Jumpstart Your 2024 Real Estate Business Plan
Agents should think about their focus or niche market, seek their mentors’ advice, consider their marketing budget and set specific, measurable goals.
NORWALK, Conn. – Now is the time for real estate agents to update their business plan for the next quarter and the coming year. Questions that agents should ask themselves include, “Have I found my niche market?”
Some agents have successfully limited themselves to a specific property type or client. Agents should discuss this decision with mentors within their brokerage, potentially to fill a local service gap.
For instance, agents might narrow their focus on second homes, which would require them to become the local expert on slip rentals and marinas. Agents also would need to explore how they would assist potential clients and expand their business with organic referrals.
Furthermore, agents should set specific, measurable goals, such as adding a certain number of niche properties/clients within the first/second/third/fourth quarter.
Agents can also strive to participate in or sponsor a certain number of local events targeting the narrowed market as well as gain more social media followers by writing interactive posts and offering helpful niche-focused content.
Additionally, agents should look into such things as enrolling in marketing strategy courses, setting their marketing budget, and becoming knowledgeable about their target demographic.
Also, agents need to consider the best way to spend their marketing budget to achieve those goals. Eventually, agents will be able to measure how much money or time they spent on each marketing strategy, gauge the results of their initiatives, and ask new clients how they were located so they can determine how much each new client costs.
Source: RISMedia (09/05/23)
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