One tool to help you define your market is a buyer persona.
It could be as simple as filling 4 sheets of paper with descriptions of the strengths, weaknesses, opportunities, and threats — collaboratively or alone.
To make the answers clearer and the exercise easier, you can use questions like: makes it easier to stay motivated, track progress, and see the measurable effect of achieving it.
Your executive summary is an anchor point you can use to understand the overall goals, cement the parameters of your target market, and make decisions that are aligned with your plan.
It’s also a way to get inspired by your original vision.
Here’s a simple example: To get started creating your persona, ask yourself a set of simple questions like: It’s important to assess your niche and make sure it is consistent with the market in your area.
For example, if you’ve decided to focus on first-time buyers, do some research to look at relevant stats and figures: A competitive SEO audit can be a useful starting point in finding your competitors in the online space, which is where almost all leads will turn to at some point in the buying process.
Above, you can see Ahrefs returning the top competitors for a particular real estate website (most of the competitors are in their local area, too).
You can learn a lot from your competitors’ properties, branding, content, and other information online — all useful information to help inform your market analysis.
Few agents are able to fully develop their business in only a year, while planning five years into the future can be very speculative.
For most new agents, three years is a reasonable time frame for achieving a degree of financial success and establishing a viable career in the industry.