How many transactions will come from each marketing channel? Use past data to determine the most effective channel historically, then set your marketing budget accordingly. Business Goal 7: Distribution of Transaction Source (ie Relationships vs Referrals vs Advertising) How many buyers or sellers do you want to work with? Do you have a preference? This will determine where you invest your marketing. Business Goal 6: Distribution of Transaction Type (ie Buyers vs Sellers) Now if you don’t have past data, or you plan on making changes to profit more or less, what do you want to achieve?Īgain, write down your belief score from 1-10 and make sure it’s between 6-8. This is the number that will define your lifestyle, so make sure you like this one.Īnd again, if you don’t like this number change your transactions goal, your median home price, or your brokerage/team! Business Goal 5: Annual Profitīased on your profit margins last year, what will your net profit be in your business over the next 12 months?
Business Goal 4: Net RevenueĪfter broker deductions, what will your net revenue be?
If you don’t like these numbers, change one of the goals above. What will your total sales volume be and your subsequent gross commission income? Then, you use these numbers to calculate these next goals.Repeat the same rating process from 1-10.Research your market and look at your past data.What do you want your median home sale price to be? Once you achieve an easier goal, your confidence will grow and you’ll be able to raise the bar again – patience young grasshopper! 🙂 Business Goal 2: Median Home Price If you feel you’re at a 9 or 10, raise the bar! And if you’re below a 6, make it easier on yourself. Whether that is 10% growth or 100% growth is totally up to you, where your business is at, your current resources, and many other factors. Then, look back at the number of transactions you did last year and think, “on a scale of 1-10, 1 being no chance ever will I hit this goal, and 10 being absolute certainty I will, where am I?” How many transactions do you want to achieve each month and per year? Write this number down. There are 9 primary goals that I teach agents to include in their business plan: Business Goal 1: Number of Transactions So, which business goals should you have for your real estate career? In any case, you’ll still need to set goals and targets for your business plan.
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You can also download my free business plan template for real estate agents. Now, If you’ve never actually created a business plan, you can easily find online templates, or create one yourself. Finally, I’m going to share 5 of the biggest mistakes I see entrepreneurs make when setting goals, so you can avoid them! 9 Business Goals You Must Set for Your Real Estate Business
I’ll also give you a free goal-setting template to help you create your business plan. Goal setting, however, is an art and, in this blog, I hope to teach you my best practices to do it right.
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As Parkbench CEO, I coach agents regularly on how to set specific, targeted goals for your business.
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