When I look back on my first year in real estate, I realize that alot of time was spent in training! Once you are awarded your license, the"?training in the real world"?begins. One of the first things that my business coaches encouraged me to do was to write a business plan. If this sounds like alot of work, IT IS! However, it is worth it. A written plan has several components in it that help a new agent focus their day in a productive way to generate business:

1. What segment of the market are you going to target?

a. First, it is easy for most new agents to begin by just writing down their "sphere of influence" (SOI). Who do you know that may need real estate assistance? This aspect of your business plan focuses on "mets". Begin to identify ways that you can let your SOI know that you are a newly licensed agent. Don't forget to ask them if they know of anyone that might be interested in your services. Set up a system to periodically "touch" them by phone, a written note, a post-card, or personal contact like lunch.

b. Second, identify a market segment of "have not met" or "not mets". These are potential customers that you have never met, and for most new agents, this is a challenge. From the beginning of your new business forward, you have to expand your sphere of influence, and ability to get customers from the universe of "not mets". For new agents, there are two key market segments that represent potential known real estate customers: the For Sale by Owners (FSBO's) and expireds. Many new agents set up a system to contact FSBO's and/or expired everyday. This prospecting system often leads to new business and the opportunity for revenue that offsets your business expenses.

c. Expand business opportunities by joining key networking groups. Many agents are involved in the Chamber of Commerce, church, Kiwanas, and other organizations. My business plan included joining Cobb Services for the Elderly, and the Georgia ElderCare Network. One year later, I was appointed to the Board of the GA ElderCare Network!

2. Begin to identify your marketing budget. I believe that this is one of the reasons that so many agents are not able to succeed beyond year two. I am in my second year, so I am speaking from the perspective of an apprentice. My marketing plan addresses a monthly budget for printing, direct mail, advertising, and supplies that are needed to touch my geographic farms.

3. Finally, don't forget to set goals. My coach helped me set annual goals, then I break them down into monthly, weekly and daily goals. This type of model helps me to see what I need to focus on to assure that my business volume is growing.

In the next section, I will develop the ideas of "daily accountability" for areas that execute this written business plan.

Have a great week,

Kendra