7 Tips to Real Estates' Agent Success: Tip Number 3 - Research Your Market Plan

The real estate agent is responsible for his or her marketing expenses. Therefore, doing the research specific to the marketing plan within the strategic plan is critical to earning a positive return on investment. Time spent in constructing the marketing plan is definitely well spent. NOTE: Remember a business plan usually is financially data driven, while a strategic plan not only integrates financial data, but identifies who does what by when through specific W.H.Y. S.M.A.R.T. goals.

Hopefully by now, if you are a real estate agent, you are beginning to embrace the idea that you are a small business owner. Every successful business requires a planning attitude along with a strategic plan. Within that plan, there should be research on your market including:

* Potential marketplace
* Strengths and weaknesses of the competitors
* Strengths and weaknesses of your own business which means YOU
* Your products and services
* Segment or niche market opportunities
* Any competitive advantage

This market plan is a big picture and you should not become bogged down by minute details. Estimating the market place is OK. Use the Internet to research your competitors and talk to anyone who has sold or bought real estate property. Even these informal and subjective conversations will help you better understand your marketplace.

Also take an inventory of the marketing tools with your marketing toolbox:

* Business Cards
* Prestige Pieces e.g. Brochures
* Referred Lead Prospecting
* Trade Shows
* Newspaper Advertising
* Radio Advertising
* Television Advertising
* Breakfast Clubs
* Seminars or Workshops
* Customer Relationships Management (CRM)
* Lead Generating Organizations
* Advertising in a professional organization e.g. Chambers of Commerce
* Paid Leads List
* Marketing Assistant
* Give-Aways

The tools within your marketing toolbox should be in alignment with your overall marketing strategies that were developed from your market research. A well developed marketing plan will enable you to spread your message to your target market and ultimately help you work smarter not harder in realizing more paid commissions.