If you have not yet completed your Real Estate Business & Marketing Plan for 2018, your real estate business may be in trouble.
I recently created a "Real Estate Business & Marketing Plan" specifically for our industry. I found that there was not something on line that allowed me really plan out what I wanted to do with my career in terms of these two items. The product is something that I wrote out myself a few times before finalizing on a process that I know will have huge results.
On this blog post, I want to spend some time talking to you about the organization of your marketing and business plan for your real estate career. To help you with putting together a marketing plan for 2018, I thought that I would remind you of the top reasons marketing plans fail.
No Written Marketing Plan. Blinding glimpse of the obvious on this one — if you don’t take the time to create a marketing plan, your marketing will stink in 2018.
Goals Are Poorly Defined. Every good plan starts with goal definition. If you don’t define the goals for the plan, there’s no point in preparing a marketing plan. Make sure marketing goals are aligned with the business plan and with key business objectives.
Unattainable Goals. Nothing is worse than working a plan where the goals are not even possible. Set realistic marketing goals that can be achieved if the marketing plan is executed well.
No Clear Responsibilities or Accountability. We’ve seen great marketing plans that fail because tasks are not assigned to individuals and there is no accountability. Be sure to define who is doing what when as part of your marketing plan. Break your marketing plan up into mini goals and set due dates.
No Discipline to Execute the Plan. You need to be able to be motivated and stay on top of your game for planning out your actions. You need discipline in order to implement a plan of action.
Lack of Time or Lack of Money. Nothing is more frustrating than writing a marketing plan and then finding out that there’s no budget to cover the expenses. Be sure to get consensus on your marketing budget and available resources before you finalize your plan.
Changing Market Conditions. This is beyond your control, but by staying in the loop with your current market conditions, it can be avoidable. If there are fundamental shifts in the market, your plan may not work. For this reason, it’s good to revisit your marketing plan frequently during the year to see if it needs to be updated based on changing marketing conditions.
A good marketing plan and constant scrutiny to it can benefit the success of your real estate business. Once you have it set, a few minor modifications and tweaks every year to update your goals and record your process will take the load off business planning.
With Love | Nikki xo