The New Year is almost upon us. Accordingly, it’s unlikely there is a single real estate investor or real estate company that isn’t eagerly looking forward to a stellar 2014. Of course, that’s unlikely to just fall in the lap of any investor or CEO. Everything in the market may be working to help real estate pros, but strategy, tactics and planning are still critical for taking advantage of and maximizing the opportunities that come along. There are certain things that can help you get ahead in 2014.
This is a critical time for business planning with real estate professionals. However, going over the same old goals or planning the same old things is unlikely to yield better results. So what are some tips for better business planning?
1. Block Out the Time
Despite your best intentions, if you don’t set aside a designated planning session, it likely won’t happen. There are even more time demands on real estate experts during this season and there will always be something preventing you from making a plan. It is up to you to set aside the time to plan for the next year.
2. What Went Right?
Taking account of what worked and didn’t work in the previous year is a great exercise. This is the only way to do more of what is profitable and eliminate that which isn’t, or at least make the tweaks necessary to improve results. For real estate investors, this applies to acquisition strategy, timing of ordering marketing materials, marketing channels and branding used, and sales and rental strategy and management. Analyze it, document it, test your assumptions and measure and tweak again. Continue to improve and grow year after year.
3. Trendcasting
This is a combination of monitoring forecasts for the year ahead while keeping an eye on trends that can alter predictions and impact business plans. Between now and the New Year, there will be dozens of predictions being made from all corners of the real estate industry. Few may really account for all factors impacting the market. This is even more significant from the point of view of owning a real estate investment business. For real estate CEOs and solo investors, many elements need to be factored into business planning. These individuals need to go beyond macro and even local real estate market trends to keywords used on the internet, changing consumer shopping habits, the impact of evolving technology, and pending regulations and legal changes.
4. Resetting Goals
Looking at all of the above, real estate pros can revisit their goals and reset them as they see necessary.
5. Refining Strategy
This is the part of planning where strategy and tactics are refined and polished for accomplishing goals.
6. Time to Think
Most industry professionals and commentators are quick to recognize that in order to stay on top, it requires taking a leap further and new innovation. The best way to find this for most is by taking time out just to think, get clarity and to brainstorm new ideas from different points of view.
