What’s Your Plan?
You’re a Real Estate Entrepreneur or Investor, and you’re out there in the market place looking for deals. So, let me ask….
Are you doing just a bit of advertising and hoping that a deal will fall in your lap? Or are you operating in a way that makes certain it’s gonna happen? If 
you don’t have a process for making sure deals happen, you don’t yet understand the importance of having a marketing plan.
The sad fact is that even after all their expensive guru training, less than one percent of all real estate entrepreneurs and investors actually have a marketing plan. Even though it’s very simple to construct, don’t underestimate its power.
Just a few advantages you’ll get from having a plan . . .
- It’s a concrete result you put out for your mind to seize on and strive to achieve.
- It allows you to clarify exactly what you want to achieve in the coming 30 days.
- It allows you map out the activities needed to achieve that plan.
- It allows you to plan in advance to delegate off the lower paying activities, so you don’t end up doing them.
- It allows you to set time deadlines, to hold others accountable so everything gets DONE!
- It lets you concentrate on your highest payoff activity: Making Offers on Great Deals!
- You have a business that operates consciously, not by accident.
Many people in real estate fail because they simply do not have a plan or goals. Don’t let this be you! You should have a detailed marketing plan of what you want to accomplish and how you’re going to accomplish it.
Are you working YOUR plan? Or do you even have one?
Thanks for reading BillOnBusiness.net! Your comments and questions are welcomed below.
Hey Bill!! Great post!! Having a plan is so important. It’s funny though – at least for me – my plan almost never works out like I set it out to be. At the start of 30 days I set out taking action towards my plan and sometimes I achieve what I wanted to achieve WAAAYYYY faster … other times I realize that my plan isn’t going to work and have to adjust. In other words the specifics of the plan are important but don’t worry if it’s not a perfect plan because quite frankly – it’s probably not going to go the way you think anyway. But you need a plan!! The days or months when I don’t have a plan it doesn’t seem like I get anywhere. At least when I have a plan I make progress … big or small!!
Indeed! But it’s all a part of the old “planning, organizing, leading and controlling” phases of managing your business. (Do they still teach those??) Control is key, and that means that you have to monitor and adjust your plan to make sure that it’s working the way you want. If not, adjust and move on 🙂 Thanks Julie!
Good post, Bill! It’s so true. And, I think even more – a lot of people fail to assess their strengths and weaknesses.
So, a lot of people end up doing things (as in marketing activities) that may not cater to their strengths. They end up doing these things just because they’ve read it in a book or heard it from a seminar.
But, different things work for different people. And, what happens is they may end up not being as successful because they are doing things that may not fit with their personality. If folks can hone in on their strengths and focus on them (not their weaknesses), they may achieve more success. And, also have more fun doing it!
Thanks for sharing your thoughts, I enjoyed reading the post! 🙂
@Rachel – Indeed Rachel. I’m amazed at the number of people who do exactly that – they end up chasing the “next shiny object” because someone else tells them that’s what they should be doing. Spot on about different things working for different people. I wouldn’t be caught dead rehabbing a property (been there, done that) – it just doesn’t fit my personality 🙂
Bill this post is great and the remarks for Julie and Rachel just had to it.
It’s funny how you have an idea and you think that is your plan but, if you don’t stop and really work the idea then you have nothing. The plan includes the steps that will take you where you are trying to go.
Working my plan actually help me truly decide which direction I wanted to go and which direction was best for me.
Hi Erika! Thanks for your very kind comments 🙂 And you have absolutely hit the nail on the head! An idea is nothing without a plan of implementation. Ideas are the starting point – a basis for your goal setting. And then the plan to get there. Excellent!!
Hey Bill – I had this question come in and don’t know the answer. Do you?
Hello,
Myself and three others partners are looking into purchasing real estate. The challenge is two of them have self directed ira’s and two of us have cash.
My question is how can we make this work. We want to leverage our money so we will need debt service.
There are only two banks that I found that loan non recourse loans, and they only loan 50% LTV because we live and want to buy properties in California. Is there anything creative that we could put together, any suggestions?
Thank you in advance.
Matt
I WOULD LIKE TO KNOW THE ANSWER TO THIS ALSO:
Myself and three others partners are looking into purchasing real estate. The challenge is two of them have self directed ira’s and two of us have cash.
My question is how can we make this work. We want to leverage our money so we will need debt service.
There are only two banks that I found that loan non recourse loans, and they only loan 50% LTV because we live and want to buy properties in California. Is there anything creative that we could put together, any suggestions?
Denise – I’d suggest that the two self-directed IRAs partner up with the two of you who have cash. Fund the down payment. Ask the seller to carryback the paper for the balance.