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Finally, complete a comparative market analysis (CMA).
Over the past five years, the condo market in New Orleans has increased steadily due to the number of retirees entering the area.
In southeast Louisiana, first-time homebuyers buying houses valued at less than $300,000 are decreasing.
To determine your market segmentation, ask yourself these questions: Write a two- to three-sentence statement for your real estate business plan that establishes your exact market segmentation.
Below, we carry the New Orleans example forward with information on targeted home types, cost, and demographics.
A real estate business plan is a document that explains an agency’s origin, mission, and goals.
This plan offers a clear direction to partners and employees on how the company will become profitable.
Outline this demographic information for your target audience: Combine the above information into a two-sentence demographic overview of your target audience to help you with your marketing and advertising efforts.
The example below is very succinct but captures the important demographic information of a specific area.
Visit Bold Leads While some elements of a real estate business plan differ, necessary elements include market analysis; executive summary; mission statement; marketing strategy; financial projections; and a strengths, weaknesses, opportunities, and threats (SWOT) analysis.
To help you get started on your business plan, we created a free downloadable real estate business plan template with examples to guide you through each step.