Monday, November 19, 2007

The Real Estate market might not be great but do you have a business plan for 2008?

With all the negative media stories out there it can be very discouraging to the struggling Realtor® or Mortgage broker or any profession you might be involved in. I was only using these two as an example. I for one feel for each and every one of you that might be experiencing this. Just to let you know....you are not alone.

With 2007 coming to an end it might be a good time to start thinking of the future. So going into 2008 I believe we will see our market to continue to decline just a bit more. There is talk of another 20% decline in property values and with very high levels of inventory there still doesn't seem to be an ending to it just yet. But I think we might start to see the market take a swing back upward in the spring but that shouldn't stop you from preparing for better times. Why not start now?

Now I was never the type to sit down at my desk and do a full blown analysis of how my year went and forecast the next. I worried more about waking up in the morning...getting out of bed and hoping my two feet hit the ground at the same time but I do believe that it is important to lay down some sort of foundation and write down a few realistic goals. For example...you might have a goal of making 100K next year but realistically you might only make 75K. But at least you were still meeting a realistic goal. Here is how I might approach it. I would look at how much icome I brought in and how I attained it.
Then I would figure out all of my expenses.

Now folks...I know most of us hire an accountant to this for us but they just take the numbers and give us the figures. I'm talking about a realistic visual goal. Obviously most people have not even come close to years past but you have to learn to some how adjust and adapt. If you can adapt...then you will survive. If you can't adapt...then you will die. I hate using the morbid word "die"... but I'm talking about your business that you worked so hard to build up and because of unfortunate circumstances it can be all but destroyed if you do not some how personally monitor it. I have this new saying 'all of the little squirrels better start gathering and saving your nuts for this coming winter or you might be starving and those nuts might just shrink into useless objects with no substance" The holidays are coming and we tend to like to spend...try not to over do it or after the holiday euphoria wears off you might end up depressed. "Spend on moderation." I think you all know what I mean.


GOALS -Ok...back to goals. you should still have some goals. Will I spend less marketing next year to compensate the loss we had from last? Could be a good start. Can I possibly spend more time marketing for free on the Internet? Absolutely...what do you have to lose. for example for the last year I have been spending more and more time building my Internet presence. You know why? Because I know when business does pick up...I'll be prepared....will you? Many blog forums are free so take advantage of it while you can. Join other free forums and go start another blog. Try getting your blogs syndicated for more exposure. I'm not an expert but I can see my presence increasing everyday. I will continue to market my farm areas. Eventually my listings will sell and with a little luck we will continue to bring in a few buyers. Anything that is free is just another added bonus if you get something out of it. But at least if you try then what do you have to lose?

MANAGE YOUR TIME - Anyone who personally knows me will tell you that I am more organized when I'm unorganized but I still manage my time. Just like taking a bunch of simple tasks or errands to run. When I run errands I usually take the shortest route to get from point A to point B. If I need to drive to Pembroke Pines and then go to Weston I will try to take the route that will get me home earlier. Something goes for business...if you can plan to do a few things one day and the rest another than you are on the right track. Sit down and pick the priorities first and label them A..B...or C. Before you know it you have completed your goals quicker then you anticipated.
SET THE STAGE - Just like going out for your big performance. You should try to prepare ahead of time because when you go out there and your fans see you....then you better hit your mark. The first impression will be your best impression.... so make it count.
MAXIMIZE YOUR CLIENTS - Why not pick up the phone and reconnect with your past clients. Call them and wish them a happy and healthy New Year. Ask them how the family is...talk about them and find out what they are doing. Listen to what they are saying....you might end up getting some extra business from them next year. It's a good time to contact them.


NO PAIN NO GAIN -How many different times have you heard that old saying? You hear it in almost anything you have to do that takes effort and hard work. I'm sorry to tell you this but unless you are born rich or get things handed to you...you will most certainly have to work a little to attain some of your goals. For example...as much as I hate to go to the gym 3-4 times a week because it is too much work and a hassle to me...I do it because I need to keep my sanity and hopefully stay healthier. But when I get home and I'm all sore or tired at the end of the day I feel refreshed that I accomplished something and I when you start to see the results it's even more rewarding. The same goes for business and life.

BE GOOD TO YOURSELF-Even if we work so hard and we attain nothing at least we tried. So when you really think you tried hard and you were somewhat satisfied. then go and enjoy yourself and don't feel guilty that you didn't do something today to make a difference. You have to look at you and forget what others think because in the end it's all about you.
Everyone's lifestyle is different and we all come from different places and each one of our plans are going to be different....but you will be the one to make your choices.There is always unfortunate situations that we cannot control but in some ways we are all in control of our own destiny's!

Don't wait to act....give it your best performance now so you'll be way ahead of the game.

4 comments:

Sally said...

I liked this plan...bottom line...For me....it's attainable to do things simply...

Nealb63 said...

Sally,
Thanks for your opinion here...I hope we all can reach attainable goals.

Dianna L Hanson said...

You are right on the mark! Your information applies to any one who is self-employed or trying to climb up the ladder working for someone else. No the hard part: Follow-Up and Do It!

Nealb63 said...

Dianna,
Thanks for your input...I appreciate that you took time to stop by and read this