Collin Ellingson is the managing broker of Coldwell Banker Midtown Atlanta.
Every week, we ask a real estate professional for their Short List, a collection of tips and recommendations on an essential topic in real estate. This week, we talked with Collin Ellingson, the managing broker of Coldwell Banker Midtown Atlanta, about best practices for creating a successful business plan.
“A goal without a plan is just a wish.”
― Antoine de Saint-Exupéry
A well-thought-out business plan is critical to establishing consistent income growth for today’s real estate professional. With fall approaching, now is the perfect time to begin planning for success in 2015. To craft a realistic, effective business plan, here are a few suggestions:
5. Have your 2013 and 2014 YTD Gross Commission and Unit figures available – In order to chart your future course, you need to know where you’re coming from.
4. Set achievable goals – A realistic income goal will motivate you to work the plan, day in and day out. On the other hand, setting a goal to increase your production by 400 percent, for instance, is a setup for discouragement. Your plan should provide a source of daily motivation!
3. Drill down to the details – Setting a monthly closing target of “x” homes is one thing; take it a step further. How many appointments must you complete each week? What is your conversion rate for appointments to listings taken? How many contacts must you make each day? If you make the contacts, you’ll make the money.
2. Create a schedule to match your plan – A business plan is useless without an accompanying daily schedule. When will you make your prospecting calls? When do you set aside time for clients? Are you scheduling personal time for exercise, friends and family? Agents who fail to manage their time end up with customers who manage them!
1. Find a coach – Everyone can use some outside influence for motivation and accountability. Ideally, this should be your broker, but they might also be a fellow sales associate, or even a close friend. The key is to find someone who is in tune with your plan, and who will hold you accountable to your actions.
Make 2015 a banner year!
Collin Ellingson is the managing broker for Coldwell Banker Midtown Atlanta, which specializes in condominiums, townhouses and single-family properties within metro Atlanta. Collin also leads the strategic planning, execution and management of the company’s new home and REO sales programs throughout Atlanta. Representing buyers and sellers (individual and institutional), Coldwell Banker Midtown agents have surpassed $140 million in 2011 sales, and the office was the No. 1 Atlanta multifamily sales and marketing company in 2011.