Today, there are more than 32.5 million businesses in the United States. To stand out from the crowd, you need a solid business strategy.
In the world of real estate, it’s even more competitive! All of this might have you overwhelmed and wondering where to begin.
While it can feel overwhelming, it doesn’t have to be. Read this guide on how to create a commercial real estate business plan today!
Your Mission Statement
Commercial real estate firms begin with a mission statement. It only needs to be a few sentences.
Have another realtor offer you constructive criticism. Keep your mission statement short. Remember that it’s important, so don’t try to make it too easy.
Set goals. List a time frame to reach those goals.
Define Your Area
Think about the area when creating your commercial real estate inbound marketing plan. You’ll need to understand the supply and demand of the area.
When a listing pops up, locate it immediately. When a property sells, find out for how much.
Define your property types. To succeed in the real estate industry, you’ll need to understand everything about the property types you’ll support.
You’ll also want to narrow down your niche. Whether that’s restaurants in Houston, shopping centers, etc.
Know Your Competition
Working in real estate involves identifying the competition. This can also help you come up with a solid strategy.
If you’re not sure where to begin, check out the competition. What are they doing that helps and hurts? Identify growth opportunities that could be your way to shine online.
Consider your strengths and weaknesses compared to the competition. Identify what they lack that you don’t. Think about what weaknesses you can improve upon.
This will also help you pick markets that your competitors aren’t touching. Write down hot markets that you can begin.
Identify Your Marketing Plan
Starting a business includes determining your budget. Once you have your budget, you can decide which social media platform you’d like to use.
Think about your ideal audience and where they tend to hang out online. Create attractive content that solves their pain points.
If in the budget, consider ads to get your name out there. Facebook and Instagram have popular ads.
Determine the Required Transactions
Decide on how many transactions you’ll need each year. This includes the average commission and your ideal annual income.
Consider how many presentations you’ll need to make to lock in a listing. You’ll also need to think about how many leads you’ll need to generate to lock in a meeting.
Creating a Commercial Real Estate Business Plan
After exploring this guide, you should have a better idea of how to create a commercial real estate business plan. Take your time coming up with it and keeping your goals in mind.
Would you like to read more informative content for businesses? Be sure to check out our other articles today!