and so on, etc, etc.

SITUATION ANALYSIS STEP TWO

PERSONAL BUSINESS ACTION PLAN

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WORKBOOK

FOR BUSINESS PLANNING

SITUATION ANALYSIS STEP TWO

PERSONAL BUSINESS ACTION PLAN CON’T

SITUATION ANALYSIS STEP TWO

MONITORING AND REVIEWING A. The Big Picture Does my stated focus match the results of my activities and my overall business objectives for the year? Do I need to make any adjustments? If so, they are as follows:

B. Action Plan Have I implemented all of the strategies on my Action Plan? The adjustments I need to make are:

C. Management By The Numbers My analysis of my activities/results to date:

My analysis of my expenses/profitability to date:

Adjustments I need to make:

WORKBOOK

FOR BUSINESS PLANNING

SITUATION ANALYSIS STEP TWO

FINANCIAL REVIEW

(Review your financial objectives quarterly!)

Your ability to monitor your financial performance will directly affect your ability to successfully implement your business plan. Do not take this step of the process lightly! Remember that successful entrepreneurs constantly evaluate their progress and strive for maximum results!

SITUATION ANALYSIS STEP TWO

SOURCES OF YOUR BUSINESS For the next year, record each completed transaction on the following form:

Tabulation: % Sphere of Influence ______ % Farming ______ % Advertising ______ % Cold Calling ______ % Referrals ______ % Sign Calls ______ % Prospecting ______ % FSBO ______ Indicate which type of prospecting in the next column. % Open House ______ % Networking ______ % Other ______

WORKBOOK

NOTES

FOR BUSINESS PLANNING

Type under the line

NOTES

Type under the line

WORKBOOK

NOTES

FOR BUSINESS PLANNING

Type under the line

NOTES

Type under the line

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GROUP OF COMPANIES

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