Top 6 New Real Estate Agent Business Plan Activities

Beginning a new career as a real estate agent is exciting and you'll want to hit the ground running. Your long term success depends on many things, but a good beginning real estate business plan is one of the most important.

Don't let your excitement and enthusiasm to get with a client right away keep you from the all-important business planning and budgeting tasks. The tools and instructions here will help you to focus on important business practices and get a fast start on building your prospect base without spending a lot of money.

A huge chunk of new agents fail in their first two years.  Their average commission income can't support full time activity.  Or, they're part timers, but they make even less money because it's very difficult to schedule customer contact and help when you have another job.

The one thing I can't stress strongly enough to new entrants into real estate practice is that you are independent contractors.  You are and you own your business.  Just because the law says or you choose to hang your license with a broker, you do not want to become only a piece of that broker's business and marketing. 

Sure, you want to take advantage of the services and even marketing offered by your broker.  But, you should immediately begin to market yourself and your business separate from your broker.  I'm not talking about just the branding on a website or blog.  In most states you must in some way inform the consumer as to the identity of the broker.  I'm talking about having a website and blog of your own.  Then, notice I didn't say "if," you decide to move to a different broker or go out on your own, you don't leave empty-handed.  You at least take a working online marketing presence with you.

1
Meet Your Peers and Ask the Right Questions

Realtor showing off empty loft
Cavan Images/ Iconica/ Getty Images

When you haven't done it before, some of the data items you need in order to budget and plan your marketing activities are quite difficult to come by. Get to know the other agents in your office, listen and ask questions.

Take everything with a critical eye.  Don't just believe it's right because a veteran tells you so.  Sometimes marginal marketing stuff only works because the agent is already established and popular.  Analyze what you hear with a question as to how it would work for a newbie. More

2
Jumpstart Your Prospect List

Real estate sphere of influence.
Increase your real estate business by increasing your sphere of influence. SXC.hu

Just about any successful agent will tell you that your sphere of influence contact list is your most important asset. Find out how to get it off the ground fast.

It's not just about how many people are in your contact list that may do a real estate transaction.  It's also about how many people they know and if they could become a source of referral business in the future. More

3
Get Your Costs Nailed Down

Cost per prospect from a pay per click campaign.
It's hard to argue with a low cost per very focused prospect. ® Photo: Jim Kimmons

Knowing what you need to realize in commission revenues in order to pay your business and personal obligations is quite important. Use this spreadsheet approach for a fast detailed expense analysis.

I can't tell you how many times I've done some kind of financial spreadsheet with some formulas totaling as new data has entered only to be surprised by how fast some number grow.  I'll be putting in small monthly business costs or personal expenses, and that cell with the formula in it is jumping up at an alarming rate.  Watch the numbers so that you can control the numbers. More

4
Make a Marketing Plan and Budget

Video for Real Estate Marketing
Video for Real Estate Marketing. ©iStockPhoto

What are you going to do to generate business? How much will it cost and will it be effective? Find out how to construct your marketing plan and budget. More

5
Filling Your Sales Funnel for Commission Results

Prospects feed into the top of the funnel and commissions come out the bottom. Jim Kimmons
Use this spreadsheet plan to analyze the expected commission returns from your marketing and prospect types. Use it to adjust your plan for the best results. Learn what you need to do daily to make it happen. More

6
"Up and Running in 30 Days"

In a falling market, price is the key.
The Different Viewpoints of Buyers and Sellers. (c) Photo: sxc.hu
A book with new real estate agent startup information, tips, practices and more. Buy from Amazon