Everyone in real estate, especially brokers and team leaders, faces significant challenges as they attempt to run a profitable business in 2022. Inventory historically low, buyers flooding homes with offers, turbulent recruitment and retention conditions, we’ve heard it all.
We talk a lot about the importance of planning for times like this, and for good reason. Creating and following a business plan can give you the stability and focus you need as things in the market âgo crazyâ. Your business plan is the representation of your vision and the roadmap to achieving that vision.
The types of challenges brokers and team leaders face today can make a business plan seem irrelevant. Agents can feel helpless and lost if their clients continue to be outbid and the pool of available ads dries up. They may feel that a business plan won’t even address these issues. I’ve spoken to team leaders and brokers who all but abandoned their business plans as they tried to find the right answer to these ongoing market shifts.
All of this begs the question: what do you do when things don’t go your way?
Lately, I’ve been thinking about a lesson I learned when I started out in scouting: if you ever get lost, all you need to find your bearings is a fixed point you can see, like a top of mountain or a building. By using this fixed point, you can orient yourself and return to safety.
Let me suggest that if you feel like your team or your brokerage is getting lost in the challenges we’ve faced over the past few months, your business plan might be that anchor you need. to guide you to the right place.
Just because you face challenges that your business plan doesn’t address doesn’t mean the plan is worthless. Your business plan is a defined vision that you must let guide you through the challenges. Like the top of a distant mountain that a hiker uses to reorient themselves, your map (and the vision it depicts) can provide both perspective and direction as conditions change around you.
By abandoning your business plan, you are ensuring that the vision and goals it contains will never be achieved. By working harder to focus on your plan and charting a new course to achieve it, nothing in the market (low inventory, high prices, fluctuating retention) will stop you from achieving your goals.
Verl Workman is the founder and CEO of Workman Success Systems, a real estate consulting firm specializing in performance coaching and building highly effective teams. Contact [email protected] for more information and free downloadable resources.