property agent business plan

Real Estate | How To

How to Write a Real Estate Business Plan (+ Free Template)

Published June 30, 2023

Published Jun 30, 2023

REVIEWED BY: Gina Baker

WRITTEN BY: Jealie Dacanay

This article is part of a larger series on How to Become a Real Estate Agent .

• 1 Write Your Mission Statement
• 2 Conduct a SWOT Analysis
• 3 Set Specific & Measurable Goals
• 4 Plan Your Marketing Strategies & Tactics
• 5 Create a Lead Generation & Nurturing Strategy
• 6 Calculate Your Income Goal
• 7 Set Times to Revisit Your Business Plan
• 8 Why Agents Need a Real Estate Business Plan
• 9 Real Estate Business Plan Examples & Templates
• 10 Bottom Line
• 11 Frequently Asked Questions (FAQs)

A real estate business plan lays the groundwork and provides direction on income targets, marketing tactics, goal setting, lead generation, and an overview of your industry’s competition. It describes your company’s mission statement in detail and assesses your SWOT (strengths, weaknesses, opportunities, and threats) as an organization. Business plans should include measurable goals and financial projections that you can review periodically throughout the year to ensure you meet your goals.

Continue reading to see real estate business plan examples and discover how to write a real estate business plan. Start by making your own by downloading and using the free real estate business plan template we’ve provided below.

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Real Estate Business Plan Template

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💡Quick tip:

Market Leader provides a comprehensive paid inbound lead, automated marketing, and CRM solution to help agents acquire, engage, and nurture real estate leads.

Furthermore, Market Leader offers and guarantees you a number of exclusive seller and buyer leads in your target niche at a monthly rate.

1. Write Your Mission Statement

Every real estate agent’s business plan should begin with a mission statement, identifying your values and why your business exists. Your mission statement serves as the guide to achieving your ultimate business objective. When you create a solid clear mission statement, all other items identified in your realtor business plan should be aimed at fulfilling this statement.

Compass’ mission statement: “Our mission is to help everyone find their place in the world.” (Source: Compass )

Your mission statement should identify your target audience, what product or service you provide, and what makes your business distinct. As seen in the example above, a powerful mission statement should be short and concise but sums up a business objective.

Let’s take Compass’ mission statement above as an example: “Our mission is to help everyone find their place in the world.” The statement identifies what the company offers, for what reasons, and who it benefits.

2. Conduct a SWOT Analysis

SWOT is an acronym that stands for a business’ strengths, weaknesses, opportunities, and threats. The primary objective of these four elements is to assess a business by evaluating internal and external factors that can drive decision-making and help you make more money . Conducting a SWOT analysis as you develop your business plan for real estate uncovers opportunities to differentiate yourself from the massive competition currently on the market.

Strengths & Weaknesses

Strengths and weaknesses are internal parts of your organization. Strengths identify what product or services you provide better than others, your access to resources, and items that benefit your customers. Weaknesses are items that need improvement, lack of resources, or what your competition does better. These are items within your control to change because you can convert a weakness into a strength.

See the example below if “Agent X” was doing their SWOT analysis:

Opportunities & Threats

External factors drive opportunities and threats and are areas you can take advantage of to benefit your business. Examples of opportunities can be shifts in the current marketplace, emerging trends you can capitalize on, features that competitors lack, or even changes with your competitors. Threats, on the other hand, are anything that can negatively impact your business. You don’t have control over changing the opportunities or threats, but you can develop a practice to anticipate and protect your business against the threats.

The opportunities and threats for “Agent X” would be:

When you complete your SWOT analysis, use it as a guide when creating strategies to meet your business objectives. To gain the most benefit from creating a SWOT analysis, make sure you are being realistic about your business and evaluating it in its present state. You don’t want to be unrealistic by listing strengths or opportunities that don’t exist yet, and you want to allocate time and money to the most impactful solution to your business issues.

If “Agent X” completed the above SWOT analysis, a few strategies they could derive would be:

• Incentivize agents to keep them at the brokerage for longer
• Implement a technology-based key machine to reduce lost keys and keep the team accountable
• Find a competitive advantage against competing brokerages and use that in marketing messages

Zillow agent finder (Source: Zillow )

To help agents locate other brokerages operating in your preferred market, agents can use Zillow’s agent finder page as a research tool to see which agents or brokerages are operating in a specific area. You can find an agent by location, name, specialty, and language. Once you click on a Zillow profile , you can read their reviews, see their team members, contact and website information, and property listings. Take a deep dive into your competitor profiles and can use the information to implement strategies within your own business.

Visit Zillow

Read how our experts feel about this real estate lead generation company in our Zillow Premier Agent review .

3. Set Specific & Measurable Goals

You’re ready to set some business goals after clearly defining your mission statement and SWOT analysis. Goals can help set the tone to increase your performance and drive your business in the right direction. Your goals should have a definitive way to show progress, which can be a prime motivator to keep you on track to achieving them.

Each goal should follow a pattern to identify set criteria. This will ensure that your daily efforts are performed to meet business objectives within a set period. A way to do this is by using SMART goals:

Examples of SMART goals for agents or brokerages:

• Increase closed transactions by 20% to a total of 150 deals within the next year
• I will ask all closed clients for a referral and review within 30 days of closing the deal

Goals can be split into short-term and long-term goals. Short-term goal lengths vary between days and weeks but do not exceed six months. Short-term goals can also be worked on simultaneously with long-term goals. Long-term goals can take up to six months or more to complete and require careful planning and perseverance. A mix of short-term and long-term goals will help you maintain motivation.

All goals are equally important; however, success will stem from how you prioritize each one. Slowly add on additional goals as you have the capacity and feel comfortable with the current progress of your current set of goals. Without identifying your business goals, you’ll leave your results up to luck to attain your business objectives.

4. Plan Your Marketing Strategies & Tactics

Developing marketing strategies and tactics and implementing them help you identify and locate your current value proposition in the real estate industry, along with specific timelines for execution. In addition to determining your overall business objectives and goals, your marketing strategy and plan should include the following:

• Pinpoint general marketing goals
• Estimate projected marketing budget
• Know your geographic farm area data and identify your target niche audience
• Analyze market competition
• Identify your unique selling proposition
• Establish a timeline and set your plan in motion
• Track your progress and readjust as needed

While a marketing strategy identifies the overall marketing goals of your business, developing marketing tactics will help you achieve those individual goals. They can include referral business tactics, retention efforts, and ways to acquire new customers. For example, you can offer incentives to anyone who refers your business, or you can implement new email drip campaigns to help increase lead conversion rates.

These tactics should have set key performance indicators (KPIs) to help you evaluate your performance. For instance, a KPI you can set for your business could be that referral business should exceed 20% of your lead generation sources.

If you’re unsure how to put together your marketing plan, check out our article Real Estate Marketing Plan Template & Strategy Guide and download the free template to get started.

Postcard campaign example (Source: ProspectsPLUS! )

If direct mail is part of your promotion strategy, services like ProspectsPLUS! can help easily create and distribute mailers to a targeted area. It also has options for postcards , brochures, newsletters , flyers, and folders. You can also send mailers to prospective clients by geographic or demographic farm areas through its campaigns. Check out its templates and mailing options today.

Visit ProspectsPLUS!

Read how our experts feel about this real estate direct mail service in our ProspectsPLUS! review .

5. Create a Lead Generation & Nurturing Strategy

Having a successful lead generation strategy will help you maintain business growth. Lead generation can be performed organically and through paid advertisements to attract and convert prospective clients. In addition to generating leads, agents should have systems to manage, nurture, and re-engage with contacts to maximize opportunities.

Generating leads through a multipronged approach is the best way to maintain lead flow. Use organic strategies like hosting an open house, reaching out to your sphere of influence, and attending networking events. Employ paid generation strategies, such as purchasing leads from a lead generation company or setting up a website to funnel potential clients. Your marketing strategies will directly correlate with your lead generation strategies.

Every lead is an opportunity, even if they don’t immediately convert into a deal. Effectively nurturing leads can make sure no opportunity falls through the cracks. Agents can nurture leads by continuously engaging and developing relationships with prospective leads . It’s important to provide prospective clients with a constant flow of essential and relevant information, depending on where they are in the real estate buying or selling process.

Here are the top lead generation companies for real estate agents and brokers:

Engage more efficiently with buyer and seller leads using Market Leader’s new feature Network Boost. Network Boost has shown a 40% increase in agents successfully connecting with leads. Market Leader social media experts design highly targeted and optimized ads for your Instagram and Facebook. As visitors engage with your ads, they will be prompted to complete a form and funnel directly into your Market Leader client relationship manager (CRM). This will also trigger an automatic marketing campaign that nurtures your clients and lets you know they are ready to engage with you personally. Try Market Leader’s Network Boost today.

6. Calculate Your Income Goal

Your income goal is one of the most critical items to be included in your business plan. While this may be more difficult for new agents who are still learning the business, it’s still necessary to estimate the amount of money you will earn for the year. Work with an experienced agent or mentor to help you estimate your monetary goals. For professional agents, review your previous years to judge your income goals for the upcoming year.

To calculate your income goal and the amount of work you’ll need to complete to get to that goal, you’ll need to have some basic number estimates:

• Net income: The amount of money you will put in your pocket after commission splits with your real estate brokerage.
• Fee split with brokerage: This is the agreed-upon commission split you have with your brokerage for each completed transaction. For example, if you have a 70/30 split with your brokerage, you will collect 70% of the commission, and your brokerage will receive a 30% commission for each deal.
• Estimate of completed deals per year: You also want to estimate the number of deals you intend to complete yearly. Remember that some months will be busier than others, so make sure to account for holidays, weather, and your schedule.

Real Estate Yearly Goal Calculator

By figuring out these numbers, you can give yourself a realistic number for your income goal. Compute the gross income commission (GCI) or amount of money you must make before the commission splits and the average profit per deal and month you’ll need to reach your goal.

For a more detailed breakdown of your yearly goal, download and use our yearly goal calculator. Input your information into the highlighted yellow boxes, and the spreadsheet will automatically calculate the GCI, total deal count, and gross income you’ll have to earn each month to reach your goal. Adjust the average gross commission per deal and brokerage split as necessary.

FitSmallBusiness Year Goal Calculator

For additional information on real estate agent salaries, review our article Real Estate Agent Salary: How Much Do Real Estate Agents Make?

7. Set Times to Revisit Your Business Plan

Business plans are only effective if you use them. A business plan is a roadmap for your business, and you’ll need to revisit it often to ensure you’re staying on track. It should be a constant resource to guide you through meeting your goals and business objectives, but it’s not necessarily set in stone if you need to make any changes.

Agents should revisit their business plans monthly to measure progress and make any changes to stay the course. If you find that you’re missing the times set for your goals, then you should continue to revisit your business plan regularly. Changing the business plan itself should occur annually once you can have a complete picture of your yearly performance. Evaluating the business plan can help you discover new strategies and ensure you have the appropriate resources for the upcoming year.

Overall status of sales activities in the dashboard (Source: Pipedrive )

Sales software like Pipedrive can help you track your overall business performance when revisiting your business plan. It presents company sales data in easy-to-visualize dashboards that track your business performance and contains forecasting tools to project future revenue. It can maintain company and team goals with progress tracking to keep goals top of mind.

Visit Pipedrive

Read how our experts feel about this real estate customer relationship manager (CRM) system in our Pipedrive review .

Why Agents Need a Real Estate Business Plan

A real estate business plan keeps you up to date on market developments and one step ahead of your competitors. It also enables you to test lead-generating tactics and create new marketing campaigns while keeping track of results over time. A solid business plan for a real estate agent presents the following:

• Where you are at the moment
• Where you would like to be
• How you’re going to get there
• How to evaluate and measure your performance
• When and when to correct the course

Real Estate Business Plan Examples & Templates

Real estate agents and brokerages don’t have to build their business plans from scratch, as many resources provide different examples. Business plan templates can also have different objectives. Some are used to secure financing or help you focus on lead generation, while others are single-page plans meant to get you started.

Here are five real estate business plan examples you can use to create yours:

Lead Generation & Income Plan

Market Leader business plan example (Source: Market Leader )

This business plan is from Market Leader, a third-party lead generation platform. It specializes in lead generation, marketing, and converting leads into customers with an attractive IDX (Internet Data Exchange) website and robust automation tools. Agents can also participate in purchasing leads through their lead products to receive a guaranteed number of leads per month.

A Single-page Business Plan

Business plan for real estate (Source: PngFind )

Agents who are new to writing a business plan can start small. Business plans do not have to be multipage to be effective. This single-page business plan helps identify a single goal followed by three areas to focus on and five objectives for each focus area. As real estate agents begin to feel comfortable with goal setting and completion, they can continue to add to this single-page business plan with duplicate pages, identifying additional goals.

Business Plan for Real Estate Brokers

Real estate broker business plan (Source: AgentEDU )

This robust real estate broker business plan is designed to address organization and management goals. It contains pages identifying personnel information like title, job description, and salary. The business plan also encourages the broker to identify operational goals for future personnel changes. It’s best suited for a broker with a larger team to help drive operational change.

Business Plan With Detailed Financials

Example of real estate agent business plan template (Source: FinModelsLab )

This multipage business plan contains eye-catching graphics and detailed company financial information for real estate agents and brokers seeking funding from outside investors. One of the last sections of the business plan is a financial planning section geared toward showing how viable your business is through your provided income statements, cash flow, and balance sheet reports.

Real Estate Developers’ Business Plan

Realtor business plan template sample (Source: Upmetrics )

Upmetrics’ real estate business plan templates are easy to edit and share and contain professional cover pages to help agents convert their business ideas into actionable goals. The business plans from Upmetrics are geared toward agents looking to transition into real estate development. This plan includes vital sections important for a developer to analyze, such as building location, demand for housing, and pricing.

Real estate CRM (Source: Market Leader )

Market Leader’s business plan is centered around driving more business through lead generation. It helps agents understand their lead sources, average sales price, and how much commission was earned in a given year. It also allows agents to set income and transactional goals for the following year.

Visit Market Leader

Bottom Line

Whether you are a new real estate agent or looking to grow your brokerage, writing a real estate business plan template will help you define the steps needed to build a successful business . It serves as a guided roadmap to help you achieve your business goals, identify areas of improvement, and provide guidance in all aspects of your business, from marketing, operations, and finance to your products and services. Business plans can help determine if your business is viable and worth the financial investment.

Frequently Asked Questions (FAQs)

What is a real estate business plan.

A real estate business plan is a document that presents an outline of your organizational goals. A business plan lays out future company goals and structured procedures to achieve them. Business plans commonly contain plans for one to five years at a time, though they can differ from investor to investor.

A real estate business plan will put you in a position to succeed while also assisting you in avoiding potential pitfalls. It serves as a guide to follow when things go as expected and when they diverge from the initial plan of action. Also, a real estate business plan will ensure that investors know the steps they need to take to succeed.

How do I jump-start my real estate business?

It is important to note that starting a real estate business is not a simple task. Before launching a firm in any field, entrepreneurs should spend numerous hours researching and developing a solid business plan. As you start your real estate business, use the following tips as guidance:

• Think about your professional goals
• Conduct extensive research
• Organize your finances
• Create a business plan
• Establish an LLC
• Make a marketing plan
• Create a website
• Start campaigns
• Keep track of leads
• Develop a network of connections

How can I grow my real estate business?

You can use multiple strategies and ways to grow your real estate business. They include:

• Assess your current situation
• Invest in your professional growth
• Establish strategic alliances
• Take advantage of omnichannel marketing
• Start blogging
• Create consistent social media profiles and campaigns
• Improve your website
• Consider working with a marketing company
• Optimize your signs and direct mail

About the Author

Find Jealie On LinkedIn

Jealie Dacanay

Jealie is a staff writer expert focusing on real estate education, lead generation, marketing, and investing. She has always seen writing as an opportunity to apply her knowledge and express her ideas. Over the years and through her internship at a real estate developer in the Philippines, Camella, she developed and discovered essential skills for producing high-quality online content.

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• Writing a Business Plan

Writing a business plan may seem a daunting task as there are so many moving parts and concepts to address. Take it one step at a time and be sure to schedule regular review (quarterly, semi-annually, or annually) of your plan to be sure you on are track to meet your goals.

Why Write a Business Plan?

Making a business plan creates the foundation for your business. It provides an easy-to-understand framework and allows you to navigate the unexpected.

Quick Takeaways

• A good business plan not only creates a road map for your business, but helps you work through your goals and get them on paper
• Business plans come in many formats and contain many sections, but even the most basic should include a mission and vision statement, marketing plans, and a proposed management structure
• Business plans can help you get investors and new business partners

Source: Write Your Business Plan: United States Small Business Association

Writing a business plan is imperative to getting your business of the ground. While every plan is different – and most likely depends on the type and size of your business – there are some basic elements you don’t want to ignore.

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NAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles ( E ) are available only to NAR members and require the member's nar.realtor login.

Defining Your Mis​sion & Vision

Writing a business plan begins by defining your business’s mission and vision statement. Though creating such a statement may seem like fluff, it is an important exercise. The mission and vision statement sets the foundation upon which to launch your business. It is difficult to move forward successfully without first defining your business and the ideals under which your business operates. A company description should be included as a part of the mission and vision statement. Some questions you should ask yourself include: 

• What type of real estate do you sell?
• Where is your business located?
• Who founded your business?
• What sets your business apart from your competitors?

What is a Vision Statement ( Business News Daily , Jan. 16, 2024)

How to Write a Mission Statement ( The Balance , Jan. 2, 2020)

How to Write a Mission Statement ( Janel M. Radtke , 1998)

Using a SWOT Analysis to Structure Your Business Plan

Once you’ve created a mission and vision statement, the next step is to develop a SWOT analysis. SWOT stands for “Strengths, Weaknesses, Opportunities, and Threats.” It is difficult to set goals for your business without first enumerating your business’s strengths and weaknesses, and the strengths and weaknesses of your competitors. Evaluate by using the following questions:

• Do you offer superior customer service as compared with your competitors?
• Do you specialize in a niche market? What experiences do you have that set you apart from your competitors?
• What are your competitors’ strengths?
• Where do you see the market already saturated, and where are there opportunities for expansion and growth?

Strength, Weakness, Opportunity, and Threat (SWOT) ( Investopedia , Oct. 30, 2023)

How to Conduct a SWOT Analysis for Your Small Business ( SCORE , Apr. 28, 2022)

SWOT Analysis Toolbox ( University of Washington )

Setting ​Business Goals

Next, translate your mission and vision into tangible goals. For instance, if your mission statement is to make every client feel like your most important client, think about the following:

• How specifically will you implement this?
• Do you want to grow your business?
• Is this growth measured by gross revenue, profit, personnel, or physical office space?
• How much growth do you aim for annually?
• What specific targets will you strive to hit annually in the next few years?

Setting Business Goals & Objectives: 4 Considerations ( Harvard Business School , Oct. 31, 2023)

What are Business Goals? Definition, How To Set Business Goals and Examples ( Indeed , Jul. 31, 2023)

Establishing a Format

Most businesses either follow a traditional business plan format or a lean startup plan.

Traditional Business Plan

A traditional business plan is detailed and comprehensive. Writing this business plan takes more time. A traditional business plan typically contains the following elements:

• Executive Summary
• Company description
• Market analysis
• Organization and management
• Service or product line
• Marketing and sales
• Funding request
• Financial projections

Lean Startup Plan

A lean startup plan requires high-level focus but is easier to write, with an emphasis on key elements. A lean startup plan typically contains the following elements:

• Key partnerships
• Key activities
• Key resources
• Value proposition
• Customer relationships
• Customer segments
• Cost structure
• Revenue stream

Creating a Marketing Plan

You may wish to create a marketing plan as either a section of your business plan or as an addendum. The Marketing Mix concerns product , price , place and promotion .

• What is your product?
• How does your price distinguish you from your competitors—is it industry average, upper quartile, or lower quartile?
• How does your pricing strategy benefit your clients?
• How and where will you promote your services?
• What types of promotions will you advertise?
• Will you ask clients for referrals or use coupons?
• Which channels will you use to place your marketing message?

Your Guide to Creating a Small Business Marketing Plan ( Business.com , Feb. 2, 2024)

10 Questions You Need to Answer to Create a Powerful Marketing Plan ( The Balance , Jan. 16, 2020)

Developing a Marketing Plan ( Federal Deposit Insurance Corporation )

Forming a Team

Ensuring the cooperation of all colleagues, supervisors, and supervisees involved in your plan is another important element to consider. Some questions to consider are:

• Is your business plan’s success contingent upon the cooperation of your colleagues?
• If so, what specifically do you need them to do?
• How will you evaluate their participation?
• Are they on-board with the role you have assigned them?
• How will you get “buy in” from these individuals?

How to Build a Real Estate Team + 7 Critical Mistakes to Avoid ( The Close , May 17, 2023)

Don’t Start a Real Estate Team Without Asking Yourself These 8 Questions ( Homelight , Jan. 21, 2020)

Implementing a Business Plan and Reviewing Regularly

Implementation and follow-up are frequently overlooked aspects to the business plan, yet vital to the success of the plan. Set dates (annually, semi-annually, quarterly, or monthly) to review your business plans goals. Consider the following while reviewing:

• Are you on track?
• Are the goals reasonable to achieve, impossible, or too easy?
• How do you measure success—is it by revenue, profit, or number of transactions?

And lastly, think about overall goals.

• How do you plan to implement your business plan’s goals?
• When will you review and refine your business plan goals?
• What process will you use to review your goals?
• What types of quantitative and qualitative data will you collect and use to measure your success?

These items are only a few sections of a business plan. Depending on your business, you may want to include additional sections in your plan such as a:

• Cover letter stating the reasoning behind developing a business plan
• Non-disclosure statement
• Table of contents

How To Write a Business Proposal Letter (With Examples) ( Indeed , Jul. 18, 2023)

How To Implement Your Business Plan Objectives ( The Balance , Aug. 19, 2022)

The Bottom Line

Creating a business plan may seem daunting, but by understanding your business and market fully, you can create a plan that generates success (however you choose to define it).

Real Estate Business Plans – Samples, Instructional Guides, and Templates

9 Steps to Writing a Real Estate Business Plan + Templates ( The Close , Apr. 3, 2024)

How to Write a Real Estate Business Plan (+Free Template) ( Fit Small Business , Jun. 30, 2023)

The Ultimate Guide to Creating a Real Estate Business Plan + Free Template ( Placester )

Write Your Business Plan ( U.S. Small Business Administration )

General Business Plans – Samples, Instructional Guides, and Templates

Business Plan Template for a Startup Business ( SCORE , Apr. 23, 2024)

Guide to Creating a Business Plan with Template (Business News Daily, Mar. 28, 2024)

Nine Lessons These Entrepreneurs Wish They Knew Before Writing Their First Business Plans ( Forbes , Jul. 25, 2021)

How to Write a Business Plan 101 ( Entrepreneur , Feb. 22, 2021)

Books, eBooks & Other Resources

Ebooks & other resources.

The following eBooks and digital audiobooks are available to NAR members:

The Straightforward Business Plan (eBook)

Business Plan Checklist (eBook)

The SWOT Analysis (eBook)

The Business Plan Workbook (eBook)

Start-Up! A Beginner's Guide to Planning a 21st Century Business (eBook)

Complete Book of Business Plans (eBook)

How to Write a Business Plan (eBook)

The Easy Step by Step Guide to Writing a Business Plan and Making it Work (eBook)

Business Planning: 25 Keys to a Sound Business Plan (Audiobook)

Your First Business Plan, 5 th Edition (eBook)

Anatomy of a Business Plan (eBook)

Writing a Business Plan and Making it Work (Audiobook)

The Social Network Business Plan (eBook)

Books, Videos, Research Reports & More

As a member benefit, the following resources and more are available for loan through the NAR Library. Items will be mailed directly to you or made available for pickup at the REALTOR® Building in Chicago.

Writing an Effective Business Plan (Deloitte and Touche, 1999) HD 1375 D37w

Have an idea for a real estate topic? Send us your suggestions .

The inclusion of links on this page does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked in this page complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.

How to Write a Real Estate Business Plan + Example Templates

Elon Glucklich

7 min. read

Updated February 7, 2024

Free Download:  Sample Real Estate Business Plan Template

Owning property – it’s one of the cornerstones of the global economy. And with real estate accounting for roughly $3.7 trillion worldwide, it’s no wonder so many people get into the real estate business.

But the real estate industry is constantly evolving, with new technologies and market trends shaping the way people buy, sell and manage properties. Whether you’re looking to start a home buying and selling business, a commercial real estate investment firm, a property management company or real estate investment trust, you need a well-thought-out business plan that not only outlines the steps to create a comprehensive and effective business structure, but also accounts for real estate’s unique challenges and opportunities.

A real estate business plan shares many similarities with a standard business plan. Here on Bplans, we’ve got a great guide already on how to write a traditional business plan .

In this article, we’ll outline the key points to consider when creating a comprehensive and effective business plan for your real estate business. You can also download our free real estate business plan template .

• Understand licensing requirements

Your business plan will certainly include a company description – this is where you’ll outline your business, including its legal structure, management team and more.

What’s your area of expertise?

Go into detail describing the area or areas of the real estate market you plan to operate in: residential sales, commercial leasing, property management, or more niche markets like luxury real estate or vacation rentals. Your business may want to mix two or more of these segments.

Once you’ve identified your niche, you’ll need to obtain any necessary licenses and permits. This process can be time-consuming and complex, so it’s best to research the requirements ahead of time and create a plan to ensure you’re compliant with all regulations. License and permit requirements vary by state and locality, so be sure to check with your local government to ensure you have all the necessary paperwork filed.

• Get a good team

Depending on the market segment or segments you’re targeting for your real estate business, you’ll need to identify the team members that will help you get your business off the ground.

Brokers, contractors, legal and financial advice

If your plan calls for purchasing properties, you’ll need a team of real estate agents or brokers. Document how they will help you find and acquire real estate, as well as how they can assist with marketing and selling properties once they’re in your portfolio.

You will also want to document how contractors and inspectors will help you assess the condition of properties you are considering purchasing, and provide estimates for repairs or renovations. 

Real estate markets are rife with legal hurdles, so you will want an experienced real estate attorney to help you navigate these issues. Document how you will be able to draft contracts and review lease agreements, and the guidance you will receive on zoning laws and regulations

Finally, an accountant can help you manage your finances, including bookkeeping, taxes, and financial planning. They can also advise you on the best business structure for your company.

• Plan for visibility in a crowded space

With so much competition, it’s essential to develop and document a strategic marketing plan for promoting your real estate services.

Your marketing plan should detail the channels and tactics you’ll deploy to reach your target audience and convert them into clients. Identify the most effective marketing channels to reach your target audience, such as social media, email marketing, search engine optimization (SEO), and content marketing.

Embrace online lead generation

These days, a vast majority of prospective buyers start their search online when looking for properties. So you’ll want to detail how you will optimize your web presence. You can also outline a content marketing plan that will position your company as an expert in the areas your target markets are interested in. These could include topical blog posts, articles, social media posts, videos and other content types to engage potential clients and showcase your expertise. All of these will make it easier for clients to find you.

Document your entire sales process

Of course, there will be plenty of in-person work to do, too.

With long sales lead times, you will also want to describe your sales process and how you will meet sales targets. This should include prospecting methods, lead generation techniques, and follow-up strategies. Establish a client relationship management (CRM) system to manage leads, schedule client consultations, property showings, offer negotiations and contract signings so you can demonstrate that you will be able to manage and transactions effectively.

• Show how you will stay ahead of the market

Demonstrating in your business plan that you have conducted a thorough market analysis is crucial. To conduct an effective market analysis for your business plan, you should investigate the current state of the real estate market in your target area, including property prices, sales volumes and inventory levels. You will also want to examine the competitive landscape in your target area by analyzing other real estate businesses offering similar services.

Understand your customers’ needs

Next, determine the economic conditions and needs of the specific customer segments you want to serve, whether they’re first-time homebuyers, luxury property investors or commercial property renters. The more you understand how your target audience feels about the real estate market in your area, the better you will be able to tailor your services.

You will also need to show your knowledge of external factors like mortgage rates, and local, state and federal government regulations that may impact the real estate market. These factors all contribute to market volatility, so showing how you will manage market shifts and adjust your strategies will better position you to mitigate potential risks by identifying them in your business plan and documenting contingency plans.

• Create a financial plan to secure funds

It’s hard to operate a successful real estate business without access to capital. And you can’t expect to receive any – whether through a bank loan or investment – without a detailed analysis of your financial projections and funding requirements.

Think long-term

A 3-5 year financial forecast will demonstrate that you have a long-term vision for your business. Be sure to base your financials on market research and up-to-date industry data. You may also want to consider different scenarios, like best-case, worst-case and most likely outcomes to account for potential fluctuations in the market.

The forecasts should include: profit and loss statements, which illustrate your business’s revenue, expenses, and net profit or loss over a specific period; cash flow projections, which help you determine your business’s ability to generate positive cash flow; and balance sheets, which provide a snapshot of your business’s financial health, including its assets and liabilities.

Speak the language of investors

If you are writing your business requires specifically to secure outside funding, you should clearly specify the purpose and amount needed in this section. Describe how the funds will be used, whether for purchasing property, hiring staff or launching a marketing campaign. And detail the type of funding you are seeking, whether it’s a loan, equity investment or a combination. Include information on your desired terms, repayment schedule and any collateral you can provide.

Above all, be transparent about your funding needs and show potential investors or lenders how their investment will contribute to your business’s success and generate a return on investment.

• Real estate business plan templates and examples

Because of the intense competition, changing market conditions and startup funding needed, it’s important to write a comprehensive business plan if you’re considering starting a business in the real estate industry. Taking the time to plan out your business before getting started will minimize your risk and maximize your potential for financial success. To help get you started, download our free home real estate business plan template . You can download this document in Word form and use it as a foundation for your own business plan.

In addition to these resources, you may want to brush up on how to write specific sections of a traditional business plan. If so, take a look at our step-by-step guide on how to write a business plan .

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Elon is a marketing specialist at Palo Alto Software, working with consultants, accountants, business instructors and others who use LivePlan at scale. He has a bachelor's degree in journalism and an MBA from the University of Oregon.

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10 Things Your Real Estate Business Plan Needs (FREE Template)

A real estate agent business plan is essential for success in today’s competitive market. It helps you set clear goals, define your vision, and outline the steps to achieve short-term and long-term objectives. As a real estate professional, having a well-crafted business plan can be the difference between being a top producer and struggling to make ends meet.

In your business plan, you’ll want to start by creating a vision statement that outlines the purpose of your real estate business and reflects your values. Setting firm goals will help you stay accountable and focused, allowing you to adapt to market changes or growth and remember that your business plan should be fluid and up-to-date to stay aligned with your ultimate objectives.

Your real estate agent business plan should be thorough, covering various aspects such as market analysis, organization structure, and marketing strategies. By having a comprehensive plan, you’ll be better equipped to navigate the challenges and seize the opportunities that come your way, ensuring your real estate business flourishes.

Understanding Your Target Market

Identifying your ideal client.

Understanding your target market is crucial to establish a successful real estate business plan. Begin by identifying your ideal client. Consider factors that may define your target clients, such as age, income level, family status, and property preferences. Reflect on your strengths as an agent and which clients you connect best with. This will help you focus your marketing efforts and create tailored strategies for your target audience.

Market Segmentation

Market segmentation divides your target market into smaller, more specific groups based on shared characteristics. In real estate, you can segment your market into categories such as:

• First-time homebuyers
• Empty nesters

By segmenting your market, you can tailor your services and communication strategies according to the unique needs of each group. This will lead to more effective marketing efforts and a better understanding of your potential clientele.

Analyzing Local Market Trends and Opportunities

Gather data on your local real estate market to identify trends and opportunities for your business. Analyze factors like:

• Market growth
• Market saturation
• Local property values
• Employment rates
• Infrastructure development
• Population demographics

By analyzing local market trends, you can identify areas with potential growth or areas that are becoming overly saturated. Use this information to adapt your services and expertise to market conditions, helping you stand out among competitors and position yourself as an expert in your niche.

Remember, a comprehensive understanding of your target market is essential for shaping your real estate agent business plan. By identifying your ideal clients, segmenting the market, and analyzing local market trends and opportunities, you’ll be better equipped to create tailored marketing strategies and make informed business decisions. This will ultimately contribute to the success and growth of your real estate business.

Lead Generation Strategies

Building an online presence.

To create a robust lead generation plan, build a strong online presence. A real estate agent must have a well-designed and user-friendly website to capture leads. Keep these factors in mind:

• Make sure your website reflects your branding and expertise
• Optimize your site for search engines to enhance its visibility in search results
• Include clear calls-to-action (CTAs), so potential clients can easily contact you
• Utilize high-quality images and videos to showcase properties
• Share helpful and informative content through a blog or resources section

You can also leverage social media channels to expand your reach and showcase your expertise in the industry. Focus on the platforms most relevant to your target audience and share valuable content related to real estate, local events, or home improvement tips.

Networking and Referrals

Building a strong professional network is essential for generating quality leads. Here are some strategies to boost your referral pipeline:

• Attend networking events, conferences, or workshops in your area. Engage with professionals in real estate or related industries
• Establish relationships with local businesses and community organizations
• Hold open houses or host educational seminars to engage potential clients in person
• Develop relationships with past clients and ensure you stay top of mind so they recommend you to their connections

Additionally, create a referral program that rewards clients and other referrers for sharing your services with their network. This will incentivize them to talk about you and help expand your reach.

Traditional Marketing Methods

Despite the increasing importance of digital marketing, traditional methods still have their place in generating leads for real estate agents:

• Send direct mail campaigns, like newsletters or postcards, to targeted neighborhoods, highlighting your strengths and successes
• Advertise in local print media, such as newspapers or specialized real estate publications
• List your services and properties in industry-specific directories, both online and offline
• Design and distribute eye-catching flyers, brochures, and business cards
• Participate in community events or sponsor local charities to enhance your company’s reputation and visibility

Make sure to keep track of the effectiveness of each lead generation method and evaluate their strengths and weaknesses. This will help refine and improve your overall marketing strategy and ensure you invest resources into the most productive channels.

Lead Conversion Techniques

Building rapport and trust.

To build rapport and trust, focus on the following:

• Be genuine and authentic with your prospects, showcasing your expertise and knowledge.
• Listen actively, taking the time to understand their concerns and needs.
• Display empathy towards their situation, offering tailored solutions for their specific problems.
• Stay engaged through the entire process, from the first interaction to closing.

Qualifying Leads

When it comes to qualifying leads:

• Ask open-ended questions to gauge their needs, timeline, and motivation for buying or selling
• Inquire about their financial situation and any potential barriers they may have
• Learn more about their preferred neighborhoods, housing type, and other preferences
• Prioritize leads based on their level of interest and readiness to move forward

Effective Communication and Follow-Up Strategies

For better communication and follow-up:

• Establish a consistent schedule for checking in on leads, such as every few days or weekly
• Personalize your communication, tailoring messages to each lead’s unique situation and preferences
• Practice active listening and respond thoughtfully to their questions or concerns
• Utilize several communication channels, including email, phone calls, text messages, and social media

Utilizing CRM Systems for Lead Management

Leveraging CRM systems can help you organize and optimize your lead management process:

• Track important lead information and interaction history in a centralized location
• Set reminders for follow-up tasks, appointments, or important milestones
• Analyze your leads’ behavior to understand their needs better and provide personalized service
• Create targeted marketing campaigns to engage your leads and nurture them toward conversion

By implementing these techniques and focusing on leads, marketing strategies, and communication, you’ll be well on your way to creating a thriving real estate agent business.

Closing Deals and Earning Commissions

Negotiation tactics.

When closing deals, it’s crucial to employ effective negotiation tactics to help both you and your client reach a favorable outcome. Some negotiation tactics include:

• Understanding the market: Know the local market trends and use this information when discussing price adjustments or concessions.
• Compromise: Find common ground and offer reasonable solutions to meet both parties’ needs.
• Leverage: Use your expertise in the real estate industry to highlight your client’s strengths and make convincing arguments.

Handling Objections and Overcoming Challenges

As a real estate agent, you’ll encounter objections and challenges in closing deals. To address them efficiently, consider the following points:

• Listen to the client’s concerns and empathize with their situation.
• Identify the objection: Determine the root cause of the objection and respond with a compelling solution.
• Maintain professionalism: Stay calm and composed, avoiding confrontational behavior.

Preparing and Presenting Offers

Presenting a well-prepared offer is vital to increasing the chances of closing a deal. Keep in mind:

• Research: Analyze comparable properties in the area to establish a competitive price for the offer.
• Documentation: Ensure that all necessary documents, such as pre-approval letters and proof of funds, are in order.
• Presentation: Employ clear and concise communication when presenting the offer, highlighting its benefits to the seller.

Managing the Transaction Process and Paperwork

Effectively managing the transaction process and paperwork helps keep the deal on track, which includes:

• Organization: Maintain an organized system for tracking important deadlines and required documents.
• Communication: Regularly update all parties involved in the transaction, ensuring they know the progress and address any concerns.
• Attention to detail: Ensure all forms, contracts, and other documents are accurate and complete.

By successfully closing deals, you’ll earn commissions based on your agreed split with your broker. For instance, if you close a deal worth $350,000 with a 6% commission rate, the gross commission income will be $21,000. If your commission split with your broker is 70/30, you’ll earn $14,700 while your broker receives $6,300. Utilizing the strategies discussed in this section will help you maximize your commission income and prove beneficial to your real estate business plan.

Client Retention and Building Repeat Business

Maintaining client relationships after closing.

Building lasting relationships with your clients is essential for repeat business and referrals. After closing a deal, continue to provide value by offering support with any post-closing issues, such as paperwork or maintenance concerns. Keep in touch with your clients and remember important milestones, such as anniversaries or birthdays. Show appreciation for their trust in you by sending thoughtful gifts or cards or simply checking in periodically.

Asking for Referrals and Testimonials

Word-of-mouth marketing is an incredibly powerful tool in the real estate industry. Encourage your satisfied clients to share their positive experiences with friends and family. To achieve this, be proactive in asking for testimonials and reviews, which you can later showcase on your website, social media, and other marketing materials. Here are some strategies to obtain them:

• Reach out via email or phone, and kindly request a testimonial or referral
• Provide a simple template to make it easy for clients to write a review
• Offer incentives, such as discounts on future services or gift cards, to show gratitude for their time and effort

Staying Top-of-Mind Through Regular Communication and Updates

Establish regular communication with your past clients to stay top-of-mind and generate repeat business. Keep them informed about the latest market trends, neighborhood developments, or listings that interest them. Here are some communication tactics you can employ:

• Send personalized monthly or quarterly e-newsletters
• Share relevant content, such as articles or videos, on your social media platforms
• Organize events, like client appreciation parties or educational seminars, to maintain connections and foster new ones

Maintaining client relationships, requesting referrals, and staying top-of-mind through regular updates will strengthen your real estate business with repeat clients and new prospects. Remember, satisfied customers are the key to long-term success in the real estate industry.

Measuring Success and Adjusting Your Strategies

Setting goals and key performance indicators (kpis).

To measure the success of your real estate agent business plan, start by setting SMART goals (Specific, Measurable, Achievable, Relevant, and Time-bound). These can serve as benchmarks for success and provide direction on areas to focus your efforts. Consider setting goals for various aspects of your business, such as sales volume, new client acquisition, and customer satisfaction.

In addition to your goals, establish key performance indicators (KPIs) to track your progress. KPIs are quantifiable metrics that help you evaluate the effectiveness of your strategies. Examples of KPIs for a real estate agent business plan include:

• Number of new leads generated per month
• The conversion rate of leads to clients
• Average days on market for properties
• Percentage of listings sold

Tracking and Analyzing Results

With your goals and KPIs established, continually collect and analyze data to track your progress. Regularly monitoring your results allows you to identify trends, spot potential problems, and evaluate the effectiveness of your marketing efforts. Some methods to track your data include:

• Using a CRM system to manage client relationships and interactions
• Employing analytics tools to evaluate the success of digital marketing campaigns
• Conducting a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to identify areas where you excel or need improvement

Pay close attention to competitor performance and market trends to better understand how your strategies compare and identify any gaps you may need to address.

Adapting and Optimizing Your Strategies Based on Data

Once you’ve gathered and analyzed your data, use insights to adapt and optimize your strategies. Make data-driven decisions to improve your marketing efforts, streamline processes, and better allocate resources. Some steps you can take include:

• Adjusting your marketing budget and tactics based on your marketing ROI
• Revisiting your goals and KPIs to ensure they still align with your overall business objectives
• Fine-tuning your pricing strategies or the type of properties you focus on to meet market demand better

Maintaining a proactive approach to adjusting your strategies will keep your business plan agile and responsive to the changing real estate market. This will go a long way in helping you achieve the success you envision for your real estate agent business.

Time Management and Organization

Prioritizing tasks and setting a daily schedule.

In your real estate agent business plan, it’s crucial to have a time management and organization strategy. Start by prioritizing tasks that align with your [business goals]. Break down tasks into daily, weekly, and monthly goals. Then, create a daily schedule following the block scheduling method:

• List your key tasks for the day.
• Assign specific time blocks for each task.
• Stick to the schedule and avoid multitasking.

You’ll notice increased productivity and improved time management with this approach.

Using Productivity Tools and Apps

Take advantage of productivity tools and apps to help you stay organized and manage your time efficiently. Some popular tools for real estate agents include:

• Calendars: Apps like Google Calendar or Outlook can help schedule appointments and manage deadlines.
• Task Managers: Utilize tools like Trello, Asana, or Todoist to manage your projects and collaborate with your team.
• Time Tracking: Apps such as Toggl or Harvest provide insights into your work habits, helping you identify areas for improvement.

Remember to limit the number of tools you use to avoid digital clutter and duplicate information.

Delegating and Outsourcing Tasks When Necessary

As a real estate agent, delegating and outsourcing non-core tasks is essential to focus on your primary responsibilities. Here are some tasks you can consider delegating:

Identify areas where your expertise may not be as strong or where your time can be better spent, and consider outsourcing those tasks to professionals. This approach will help you manage your workload and improve the quality of your services.

Ongoing Education and Professional Development

Staying up-to-date with industry trends and changes.

To stay competitive in the real estate market, you must keep up with industry trends and changes. By monitoring resources like the National Association of Realtors (NAR), California Association of Realtors (CAR), and multiple listing services (MLS), you can stay informed about the latest developments in your field. Set aside time to read industry publications, attend webinars, listen to podcasts, and follow industry-leading professionals on social media.

Pursuing Relevant Certifications and Designations

Continuing education is crucial for staying current in the fast-paced real estate industry. Pursue relevant certifications and designations to add credibility and value to your practice. Organizations like NAR and CAR offer various designations demonstrating your expertise and commitment to professionalism to clients and colleagues.

Examples of real estate certifications and designations include:

• Accredited Buyer’s Representative (ABR)
• Certified Residential Specialist (CRS)
• Green Designation (Green)
• Seniors Real Estate Specialist (SRES)

To obtain these certifications, you must complete specific coursework, pass exams, and maintain membership in the relevant organizations.

Participating in Networking and Learning Events

Engaging in networking and learning events within the real estate community can help you build relationships, share ideas, and learn from the experiences of others. Attend conferences, workshops, and local meetups relevant to your niche, region, or areas of interest. Not only will this enhance your industry knowledge and skills, but it can also be an opportunity to form valuable connections that will benefit your business growth.

In summary, staying up-to-date with industry trends, pursuing certifications and designations, and participating in networking events can help you maintain and develop your skills as a real estate professional. Committing to continuous learning and professional development is essential to ensure your long-term success in the real estate business.

A well-structured business plan is essential for success as a new real estate agent. With a solid plan, you can set your goals, identify your target market, and analyze your competition. A comprehensive business plan lets you plan your marketing strategies, map your operating expenses, and create revenue projections.

To get started, consider using a business plan template tailored to real estate agents’ needs. This will give you a framework to follow as you develop your plan.

Developing a business plan is just the first step in the process. You need to take action and implement your strategies to realize your goals and achieve success. Revise your plan regularly, adapting and updating it as needed. This will ensure you stay on track with your goals and remain competitive in the ever-changing real estate market.

As a new real estate agent, taking bold steps toward your objectives may feel intimidating. However, trust your plan, apply your outlined strategies, and stay persistent. Your dedication will pay off in the long run.

Starting a career in real estate can be challenging, but you don’t have to face the journey alone. There are numerous resources and support networks available to help new real estate agents excel:

• Professional networks : Join local real estate associations and online forums to connect with experienced agents, ask questions, and expand your knowledge.
• Mentors : Seek accomplished real estate agents who can offer guidance, share valuable experiences, and provide personalized advice.
• Training and education : Keep your skills fresh by attending workshops, participating in webinars, and pursuing continuing education courses relevant to your field.

By leveraging these resources and committing to your business plan, you are setting yourself up for a successful career in real estate. Don’t forget to celebrate your achievements along the way and take pride in your progress. Now is the time to take action; you will surely achieve your goals with determination and hard work.

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Blog Business 5 Real Estate Business Plan Examples & How to Create One?

5 Real Estate Business Plan Examples & How to Create One?

Written by: Danesh Ramuthi Nov 28, 2023

Crafting a business plan is essential for any business and the real estate sector is no exception. In real estate, a comprehensive business plan serves as a roadmap, delineating a clear path towards business growth. 

It guides owners, agents and brokers through various critical aspects such as identifying target markets, devising effective marketing strategies, planning finances and managing client relationships.

For real estate businesses, a well-written plan is crucial in attracting potential investors, showcasing the company’s mission statement, business model and long-term income goals.

So, how can you write one?

Leveraging tools like Venngage Business Plan Make r with their Business Plan Templates to create your own real estate business plan can be transformative.

They offer a lot of real estate business plan examples and templates, streamlining the process of crafting a comprehensive plan.

Click to jump ahead: 

• 5 real estate business plan examples

How to write a real estate business plan?

• Wrapping Up

5 Real estate business plan examples

As I have said before, a well-crafted business plan is a key to success. Whether you’re a seasoned agent or just starting out, examples of effective real estate business plans can offer invaluable insights.

These examples showcase a range of strategies and approaches tailored to various aspects of the real estate market. They serve as guides to structuring a plan that addresses key components like market analysis, marketing strategies, financial planning and client management, ensuring a solid foundation for any real estate venture.

Real estate business plan example

There are various elements in a real estate business plan that must be integrated. Incorporating these elements into a real estate business plan ensures a comprehensive approach to launching and growing a successful real estate business. 

What are they?

• Executive summary: The executive summary is a concise overview of the real estate business plan. It highlights the mission statement, outlines the business goals and provides a snapshot of the overall strategy. 
• Company overview: An overview on the history and structure of the real estate business. It includes the company’s mission and vision statements, information about the founding team and the legal structure of the business. 
• Service: Here, the business plan details the specific services offered by the real estate agency. This could range from residential property sales and leasing to commercial real estate services. The section should clearly articulate how these services meet the needs of the target client and how they stand out from competitors.
• Strategies: A very crucial part of the plan outlines the strategies for achieving business goals. It covers marketing strategies to generate leads, pricing strategies for services, and tactics for effective client relationship management. Strategies for navigating market shifts, identifying key market trends and leveraging online resources for property listings and real estate listing presentations to help with lead generation are also included.
• Financial plan: The financial plan is a comprehensive section detailing the financial projections of the business. It includes income statements, cash flow statements, break-even analysis and financial goals. Besides, a financial plan section also outlines how resources will be allocated to different areas of the business and the approach to managing the financial aspects of the real estate market, such as average sales price and housing market trends.

Read Also: 7 Best Business Plan Software for 2023

Real estate investment business plan example

A real estate investment business plan is a comprehensive blueprint that outlines the goals and strategies of a real estate investment venture. It serves as a roadmap, ensuring that all facets of real estate investment are meticulously considered.

Creating a business plan for real estate investment is a critical step for any investor, regardless of their experience level Typically, these plans span one to five years, offering a detailed strategy for future company objectives and the steps required to achieve them.

Key components:

• Executive summary: Snapshot of the business, outlining its mission statement, target market, and core strategies. It should be compelling enough to attract potential investors and partners.
• Market analysis: A thorough analysis of the real estate market, including current trends, average sales prices and potential market shifts.
• Financial projections: Detailed financial plans, including income statements, cash flow analysis, and break-even analysis.
• Strategy & implementation: Outlines how the business plans to achieve its goals. This includes marketing efforts to generate leads, pricing strategies and client relationship management techniques.
• Legal structure & resource allocation: Details the legal structure of the business and how resources will be allocated across various operations, including property acquisitions, renovations and management.

Real estate agent business plan example

A real estate agent business plan is a strategic document that outlines the operations and goals of a real estate agent or agency. It is a crucial tool for communicating with potential lenders, partners or shareholders about the nature of the business and its potential for profitability.

A well-crafted real estate agent business plan will include

• Where you are today: A clear understanding of your current position in the market, including strengths, weaknesses and market standing.
• Where you aim to be: Sets specific, measurable goals for future growth, whether it’s expanding the client base, entering new markets or increasing sales.
• How can you get there: Outlines the strategies and action plans to achieve these goals, including marketing campaigns, client acquisition strategies and business development initiatives.
• Measuring your performance: Defines the key performance indicators (KPIs) and metrics to assess progress towards the set goals, such as sales figures, client satisfaction rates and market share.
• Course correction: Establishes a process for regular review and adjustment of the plan, ensuring flexibility to adapt to market changes, shifts in client needs and other external factors.

For real estate agents, a comprehensive business plan is not just a roadmap to success; it is a dynamic tool that keeps them accountable and adaptable to market changes.

Realtor business plan example

A realtor business plan is a comprehensive document that outlines the strategic direction and goals of a real estate business. It’s an essential tool for realtors looking to either launch or expand their business in the competitive real estate market. The plan typically includes details about the company’s mission, objectives, target market and strategies for achieving its goals.

Benefits of a realtor business plan and applications:

• For launching or expanding businesses: The plan helps real estate agents to structure their approach to entering new markets or growing in existing ones, providing a clear path to follow.
• Securing loans and investments: A well-drafted business plan is crucial for securing financing for real estate projects, such as purchasing new properties or renovating existing ones.
• Guideline for goal achievement: The plan serves as a guideline to stay on track with sales and profitability goals, allowing realtors to make informed decisions and adjust strategies as needed.
• Valuable for real estate investors: Investors can use the template to evaluate potential real estate businesses and properties for purchase, ensuring they align with their investment goals.
• Improving business performance: By filling out a realtor business plan template , realtors can gain insights into the strengths and weaknesses of their business, using this information to enhance profitability and operational efficiency.

A realtor business plan is more than just a document; it’s a roadmap for success in the real estate industry. 

Writing a real estate business plan is a comprehensive process that involves several key steps. Here’s a detailed guide to help you craft an effective business plan :

• Tell your story : Start with a self-evaluation. Define who you are as a real estate agent, why you are in this business and what you do. Develop your mission statement, vision statement and an executive summary​​.
• Analyze your target real estate market : Focus on local market trends rather than national or state-wide levels. Examine general trends, market opportunities, saturations, and local competition. This step requires thorough research into the real estate market you plan to operate in​​.
• Identify your target client : After understanding your market, identify the niche you aim to serve and the type of clients you want to target. Create a client persona that reflects their specific needs and concerns​​.
• Conduct a SWOT analysis : Analyze your business’s Strengths, Weaknesses, Opportunities and Threats. This should reflect a combination of personal attributes and external market conditions​​​​.
• Establish your SMART goals : Set specific, measurable, attainable, realistic and timely goals. These goals could be financial, expansion-related or based on other business metrics​​​​.
• Create your financial plan : Account for all operating expenses, including marketing and lead generation costs. Calculate the number of transactions needed to meet your financial goals. Remember to separate personal and business finances​​.
• Revisit your business plan to monitor & evaluate : Treat your business plan as a living document. Plan periodic reviews (quarterly, semi-annually or annually) to check if your strategies are advancing you toward your goals​​​​.
• Defining your mission & vision : Include a clear mission and vision statement. Describe your business type, location, founding principles and what sets you apart from competitors​​.
• Creating a marketing plan : Develop a marketing plan that addresses the product, price, place and promotion of your services. Determine your pricing strategy, promotional methods and marketing channels​​.
• Forming a team : Ensure the cooperation of colleagues, supervisors and supervisees involved in your plan. Clarify their roles and how their participation will be evaluated​​.

Related: 15+ Business Plan Examples to Win Your Next Round of Funding

Wrapping up

The journey to a successful real estate venture is intricately linked to the quality and depth of your business plan. From understanding the nuances of the real estate market to setting strategic goals, a well-crafted business plan acts as the backbone of any thriving real estate business. Whether you’re developing a general real estate business plan, focusing on investment, working as an agent, or operating as a realtor, each plan type serves its unique purpose and addresses specific aspects of the real estate world.

The examples and insights provided in this article serve as a guide to help you navigate the complexities of the real estate industry. Remember, a real estate business plan is not a static document but a dynamic blueprint that evolves with your business and the ever-changing market trends.

Crafting a strategic real estate business plan is a crucial step towards achieving your business goals. So, start shaping your vision today with Venngage.

Explore venngage business plan maker & our business plan templates and begin your journey to a successful real estate business now!

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Home » Sample Business Plans » Real Estate

How to Write a Real Estate Agency Business Plan [Sample Template]

Are you about starting a real estate agency? If YES, here’s a complete sample real estate agency business plan template & feasibility study you can use for FREE . Okay, so we have considered all the requirements for starting a real estate brokerage firm. We also took it further by analyzing and drafting a sample real estate agency marketing plan template backed up by actionable guerrilla marketing ideas for real estate agencies. So let’s proceed to the business planning section.

The real estate industry in countries all over the world will continue to experience a boom as long as there is a market for it. The real estate market will remain to thrive so far as there are still people on the face of the earth. The need to help folks who are in need of housing is serious business and that is the singular reason why those who are in the trade know too well that millionaires are being made all around the globe on a daily basis – from the sale of lands, to buildings, to the lease of apartments, amongst others.

The real estate agent business is one path that will continue to grow, as a matter of fact, one may decide to start this business from the very comfort of the house. This is especially if you do not have the wherewithal to start out rightly big. Whether you look to start small or on a medium scale, the truth still remains that you have got to sit and make projections that would aid the growth of your business. Below, is a sample real estate agency business plan.

A Sample Real Estate Agency Business Plan Template

1. industry overview.

The real estate industry is one of the many industries that is a major contributor to the growth of the economy of many nations of the world. As a matter of fact, a real estate agent can become a millionaire ‘overnight’ from just one real estate deal; little wonder the industry is responsible for making many instant millionaires in the united states of America, as well as the rest of the world.

The Bureau of Labor Statistics projects 11.1 percent job growth for real estate sales agents between 2012 and 2022, which is about as fast as average. During that time, an additional 38,000 jobs will open up.

The real estate industry involves the buying, the selling, or the renting of lands, buildings or housing facility et al. Real estate agency or a real estate agent (broker) is a person who acts as a middleman between the sellers and buyers of real estate / real property. They are involved in searching for sellers who sell properties and buyers who wants to buy properties.

A real estate agency (brokerage firm) usually receives a payment called a commission for successfully matching a seller’s real estate want with a buyer’s real estate need; such that a sale or rent/lease can be made. In most cases, the commission generated is shared with other real estate brokers or agents who played their parts in ensuring that the property are sold or rented out as the case may be.

It is important to state that in the United States of America, each state has its own unique laws that clearly define the type of relationships that can exist between real estate agencies (professionals) and property owners (clients). Nonetheless, it is always a win – win case for both real estate agencies and owners of properties, because real estate brokers and their salespersons ( commonly called “real estate agents” or, in some states in the US, “brokers” ) usually assist sellers in marketing their property and selling it for the highest possible price under the best terms.

The real estate industry is highly regulated in the some parts of the world and anyone who aspires to become a real estate agent or start a real estate agency (company) must apply and obtain a license before they can legally receive remuneration for services rendered as a real estate agency firm or real estate broker.

But as a lawyer, you can handle real estate deals in some states in the US and make your commission without operating as a licensed real estate agent. In order to obtain a license as a real estate agent in the US for instance, you are required to write and pass your state’s real estate exams.

The practice in the United States of America is that, a real estate licensed agent is required to disclose to prospective buyers and sellers the nature of their relationship within the transaction and with the parties involved in the deal.

2. Executive Summary

Joel Morrison and CO Real Estate Agency is a real estate agency that will operate in all the states in the United States of America but will be headquartered in Ocean City, New Jersey. We intend to become specialists in owning, developing, acquiring, managing, selling and renting / leasing disposing multifamily residential apartments, office apartments and industrial facilities et al.

Part of our goal as a real estate agency, is to grow to become one of the top 5 largest real estate companies in the whole of the United States of America and to own and manage properties across the United States of America.

Joel Morrison and Co Real Estate Agency will be committed when it comes to maintaining a diverse portfolio of highly quality apartment, office structures and industrial facilities. We will also focus on providing a dynamic, proactive and vibrant working environment for all our employees, such as discounted rentals for employees, and mouthwatering bonus (commission) for every deal that comes through any of the staff.

Joel Morrison and Co Real Estate Agency is founded by Joel Morrison, Sean David and Sarah Snowfield. They are the major financier of the company. Joel Morrison is the company’s president and CEO. Joel Morrison has well over 20 years of real estate experience including, significant senior management positions in the areas of sales, marketing, new technologies, and franchise management for top real estate companies in the United States of America and Canada.

3. Our Products and Services

Joel Morrison and Co Real Estate Agency is set to offer a variety of services within the scope of the real estate industry in the United States of America. Our intention of starting a real estate agency is to make profits from the industry and we will do all that is permitted by the law in the US to achieve our aim and ambition. Our business offering are listed below;

• Facilitating a Purchase — guiding a buyer through the process.
• Facilitating a Sale — guiding a seller through the selling process.
• FSBO document preparation — preparing necessary paperwork for “For Sale by Owner” sellers.
• Property Management
• Exchanging property.
• Auctioning property.
• Preparing contracts and leases.
• Listing the property for sale to the public
• Providing the seller with a real property condition disclosure (if required by law) and other necessary forms.
• Preparing necessary papers describing the property for advertising, pamphlets, open houses, etc.
• Holding an open house to show the property.
• Serving as a contact available to answer any questions about the property and schedule showing appointments.
• Ensuring that buyers are pre-screened and financially qualified to buy the property. (Sellers should be aware that the underwriter for any real estate mortgage loan is the final say.)
• Negotiating price on behalf of the sellers.
• Acts as a fiduciary for the seller, which may include preparing a standard real estate purchase contract.
• Selling of Fully Furnished Properties
• Selling of Landed Properties
• Real Estate Consultancy and Advisory Services

4. Our Mission and Vision Statement

• To be the number one real estate agency (company) that best understands and satisfies all real estate needs of our clients in the United States of America and Foreign Investors.
• Our mission and values are to help people, businesses and property owners and clients in the United States of America and throughout the world realize their dreams of owning properties, selling properties, leasing properties or renting properties in the United States of America.

Our Business Structure

Our company’s structure is not entirely different from what is obtainable in the real estate industry, as a matter of priority, we have decided to create a structure that will allow for easy growth for all our employees and also we have created platforms that will enable us attract some of the best hands in the industry.

Joel Morrison and Co Real Estate firm is fully aware of the modus operandi in the real estate industry, hence adequate provision and competitive packages has been prepared for independent sales agents. Our marketing department will be responsible for managing this aspect of our business structure. Below is the business structure of Joel Morrison and Co Real Estate Firm;

• Chief Executive Officer

Project Manager

• Company’s Lawyer / Secretary

Admin and HR Manager

Head of Construction

• Head of Assets Management
• Head of Acquisition and Disposition

Business Developer

• Sales and Marketing Firm
• Front Desk Officer

5. Job Roles and Responsibilities

Chief Executive Officer – CEO (President):

• Responsible for providing direction for the business
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for the day to day running of the business
• Responsible for handling high profile clients and deals
• Responsible for fixing prices and signing business deals
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Reports to the board
• Responsible for the planning, management and coordinating all projects on behalf of the company
• Supervises projects
• Ensures compliance during project executions
• Provides advice on the management of projects
• Responsible for carrying out risk assessment
• Uses IT systems and software to keep track of people and progress of ongoing projects
• Responsible for overseeing the accounting, costing and billing of every project
• Represents the organization’s interest at various stakeholders meetings
• Ensures that project desired result is achieved, the most efficient resources are utilized and different interests involved are satisfied.

Company’s Lawyer / Secretary / Legal Counsel

• Responsible for drawing up contracts and other legal documents for the company
• Consults and handle all corporate legal processes (e.g. intellectual property, mergers & acquisitions, financial / securities offerings, compliance issues, transactions, agreements, lawsuits and patents et al)
• Develops company policy and position on legal issues
• Researches, anticipates and guards company against legal risks
• Represents company in legal proceedings (administrative boards, court trials et al)
• Plays a part in business deals negotiation and take minutes of meetings
• Responsible for analyzing legal documents on behalf of the company
• Prepares annual reports for the company
• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Defines job positions for recruitment and managing interviewing process
• Carries out staff induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Oversees the smooth running of the daily office activities.

Head, Acquisitions and Dispositions

• Manages overall acquisitions and dispositions
• Identifies and analyzes acquisition opportunities; negotiates acquisitions.
• Responsible for identifying opportunities to acquire properties, possibly within a designated geographic region.
• Assists in the sourcing and acquisition of property for development; conducts market research; contacts brokers and owners about property acquisition opportunities; assists in negotiations with sellers and other parties.
• Identifies and analyzes disposition opportunities; negotiates dispositions.
• Responsible for identifying opportunities to dispose of properties, possibly within a designated geographic region.
• Assists in the disposition of property; conducts market research to determine the value of properties; contacts brokers and potential buyers; assists in structuring sales transactions and negotiations with buyers.

Head of Asset Management

• Oversees the company’s portfolio of real estate assets (which are owned and managed) through acquisitions, dispositions, and day‐to‐day operations, including management of revenue and expense items; works to maximize the portfolio’s performance.
• Provides strategic oversight of existing and potential real estate assets within a designated geographic area.
• Manages business plans and budgets for properties.
• Reviews the condition and maintenance of assigned properties; manages their bookkeeping and cash flow accounting; handles rent reconciliation; prepares property financial reports and annual budget forecasts.
• Establishes and enforces company’s engineering and construction standards
• Ensures that construction work meets or exceeds standards within a designated geographic area.
• Enforces the construction standards; ensures that construction work meets or exceeds standards within cost estimates; monitors quality of work in progress; supervises regional construction heads.
• Ensures that construction work in a particular product line, such as office buildings, meets or exceeds standards within cost estimates; provides technical input on the feasibility of proposed projects; monitors quality of construction work
• Provides overall direction on assigned construction projects; reviews and makes recommendations on planning and design of projects; negotiates contracts or participates in contract negotiations; monitors day‐to‐day progress and activities on project construction sites.
• Assistant project manager with construction project management, on‐site monitoring, and contract negotiations
• Coordinates construction of tenant space in assigned facilities.
• Supervises construction to ensure that it meets the owner’s expectations
• Reviews plans, estimates costs, obtains bids, inspects and approves completed project.
• Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
• Responsible for supervising implementation, advocate for the customer’s need s, and communicate with clients
• Finds and qualifies land for development based on company’s land requirements; maintains a land search database; initiates discussions with property owners about the possible sale of property
• Develops, executes and evaluates new plans for expanding increase sales
• Documents all customer contact and information
• Represents the company in strategic meetings
• Help increase sales and growth for the company

Sales and Marketing Officer

• Lists the property for sale to the public
• Markets space; finds tenants; participates in lease negotiations.
• Provides the seller with a real property condition disclosure (if required by law) and other necessary forms.
• Prepares necessary papers describing the property for advertising, pamphlets, open houses, etc.
• Holds an open house to show the property.
• Serves as a contact available to answer any questions about the property and schedule showing appointments.
• Ensures that buyers are pre-screened and financially qualified to buy the property. (Sellers should be aware that the underwriter for any real estate mortgage loan is the final say.)
• Negotiates price on behalf of the sellers.
• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managers with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting for one or more properties.
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensures compliance with taxation legislation
• Handles all financial transactions for the company
• Serves as internal auditor for the company

Front Desk / Customer’s Service Officer

• Receives Visitors / clients on behalf of the organization
• Receives parcels / documents for the company
• Handles enquiries via e-mail and phone calls for the organization
• Distributes mails in the organization
• Handles any other duties as assigned my the line manager

6. SWOT Analysis

The fact that real estate business is a very rewarding business does not mean that there are no challenges in the industry. Starting a real estate agency in the United States of America comes with its own challenges, you would have to abide by the law and also compete with loads of other entrepreneurs who also are interested in making a living and building a business in the US.

In order to compete favorably in the real estate industry as a real estate agency (broker), we have been able to hire the services of tested and trusted business and HR consultants to help us conduct critical SWOT analysis for us.

We intend maximizing our strengths, by exploring all opportunities we will come across, properly manage our weakness and confront our threats. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Joel Morrison and Co Real Estate Agency;

Some of our areas of strength which we will be bringing to the table in the real estate industry are our robust relation with property investment moguls in the whole of the United States of America. It is pertinent to say that we have a team of experts who have cut their teeth in the industry. Our commission structure and relationship with freelance real estate agents in New Jersey and other state in the US will also count towards our advantage.

As a newbie in the industry, we might have some challenges like; competing with real estate agencies that have been in the industry for many years. That to a large extent is one of our weaknesses.

• Opportunities:

The opportunities in the real estate industry are massive and we are ready to take advantage of any opportunity that comes our way.

Some of the threats that we are likely going to face as a property real estate agency are unfavorable government policies and global economic downturn. There is hardly anything we could possibly do as regards these threats, other than to be optimistic that things will continue to work for our good.

7. MARKET ANALYSIS

• Market Trends

The market trends in the real estate industry is such that, compensation is conventionally based on a percentage of the sales price, split between the buying and selling brokers, and then between the agent(s) and his/her real estate agency. While a split based on the percentage received by the broker is generally normal, in some brokerages agents may pay a monthly “desk fee” for office costs, monthly fee, etc., and then retain 100% of the commission received.

Another obvious trend that is common with real estate agencies in the United States of America is that most of them are improvising on more means of making money in the industry and as matter of fact they are also acting as property developers amongst many other functions that they are involved in.

One thing is certain for every real estate agency; if they are hardworking and proactive, they will always generate enough income to meet all their overhead and operational cost, keep their business going without struggle and make reasonable profits from all business deals that they are involved in.

8. Our Target Market

Our target market cuts across people of different classes and people from all walks of life. We are coming into the industry with a business concept that will enable us work with the highly placed people in the country and at the same with the lowly placed folks who are only interested in putting a roof over their heads.

Our target market is the whole of the United States of America and we have put plans in place to recruit freelance agents (brokers) national to represent our business interest wherever they are located in the United States of America. Below is a list of the people and organizations that we have specifically design our products and services for;

• Families who are interested in renting / leasing or acquiring a property
• Corporate organizations who are interested in renting / leasing or acquiring their own property / properties
• Land Owners
• Properties Owners
• University Campuses (Private Hostels)
• Foreign investors who are interested in owning properties in the United States of America
• The government of the United States of America (Government contracts)
• Managers of public facilities

Our Competitive Advantage

Joel Morrison and Co Real Estate Agency might be a new entrant into the real estate industry in the United States of America, but the management team and board members are considered gurus. They are people who are core professionals and licensed brokers in the US. These are part of what will count as a competitive advantage for us.

Another competitive advantage that we are bringing to the industry is the commission model (our commission structure). We know that freelance (licensed) brokers would work for the highest bidder, which is why we designed a commission structure that will be a win – win scenario for all parties involved in any deal undertaken by us.

Lastly, our employees will be well taken care of, and their welfare package is amongst the best in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our objectives.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Joel Morrison and Co Real Estate Agency is established with the aim of maximizing the profits in the real estate industry via delivering quality and affordable property to our highly esteemed clients and effective property management on behalf of our business partners (landlords and property owners).

A licensed real estate agency can generate income from diverse means in the real estate agency, especially if they are part of a vibrant real estate network that covers the whole of the United States of America. Below are the sources we intend exploring to generate income for Joel Morrison and Co Real Estate Agency;

• Developing Properties for our Clients
• Renting of Properties /Leasing of Properties; Leasing for a fee or percentage of the gross lease value.
• Leasing of Bare Land
• Manage Properties and Facility for Clients
• Property Makeover Services
• Real Estate Consultancy and Advisory Services; Hourly Consulting for a fee, based on the client’s needs.
• Home Selling Kits — guides advising how to market and sell a property.

10. Sales Forecast

As long as there are people living in the United States of America, the services of real estate agents will always be needed. Businesses need facilities to operate from and families and individuals need shelters hence the demand for real estate agents to help them solve these needs.

We are well positioned to take on the challenges that are synonymous in the real estate industry, and we are quite optimistic that we will meet out set target of generating enough income / profits from the first month or operations and grow the business beyond New Jersey to other states in the United States of America within record time.

We have been able to critically examine the real estate market and we have analyzed our chances in the industry and have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions;

• Rent / lease a minimum of 20 housing units to clients (flats, duplexes, studio apartment et al) within the first 6 months of operations
• Rent / lease a minimum of 10 office facilities to clients within the first 6 months of operations
• Manage a minimum of 10 properties for clients within the first 6 months of operations
• Sell a minimum of 20 hectares of land within the first 12 months of operation
• Develop at least one estate within the first 24 months of operations
• Provide advisory and consultancy services for a minimum of 10 client per month
• Handle a minimum of 24 building makeover projects within the first 12 months of operations

N.B: Please note that we could not put a specific amount to the projection because the prices and commissions vary for different properties and for different clients. Part of our business strategy is to work within the budget of our clients to deliver quality property / properties; hence it will be difficult to project what we are likely going to make from such deals.

But the bottom line is that we are definitely going to make reasonable profits from any business deal that we execute since we work based on commission. The property market is structured in such a way that property developers will always make profits from any deal they handle.

• Marketing Strategy and Sales Strategy

We are mindful of the fact that there is stiffer competition in the real estate market in the United States of America; hence we have been able to hire some of the best business developer to handle our sales and marketing; as stated in our real estate agency marketing plan template.

Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis, so as to be well equipped to meet their targets and the overall goal of the organization. The training is not restricted to only our full – time employees but to also all our freelance brokers that are scattered all over the United States of America.

Our goal is to become one of the top 10 leading real estate agencies in the United States of America, which is why we have mapped out strategies that will help us take advantage of the available markets and grow to become a major force in the industry so much so that property owners will be looking for us to give us their properties to manage for them. Joel Morrison and Co Real Estate Agency is set to make use of the following marketing and sales strategies;

• Introduce our business by sending introductory letters alongside our brochure to stake holders in the real estate industry and also property owners.
• Promptness in bidding for contracts
• Advertise our business in real estate / properties magazines and websites
• List our business on yellow pages
• Attend expos, seminars, and business fairs et al
• Create different packages for different category of clients in order to work with their budgets and still deliver quality housing/ property to them
• Leverage on the internet to promote our business
• Places a “For Sale” sign on the property indicating how to contact the real estate office and agent.

11. Publicity and Advertising Strategy

We have been able to work with our consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to take the real estate industry by storm which is why we have made provisions for effective publicity and advertisement of our company. Below are the platforms we intend to leverage on to promote and advertise our property development business;

• Place adverts on both print and electronic media platforms
• Place our flexi banners with our company’s logo and contacts in every property we put up for sale or lease.
• Sponsor relevant TV shows
• Maximize our company’s website to promote our business
• Leverage on the internet and social media platforms like; Instagram, Facebook ,Twitter, LinkedIn, Badoo, Google+ and other platforms (real estate online forums) to promote our business and list our properties for sale and for lease.
• Install our Bill Boards on strategic locations
• Distribute our fliers and handbills in targeted areas from time to time
• Attend landlord and residence association meetings with the aim of networking and introducing our business.

12. Our Pricing Strategy

Part of our business strategy is to ensure that we work within the budget of our clients to deliver excellent properties to them. The real estate industry is based on commission, and properties are valued by professionals based on the area the facility is located, the type of facility and other factors. Since we are not directly in control of the pricing system in the real estate industry, we can only abide by what is obtainable when it comes to pricing structure.

• Payment Options

Our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them but at the same time, we will not accept payment by cash because of the volume of cash that will be involved in most of our transactions. Real estate deals usually involves huge amount of money. Here are the payment options that we will make available to our clients;

• Payment by via bank transfer
• Payment via online bank transfer
• Payment via check
• Payment via bank draft

In view of the above, we have chosen banking platforms that will help us achieve our plans without any itches and we will also pay our freelance sales agents (real estate brokers) with same platforms. Any agent who intends paying with cash will be directed to deposit the money into our corporate account and then present their payment tellers to us.

13. Startup Expenditure (Budget)

• The Total Fee for incorporating the Business in New Jersey: $750.
• The budget for Liability insurance, permits and license: $5,000
• The Amount needed to acquire a suitable Office facility with enough space in Ocean City, New Jersey for 6 months (Re – Construction of the facility inclusive): $50,000.
• The Cost for equipping the office (computers, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al): $15,000
• The Cost of Launching our official Website: $600
• Additional Expenditure (Business cards, Signage, Adverts and Promotions et al): $5,000

Going by the report from our research and feasibility studies, we will need about $180,000 to set up a property development company in Ocean City, New Jersey, US.

Generating Funding / Startup Capital for Our Property Agency

• The CEO / President Mr. Joel Morrison will generate 20 percent of the start – up capital from her personal savings
• Mr. Sean David will generate 15% of the startup capital
• Ms. Sarah Snowfield will Generate 15% of the startup capital
• 50% of the capital will be sourced from our banks as loan.

14. Sustainability and Expansion Strategy

We are set to spread our tentacles beyond Ocean City, New Jersey to other parts of the United States of America which is why we have hired some of the best hands in the real estate industry to help us lay a solid foundation for growth and expansion of the business.

Part of the sustainability strategy that we have adopted is continues training of our workforce (both fulltime staff and freelancers working for us) so as to provide them with the capacity to perform effectively in the highly competitive real estate industry in the United States of America. Our goal is to have our company’s presence in all the states in the US and will be our driving force in sustaining the growth of the business and taking on new territories.

Check List / Milestone

• Business Name Availability Check:>Completed
• Business Incorporation: Completed
• Opening of Corporate Bank Accounts various banks in the United States: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of All form of Insurance for the Business: Completed
• Renting of Office Facility in Ocean City, New Jersey: Completed
• Conducting Feasibility Studies: Completed
• Generating capital from the CEO / President and Business Partners: Completed
• Applications for Loan from our Bankers: In Progress
• writing of business plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents ( Tenancy Agreements, and freelance agreements et al ), and other relevant Legal Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
• Recruitment of employees: In Progress
• Purchase of the Needed furniture, office equipment, electronic appliances and facility face lift: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business ( Business PR ): In Progress
• Health and Safety and Fire Safety Arrangement: In Progress
• Establishing business relationship with key players in the industry ( networking and membership of relevant real estate bodies ): Completed

More on Real Estate

How to Write a Property Management Business Plan (Free Template)

If you’re looking to start a property management business, you’ve come to the right place. The success of property management companies—or any companies, for that matter—absolutely depends on first creating a well-researched and thorough business plan .

Luckily, this guide aims to help you do just that. First, we’ll explain what a property management business plan encompasses, why you need one, and tips for going about it the right way. Then, we’ll walk you through the recommended business plan outline step-by-step and share details of what to include in each section.

Finally, we’ll send you off with a free template you can download and update with your business’s own information. Creating a business plan was never so easy!

Let’s dive in.

Don’t see the form to download our free property management business plan template? Click here .

What is a property management business plan?

A property management business plan is a document that summarizes your property management business: its current operations, goals for the future, strategies for achieving those goals, and other supporting details.

While you’ll want to create your business plan before launching your businesses, it’s not a one-and-done document. Instead, you should update it yearly and after major company and industry changes.

Why do you need a property management company business plan?

Whether you’re looking to start a new property management company or grow your existing one, you’re probably eager to get started. But while it can feel productive to hit the ground running, a business plan is crucial to drive your strategy and decision-making . It will serve as a roadmap you can refer back to as you get started and grow your business.

Moreover, business plans are also crucial as tools to help sell your property management agency to potential partners, investors, and banks . There’s no point in asking for their support if you can’t show you know what you’re doing, and business plans are one of the best ways to do that.

Finally, beyond mere financial gains, a thorough property management business plan enables you to measure your success accurately and pinpoint areas for improvement . It empowers you to zero in on critical indicators like your budget, local market insights, and expansion opportunities.

How do you write a property management business plan?

Do your research first.

It’s easy to spot the differences between a well-researched business plan and one that was written haphazardly. And those differences will be just as easy to mark in the results your business sees once it’s up and running.

Tailor it to your type of property management business

Chances are, you’re going to start your business plan from a standard template. There’s nothing wrong with that. In fact, it’s recommended, and we provide a free property management business plan template at the end of this article, if you’re still looking for one.

However, as you fill in your information, be sure to tailor your plan to your specific business. For example, what type of properties does your business manage? Common types of property management include:

• Residential rental property management , including both single-family and multifamily residences
• HOA property management , which typically involves working directly with homeowners’ associations
• Commercial property management , including office, retail, and industrial buildings
• Vacation rental property management , involving managing vacation rentals such as Airbnbs for their owners

Remember your goals

You might wonder whether you really need to include this much detail in your business plan, but remember what you’re hoping to achieve. And we don’t just mean a successful property management agency, but the specific things you’ll use your business plan for.

For example, if you’re hoping to find a partner for your business, your prospects will certainly appreciate a high level of detail in your operations plan. Similarly, potential investors will want to see solid financials.

Use a property management business plan template

Finally, don’t make it harder for yourself than you have to! You’re already going to have to do a significant amount of research, calculations, and brainstorming. Make it easier for yourself by starting with a template you can input specifics to, like the one pictured below:

Don’t have a template already? Scroll to the bottom of the article to download ours!

What is the outline of a property management plan?

Business plans, whether for property management or other industries, tend to follow this standard format:

Executive summary

Company overview, market analysis, marketing plan, operations plan, management team, financial plan, growth opportunities.

Keep reading for more information on what to include in each section. Or scroll to the bottom of the page to download our business plan template for property management and get started.

What to include in a business plan for property management

Your business plan should begin with an executive summary. This section serves as an introduction to both your business plan and your business , and should include information such as:

• The type of property management you plan to do
• How far along your business is
• Your target market
• Your strategy for achieving these goals

Depending on how thorough you want to be, you could even include a brief overview of every section of your business plan. Your goal should be to give a snapshot of your business that compels your readers—whether they be potential partners, investors, or banks—to finish reading your plan.

Pro tip: Because your executive summary needs to sum up your overall business plan, it’s often easiest to write it last. That way, you’ll have all the details ironed out and won’t forget to include anything.

In this section, you’ll give an overview and analysis of your property management company itself.

To start, explain how your company got started and which of the property management niches we explained above you fit into. You’ll also want to share your legal business structure (for example, sole proprietorship, LLC, C corporation, or S corporation).

The majority of this section, however, should be devoted to your competitive differentiators. What core competencies are you bringing to the market?

A market analysis isn’t only an important addition to your business plan. It’s also absolutely essential that you understand your market inside and out before you even consider launching a property management agency.

To be as thorough as possible, make sure that your market analysis includes specific analyses of your industry, target customers, and competitors.

Industry analysis

Provide an overview of your specific niche of the property management industry. Include as much detail as you can to help you become an expert in your industry, such as:

• Market size (in dollars)
• History of the industry
• Prospected growth

Customer analysis

Who are your target customers? Start with your property management niche, and then get even more specific:

• Residential rental property management → Will you target single-family or multifamily residences? Apartment buildings or individual homes? Affordable housing or high-end residences?
• HOA property management → Do you have specific HOAs in mind?
• Commercial property management → Will you manage office, retail, or industrial buildings?
• Vacation rental property management → Do you want to work with a specific type of vacation rental property or owner?

Be sure to include your target customers’ specific needs, goals, and any other information you can find to build a robust profile. The more detailed you can be, the easier it will be to target them with your services!

Competitive analysis

This is where you analyze your competitors, both direct and indirect:

• Your direct competitors include other property management companies in the same niche as you. These companies will likely be located nearby as well.
• Your indirect competitors include other options your customers have outside of property management agencies. This might include property owners who decide to manage their properties themselves, in-house managers, and even automated tools that claim to take the place of property managers.

After identifying the competition, you’ll want to provide additional information about your direct competitors. Who are their target customers? What services do they offer, and how much do they charge?

Gather as much information as you can, and then perform a SWOT (strengths, weakness, opportunities, and threats) analysis to identify potential competitive advantages. Your goal is to determine how you’ll outperform your competitors—whether via superior or additional services, lower prices, greater efficiency, or something else.

Remember: If you can’t identify any clear competitive advantages, your customers won’t be able to, either.

So, you have superior property management services at competitive rates. But how do you plan on getting in front of your target customers?

This is where your marketing plan comes in. Think about what marketing channels you’ll use, prioritizing those which will best reach your target customers. Consider both online and offline marketing, including the following options:

• Business cards
• Advertising in local newspapers and relevant magazines
• SEO marketing
• Email marketing
• Social media marketing
• Paid advertising

Creating your business plan has forced you to set some specific goals. How do you plan on meeting them?

This is exactly what your operations plan sets out to cover, with details on both short- and long-term processes.

Your short-term processes will include everything involved in the day-to-day running of your property management business . Again, these tasks will vary drastically depending on your property management niche. However, the following questions are a good starting point:

• Who will be in charge of running the business?
• Do you need to hire any additional staff? If so, how many people and for which roles?
• How will you structure your team?
• What are your service standards?
• Which manuals will you need to develop?
• What property management software will you use?

Once you’ve defined your daily operations, take a step back and think long-term. At any point in your business’s trajectory, do you plan to:

• Hire additional employees?
• Reach a certain sales figure?
• Grow your portfolio?
• Expand to a new location?

Having these long-term goals documented will not only show potential partners and investors that you’re thinking about the future. It will also give you something to refer back to in order to measure your progress.

Your property management business will only be as strong as the team leading it. So, once you’ve assembled the dream team, you’ll want to highlight its strengths in your business plan, paying specific attention to each member’s background, skills, and relevant experience.

If no one on your management team has property management or real estate experience, or your team is lacking in any way, it might be worthwhile to put together an advisory board. This board consists of a handful of mentors who have the experience necessary to guide your business in the right direction (and reassure any potential investors).

And now for everyone’s favorite part: the financial plan.

Specifically, your financial plan should consist of a five-year financial statement. The first year of your financial statement should include monthly and quarterly projections, with the remaining years including annual figures.

What goes in a financial statement? Let’s break it down:

• Profit and loss statement: Also referred to as an income statement, a profit and loss statement subtracts your costs from your revenue to find your profit. As you can imagine, you’re going to be making a lot of calculated assumptions at this point. Try to be as accurate as possible when predicting your costs and revenue. Otherwise, your profit and loss statement won’t paint a very accurate picture.
• Balance sheet: A balance sheet details your business’s assets (what you own) and liabilities (what you owe) in order to provide a snapshot of its finances. Your assets might include office space or software solutions, whereas liabilities would include any loans you’ve taken out to start your business.
• Cash flow statement: A cash flow statement shows how changes in your income and balance sheet affect your cash flow—and your ability to operate in the short- and long-term. Its goal is to show how much money you need to run your business so that you don’t run out of cash.

If you’re just getting started, it may feel too soon to consider growth opportunities. But thinking about your business’s long-term goals and plans is essential to set yourself up for success. After all, you don’t only want to succeed now. You want to make sure you have what’s necessary to succeed for years to come.

On that note, analyze the property management and real estate market in your area to identify growth opportunities for your business over the next five to 10 years, such as:

• Upgrades to your tech stack
• Strategic partnerships
• Expansion plans
• Opportunities to take advantage of new market trends

If you have any supporting documentation that could strengthen your business plan, such as buyer personas for your target customers or more complete financial projections, feel free to attach them in the appendix. That way, the additional information is there for anyone who wants to see it, but it doesn’t clutter up your business plan.

Property management business plan example

Curious about what a business plan for property management looks like? We’re including a property management business plan sample (the company overview, specifically) below to give you an idea:

Want a customizable version? Scroll to the bottom of the article to download our free template!

Download our free property management business plan template

Ready to get started? We’re here to help!

Download our free template below and simply fill in your own information. Our straightforward guide includes all the details you need to cover before starting your new business.

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Property Management Business Plan

People buy multiple properties these days, it can be for investment or to act as a future home, office space, some dream project, or whatnot.

And as they have so many properties, they’ll surely need someone to manage them and deal with all aspects of having a property. Also, most people are running short of time more often than not. Hence, they hire property managers to help them deal with their property efficiently and effectively.

So, it comes as no surprise that the property management business is growing. And if you are planning to get into it, all you need is a few tips and a property management business plan.

If you are planning to start a new property management business, the first thing you will need is a business plan. Use our sample property management business plan  to start writing your business plan in no time.

Before you start writing your business plan for your new property management business, spend as much time as you can reading through some examples of real estate-related business plans .

Industry Overview

The global property management market stood at a whopping market value of 13.88 billion US dollars in 2020 and isn’t going to slow down anytime soon.

The major reason for the growth in this industry is the requirement for mobility management as companies are promoting remote work due to the pandemic.

The other factors that have affected the property market are the adoption of technology, software services, and other such things which have brought about a change in trends in the real estate market.

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Things to Consider Before Writing a Property Management Business Plan

Build relevant skills.

Having skills relevant to your business, be it foundational skills for managing property soft skills for dealing with the people in your business, or the deals and exchanges aspect of your business would always act as an added advantage for you. Hence, before getting started, it would be good to develop some basic skills and have a method to keep updating them as you work. Your skills alone can also become your business’s unique selling point.

Join Associations and Build Your Network

Networking is a crucial aspect in every field related to real estate, hence it is essential for your property management business too. Your network should be good and diverse and consist of a variety of people, even if they are your competitors. You’ll never know who might get you your next deal.

You can easily do so by building strong connections and joining relevant associations which give you more opportunities to network.

Use Technology

We owe the speed and efficiency of our work to technology. The same holds for the property management business too. You no longer need to work traditionally and laboriously of managing your properties, and use technology instead to make your work of maintaining all those details easier and more organized.

Build your Website

Building your website early gives you a head start on promoting your business and makes reaching out to your potential clients easier. Hence, if you plan on starting a business, build your website today to help you promote as much as you can.

Chalking out Your Business Plan

Reading sample business plans will give you a good idea of what you’re aiming for and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.

We have created this sample property management business plan for you to get a good idea about how perfect a property management business plan should look and what details you will need to include in your stunning business plan.

Property Management Business Plan Outline

This is the standard property management business plan outline which will cover all important sections that you should include in your business plan.

• Mission statement
• Vision Statement
• Customer Focus
• Success Factors
• Financial Summary
• 3 Year profit forecast
• Business Structure
• Startup cost
• Products and services
• Market Analysis
• Industry Analysis
• Market Trends
• Target Market
• SWOT Analysis
• Targeted Cold Calls
• Online Marketing
• Publications
• Community Events/Organizations
• Pricing Strategy
• Financial Plan
• Important Assumptions
• Brake-even Analysis
• Profit Yearly
• Gross Margin Yearly
• Projected Cash Flow
• Projected Balance Sheet
• Business Ratios

After getting started with Upmetrics , you can copy this sample property management business plan into your business plan and modify the required information and download your property management business plan pdf or doc file.

It’s the fastest and easiest way to start writing your business plan.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

Download a sample property management business plan

Need help writing your business plan from scratch? Here you go;  download our free property management business plan pdf  to start.

It’s a modern business plan template specifically designed for your property management business. Use the example business plan as a guide for writing your own.

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About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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Property Management Business Plan Template

If you want to start a property management business or expand your current one, you need a business plan.

Over the past 20+ years, we have helped over 7,000 entrepreneurs and business owners create business plans to start and grow their property management companies.

Below are links to each section of your property management business plan template:

Next Section: Executive Summary >

Property Management Business Plan FAQs

What is the easiest way to complete my property management business plan.

Growthink's Ultimate Property Management Business Plan Template allows you to quickly and easily complete your Property Management Business Plan.

What Is a Property Management Business Plan?

A business plan provides a snapshot of your property management business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why Do You Need a Business Plan for a Property Management Company?

If you’re looking to start a property management business  or grow your existing property management business, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your property management company in order to improve your chances of success. Your property management business plan is a living document that should be updated annually as your company grows and changes.

What Are the Sources of Funding for a Property Management Business?

With regards to funding, the main sources of funding for a property management business are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable. But they will want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.

The second most common form of funding for a property management business is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding, or, like a bank, they will give you a loan.

Where can I download a Property Management Business Plan PDF?

You can download our free property management business plan template PDF here . This is a property management business plan template you can use in PDF format.

PROPERTY MANAGEMENT BUSINESS PLAN OUTLINE

• Property Mgmt Business Plan Home
• 1. Executive Summary
• 2. Company Overview
• 3. Industry Analysis
• 4. Customer Analysis
• 5. Competitive Analysis
• 6. Marketing Plan
• 7. Operations Plan
• 8. Management Team
• 9. Financial Plan
• 10. Appendix
• Property Mgmt Business Plan Summary

Other Helpful Business Plan Articles & Templates

Property Management Business Plan Template

Written by Dave Lavinsky

Business Plan Outline

• 1. Executive Summary
• 2. Company Overview
• 3. Industry Analysis
• 4. Customer Analysis
• 5. Competitive Analysis
• 6. Marketing Plan
• 7. Operations Plan
• 8. Management Team
• 9. Financial Plan

Start Your Property Management Plan Here

Property Management Business Plan

You’ve come to the right place to create your property management company business plan.

We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their property management companies.

Below are links to each section of your property management business plan template:

2. Company Overview – The Company Overview section will provide an overview of your business, history of the company and property management services offered.

3. Industry Analysis – This will include an overview of the property management industry, trends, and issues facing your industry.

4. Customer Analysis – Here, you will outline your target market. This includes information on demographics, psychographics, and behaviors.

5. Competitive Analysis – This section includes an overview of your direct and indirect competitors, their market share, your competitive advantage, and how you plan to compete against them.

6. Marketing Plan – The Marketing Plan will describe your marketing strategies, pricing details, and promotional activities.

7. Operations Plan – This section describes your business operations.

8. Management Team – This section will provide information on the management members of your team. This includes their experience, education, and skills.

Next Section: Executive Summary >

Property Management Business Plan FAQs

What is a property management business plan.

A property management business plan is a plan to start and/or grow your property management business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can  easily complete your property management business plan using our Property Management Business Plan Template here .

What Are the Main Sources of Revenues and Expenses for a Property Management Company?

The main source of revenue for property management companies are management fees and maintenance markups. Revenue is also generated from commissions, lease ups, and upcharges.

The key expenses are payroll and contractor fees, rent, supplies, and utilities.

How Do You Get Funding for Your Property Management Company Business Plan?

Companies are typically funded through small business loans, personal savings and credit card financing.

What are the Steps To Start a Property Management Company?

Starting a property management company can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Property Management Company Business Plan - The first step in starting a business is to create a detailed business plan for  your property management company that outlines all aspects of the venture. This should include market research on the property management industry and potential target market size, information about the property management services you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your business is in compliance with local laws.

3. Register Your Property Management Business - Once you have chosen a legal structure, the next step is to register your business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Property Management Equipment & Supplies - In order to start your   business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful property management company:

• How to Start a Property Management Company
• How to Start a Property Management Business

Where Can I Get Property Management Business Plan PDF?

You can download our free property management business plan template PDF here . This is a property management business plan template you can use in PDF format.

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How to create a rental property business plan (and why you need one)

Last updated: 21 October 2022

Take it from someone who’s spoken to a lot of investors over the last few years: almost everyone who achieves great success started out with a solid plan.

All businesses start out with a plan . Even if that plan is just “I think I can buy this widget for £1 and sell it for £1.50”, it’s still a statement of what the business will do and how it will make a profit.

But many – in fact, most – wannabe property investors start out without even the most basic of plans. Often, people have nothing more than vague thoughts like “ property prices go up, so it’s a good investment ” or “ most wealthy people seem to own property ”.

It might feel like sitting around planning is just delaying you from getting out to look at properties and start making money. But take it from someone who’s spoken to a lot of investors over the last few years: almost everyone who achieves great success started out with a solid plan.

(Or to put it another, more painful way: almost everyone who didn’t start with a plan ends up disappointed with where they end up – however much effort, money and time they put in.)

What does a rental property business plan look like?

It certainly doesn't need to be 100 spiral-bound pages of projections and fancy charts. In fact, the best plan would be so simple that it fits on the back of an index card – meaning that you can commit it to memory and use it to drive every decision you make.

In order to get to that simplicity though, you might need to do some seriously brain-straining thinking first.

It's not easy, but it is simple: your plan basically just needs to set out…

Where you are now

• Where you want to get to, and
• What actions you're going to take to bridge the gap

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To give a cheesy analogy, you can't plan a route unless you know where you're starting from.

Working out your starting point is the easiest part, because it involves information that's either known or easily knowable to you.

You'll need to be clear about:

• The amount of money you've got to invest
• The amount of savings you can allocate to property investment in future years
• The time you can invest each week or month
• The skills and knowledge you can apply to your property business

Note that I said it was the easiest part, but still not easy – because it involves honesty about what you can commit, and self-knowledge to determine where your strengths lie.

Knowing how much money you've got to invest should be straightforward, but it's probably worthwhile speaking to a mortgage broker to check that you'll have borrowing options – because this will determine your total investment figure. A broker will also be able to tell you about your options around releasing equity from your own home, if that's something you want to consider.

I'd also strongly encourage you to consider what “emergency fund” you want to keep in cash, and deduct that from your total investable funds. I suggest having at least six months' expenses in the bank at all times: the last thing you want is to plough every last penny into investments, then lose your job the next day and be unable to pay your bills.

Where you want to get to

So now you know where you're starting from, where do you want to end up? In other words, what's your goal?

Yes, you want to be “rich”, or “secure”, or “build a future” – but what does that actually mean, in pounds and pence terms, for you?

And just as importantly, when do you want to have achieved that?

You might be surprised by how much thought is involved in answering these questions properly. It's easy to throw around terms like “enough to fund my lifestyle” and assume that it might involve an income of £10,000 per month, but it's another matter entirely to look honestly at your ideal lifestyle and determine what a genuinely meaningful figure is.

The same is true for “when” – and it's an often-ignored factor that actually cuts to the heart of the most basic of investment decisions.

For example, take a choice between two properties:

• Property 1 will give a return on your investment of 15% but will probably never increase in value
• Property 2 will give a return of 7% but has the potential to double in value over the next decade.

If your goal is to create a certain monthly income within three years, the Property 1 is likely to be a better choice. Growth is unlikely to happen to any great extent over that time, so you need to optimise for cash in the bank right now.

On the other hand, if you have a decade before you want to have achieved your goal, Property 2 is probably the better bet. It very much is a “bet” because you're taking something of a gamble on capital growth, but it's got a lot of time to happen – and when it does, your returns will dwarf the higher rental income you'd have made from the other property.

That's just one example of why making even simple decisions in your property business are impossible without having that most basic ingredient of your plan: where you ultimately want to end up, and when.

So, by this point in the plan you need to:

• Assess your finances to build up an honest picture of where you are now
• Put some serious thought into where you want to get to, and when

If you need help with this goal-setting process, I co-own Property Hub Invest which offers free strategy meetings . It's often easier to work this stuff out in conversation with someone who knows their stuff, rather than doing it all in your own head.

That's a great start, but for most people it'll produce an uncomfortable insight: the gap between where you are and where you want to be seems impossibly large! With the resources you've got now, how are you possibly going to reach your goal in a sensible period of time?

Well, that's where it's time to start thinking about the details of the third step: the strategy you'll use to pursue your goal.

A strategy to bridge the gap

The steps you take to get from Point A to Point Z are what's commonly referred to as your strategy – and strategy is a vital component of your business plan.

The way I like to think about strategy is the way you compensate for a lack of cash . It's an unusual way to look at it, but I find it useful – because it tells you (given your timeframe and your goal) how much heavy-lifting your strategy will need to do to keep you on track.

Think of it like this: if you had £10m in the bank and your goal was to make an income of £5,000 per month within a year, you wouldn't need any strategy at all . You could just use your £10m to buy any properties, anywhere – you wouldn't need to maximise the rent, manage them well or even keep them all occupied at all times! You'd be able to buy so much property that you really couldn't fail.

Sure, it'd be a pretty stupid thing to do – you should really have had a more ambitious goal – but you get the point.

Obviously, most of us aren't in that position – and that's why we need a strategy.

So, just what position are you in?

A rule of thumb

A handy way of looking at it is to take the amount of money you've got to invest in property, and assume that you can get a 5% annual return on that money (ROI) – which is a rough rule-of-thumb for a normal property bought with a 75% mortgage.

So, if you've got £100,000, you can generate a (pre-tax) profit of £5,000 per year – or £416 per month.

That's unlikely to be enough to hit most people's goals – but then there's the time factor. If you save up the rental income for 20 years, you'll be able to buy another batch of properties just like the first – so you'll now have income of £832 per month.

If you're happy with that, then you've already got your strategy: buy properties that will give you your desired ROI, then wait!

Portfolio-building strategies

But most people will want more than that: we've hardly been talking about life-changing sums, and 20 years is a long time to wait before you can buy again!

This is where more of an advanced strategy comes in, allowing you to get better results, faster.

This might include:

• Buying properties and adding value, so you can refinance at the higher value and buy your next property more quickly ( learn more about this strategy )
• Buying properties at a discount, allowing you again to refinance at the higher value and move on to the next one
• Turning properties into HMOs, so you can generate a higher ROI on them
• “Flipping” properties for a profit, so you can replenish your cash more quickly ( read my guide to flipping )

…or something else entirely.

I go into different strategies in enormous detail in my book, The Complete Guide To Property Investment .

Simply appreciating the need for one of these strategies from the start is a really big deal.

Most people don't: they'll rush in, use all their money to buy properties that generate (say) £500 profit per month, then…what? They'll be stuck – because they didn't go in with a plan for how they were going to get to their target number . They'll effectively be starting from scratch, having to scrape together the money to go again.

It's extremely common, and it doesn't surprise me – but it does frustrate me. If they'd started with just a bit of time making a plan, they wouldn't have made this mistake – because it would have become very obvious that they wouldn't reach their goal without applying some strategy.

Any of the strategies I listed (or a different one, or a combination of several of them), when applied effectively, can get you to where you need to be. But that's not to say that all of them will be equally good for you. Each of them has different risk factors, requires different time commitments, are suited to different skill sets, and so on.

That's why this is your business plan: copying someone else's homework isn't going to do you any good, because their skills, attributes and preferences will be different from yours.

For example, one person's plan might be to get their hands dirty by renovating properties for resale – completing two projects per year, and using the profits to buy an HMO. Within five years they'll have five HMOs, which will give them all the income they need.

Someone else might be hopeless at anything hands-on, but a master negotiator. Their plan could be to buy at enough of a discount that they can pull at least half of their funds back out again by refinancing – and keep doing that until in ten years' time they have 15 single-let properties giving them their target income figure.

(That's why when someone emails me asking if their strategy “sounds good”, I have to say that I don't know: usually it sounds like on paper like it would work for someone , but I have no idea if they're the right person to execute it.)

So, coming up with your strategy involves:

• Starting with an assessment of where you are now
• Deciding where you want to get to, and by when
• Seeing how far you'll fall short by just buying “normal” properties
• Thinking about your own skills, time and preferences to choose which strategy (or strategies) you'll use to fill in the gap

It might take a while, and that's OK – it's not an easy decision . To take the pressure off though, remember: your plan isn't set in stone. It's important to start with a clear vision and not get distracted by every new opportunity that comes your way, but every plan is just a starting point: you'll be seeing what works, reviewing and adjusting course along the way.

Once you've got a strategy down on paper, that's a huge step – and you should congratulate yourself, because it's a step that most people will never make (and will suffer for).

But of course, the act of writing the plan isn't going to magic it into existence: you need to get out there and execute on the plan.

Turning your property business plan into action

Having an appropriate goal and a solid strategy to get you there are essential, sure – but nothing is going to happen until you actually take the steps that are necessary to execute that strategy.

If you don't take the time to identify the steps and make a plan to carry them out, you'll end up in “pulling an all-nighter the day before your homework is due in” mode. And you don't want that: it's no good setting a five-year goal, feeling all virtuous for being such a strategic and big-picture thinker, then realising in four years and 364 days that you've not actually got any closer towards making it a reality!

So let's get those steps in place. And the good news is…it's really simple. (The best things usually are.)

Breaking it down

However big, ambitious and far in the future a goal seems to be, all goals are achieved in exactly the same way : by breaking them down into individual tasks, and working through those tasks one by one.

As you work through those tasks, it’s important to have sub-goals as “checkpoints” along the way.

Sub-goals are how you stay on track: by setting a deadline for each sub-goal, you can make sure that your progress is fast enough. They also keep you motivated, because it means you’ll always have a small “win” on the horizon: you won’t just be looking at the main goal (potentially) years off in the future. Think of them as mile markers at the side of a marathon course.

To put it another way:

Small task + Small task + Small task = Sub-goal Sub-goal + Sub-goal + Sub-goal = Overall goal

It's those small daily tasks that are the foundations of your achievement. And that's the beauty of a good plan: all you need to concentrate on is ticking off your tasks each day, and your overall goal is achieved automatically!

So, this final step in your plan is about breaking that big goal down into sub-goals, and those sub-goals down into bite-sized individual tasks. That's it!

As you break it down, there are a few things I find are useful to think about…

One-off tasks v recurring tasks

Your business will have two types of task:

• One-off tasks , like finding a mortgage broker
• Recurring tasks , like viewing properties and making offers

These two types of task will both appear in your weekly, monthly and quarterly to-do lists. A useful way of planning your time is to start by filling in your recurring tasks – like going through portals to find new potential acquisitions every day, and calling agents to follow up on offers once per week – then adding your recurring tasks on top.

By thinking about both types, you'll make sure you're not dropping the ball on the important day-by-day stuff, but you're also not ignoring the big-picture one-offs that are going to make a huge difference to your business in the long run.

The first, simplest step

Just like you break a goal down into sub-goals and sub-goals down into tasks, I favour breaking every one-off task down into the smallest possible unit .

For example, “find a mortgage broker” could be an important one-off task for you, but it's not something you can just sit down and do until it's done. Because it seems nebulous and you can never identify a block of time when you can do it from start to finish, you can end up never doing it at all.

Instead, you'll make yourself feel better by ticking off smaller tasks that seem easier – but are often less important.

The solution is to break every task down into as many sub-tasks as possible. So instead of “find a mortgage broker”, the tasks become :

• Email 3 contacts to ask for recommendations
• Post on The Property Hub forum to ask for recommendations
• Email everyone who is recommended to set up a quick call
• Draw up a shortlist of 2-3 people to have a longer conversation with
• Pick a winner

Doesn't that seem much easier already? You can imagine sitting down and bashing out the first task in five minutes right now, then you're underway!

Who will do each job?

Here's a potential lightbulb moment: you don't have to do everything in your business yourself.

Any business has different “functions”, or departments – like sales, manufacturing, and admin. A property business is no exception.

The basic functions of all property businesses are the same:

• Acquisition
• Refurbishment
• Refinancing/selling

The types of task that fall within each function will depend on your business plan. For example, if your aim is to find properties you can buy “below market value”, acquisition could be a major part of the business – involving direct-to-vendor marketing, networking with estate agents, and attending auctions.

On the other hand, if your model involves buying properties that you think will experience strong capital growth, there could be a lot more tasks in the “research” part of the business – and acquisition could be very straightforward once you’ve identified the opportunity itself.

Could you do every task within every function yourself? Maybe.

Could the business achieve better results if you bring in specialists to do what they do best? Definitely .

You could go big and employ an assistant to view properties and make offers for you, or just make sure you outsource functions like management and accountancy to the relevant professionals.

Whatever you do, once you start thinking about your property venture as a business with various departments, you'll start to break away from the idea that this is something you have to do all on your own – and that's a very powerful insight.

OK, this has been a long one – but we've covered a lot of ground.

To recap, those critical steps are:

• Assess where you are now
• Work out where you want to be, and by when
• Outline a strategy to get you there
• Fill in the detail, to get you from “big picture” to individual steps

It's a process that's worked for me, and I've seen it work for many investors I've encouraged to put it into action too.

Its power is in its simplicity: you take the time to intelligently decide exactly what you need to do, then you figure out a way to (to borrow a registered trademark) just do it . As long as you show up and work through your to-do list each day, the big, scary, long-term goal takes care of itself!

Of course, you'll need to assess your progress and adjust course along the way: nothing will pan out exactly as expected, and there's a lot that can change over a timespan of several years.

But by having your plan, what you won't do is get distracted by every new idea that comes your way – researching HMOs one day, and holiday lets the next – and end up getting nowhere.

(You'd be amazed by how many plan-less people that description fits to a tee.)

So now you know how to put a property business plan together. It's not a plan that will necessarily get you funding from the bank, but it's something more important than that: a plan you can use every day to make sure you stay on track to hit your goals.

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China and Russia reaffirm their close ties as Moscow presses its offensive in Ukraine

China’s leader Xi Jinping has welcomed Russia’s President Vladimir Putin at an official ceremony Thursday on his state visit to China. Putin’s visit comes as Russia has become more economically dependent on China following Moscow’s military operation in Ukraine more than two years ago.

Russian President Vladimir Putin expressed gratitude to Xi Jinping for China’s initiatives to resolve the Ukraine conflict at their Beijing summit Thursday where the Chinese leader said China hopes Europe will return to peace and stability soon and that China will play a constructive role.

Russian President Vladimir Putin has landed in Beijing as part of a two-day state visit to China. Putin’s visit comes as Russia has become more economically dependent on China following Moscow’s full-scale invasion of Ukraine more than two years ago. (AP Production Tracy Brown)

Russian President Vladimir Putin held talks with Chinese President Xi Jinping in Beijing on Thursday, in which he stressed the two countries’ strong relations.

Russia’s President Vladimir Putin landed on Thursday in Beijing for a two-day state visit to China. The Kremlin said this will be Putin’s first foreign trip since he was sworn in as president and began his fifth term in office.

Chinese President Xi Jinping, right, and Russian President Vladimir Putin look toward each other as they shake hands prior to their talks in Beijing, China, on Thursday, May 16, 2024. (Sergei Bobylev, Sputnik, Kremlin Pool Photo via AP)

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Chinese President Xi Jinping, left, and Russian President Vladimir Putin review the honor guard during an official welcome ceremony in Beijing, China, Thursday, May 16, 2024. (Sergei Bobylev, Sputnik, Kremlin Pool Photo via AP)

Russian President Vladimir Putin, left, and Chinese President Xi Jinping attend a concert marking the 75th anniversary of the establishment of diplomatic relations between Russia and China and opening of China-Russia Years of Culture at the National Centre for the Performing Arts in Beijing, China, on Thursday, May 16, 2024. (Sergei Guneyev, Sputnik, Kremlin Pool Photo via AP)

Chinese President Xi Jinping, left, and Russian President Vladimir Putin shake hands during their meeting in Beijing, China, on Thursday, May 16, 2024. (Sergei Bobylev, Sputnik, Kremlin Pool Photo via AP)

Russian President Vladimir Putin attends a wreath laying ceremony at the Monument to the People’s Heroes in Tiananmen Square in Beijing, China, on Thursday, May 16, 2024. (Sergei Bobylev, Sputnik, Kremlin Pool Photo via AP)

Chinese President Xi Jinping, center right, and Russian President Vladimir Putin walk during an official welcome ceremony in Beijing, China, on Thursday, May 16, 2024. (Sergei Bobylev, Sputnik, Kremlin Pool Photo via AP)

Chinese President Xi Jinping, right, and Russian President Vladimir Putin walk during an official welcome ceremony in Beijing, China, on Thursday, May 16, 2024. (Sergei Bobylev, Sputnik, Kremlin Pool Photo via AP)

Chinese President Xi Jinping, right, and Russian President Vladimir Putin pose for a photo prior to their talks in Beijing, China, on Thursday, May 16, 2024. (Sergei Guneyev, Sputnik, Kremlin Pool Photo via AP)

Chinese President Xi Jinping, right, and Russian President Vladimir Putin attend an official welcome ceremony in Beijing, China, on Thursday, May 16, 2024. (Sergei Bobylev, Sputnik, Kremlin Pool Photo via AP)

Chinese President Xi Jinping, left, and Russian President Vladimir Putin, right, walk during an official welcome ceremony in Beijing, China, on Thursday, May 16, 2024. (Sergei Bobylev, Sputnik, Kremlin Pool Photo via AP)

Chinese President Xi Jinping, foreground right, and Russian President Vladimir Putin, foreground left, walk past members of Russian cabinet during an official welcome ceremony in Beijing, China, on Thursday, May 16, 2024. (Sergei Bobylev, Sputnik, Kremlin Pool Photo via AP)

Chinese President Xi Jinping and Russian President Vladimir Putin review the honor guard during an official welcome ceremony in Beijing, China, Thursday, May 16, 2024. (Sergei Bobylev, Sputnik, Kremlin Pool Photo via AP)

Russian President Vladimir Putin, left, attends a wreath laying ceremony at the Monument to the People’s Heroes in Tiananmen Square in Beijing, China, on Thursday, May 16, 2024. (Sergei Bobylev, Sputnik, Kremlin Pool Photo via AP)

BEIJING (AP) — Russian President Vladimir Putin and Chinese leader Xi Jinping on Thursday reaffirmed their “no-limits” partnership that has deepened as both countries face rising tensions with the West, and they criticized U.S. military alliances in Asia and the Pacific region.

At their summit in Beijing, Putin thanked Xi for China’s proposals for ending the war in Ukraine , which have been rejected by Ukraine and its Western supporters as largely following the Kremlin’s line.

Putin’s two-day state visit to one of his strongest allies and trading partners comes as Russian forces are pressing an offensive in northeastern Ukraine’s Kharkiv region in the most significant border incursion since the full-scale invasion began on Feb. 24, 2022.

China claims to take a neutral position in the conflict, but it has backed the Kremlin’s contentions that Russia was provoked into attacking Ukraine by the West, and it continues to supply key components needed by Moscow for weapons production.

China, which hasn’t criticized the invasion, proposed a broadly worded peace plan in 2023, calling for a cease-fire and for direct talks between Moscow and Kyiv. The plan was rejected by both Ukraine and the West for failing to call for Russia to leave occupied parts of Ukraine.

AP AUDIO: China and Russia reaffirm their close ties as Moscow presses its offensive in Ukraine

AP correspondent Karen Chammas reports on a summit between the leaders of China and Russia.

China also gave a rhetorical nod to Russia’s narrative about Nazism in Ukraine, with a joint statement Thursday that said Moscow and Beijing should defend the post-World War II order and “severely condemn the glorification of or even attempts to revive Nazism and militarism.”

Putin has cited the “denazification” of Ukraine as a main goal of the military action, falsely describing the government of Ukrainian President Volodymyr Zelenskyy, who is Jewish and lost relatives in the Holocaust, as neo-Nazis.

The largely symbolic and ceremonial visit stressed partnership between two countries who both face challenges in their relationship with the U.S. and Europe.

“Both sides want to show that despite what is happening globally, despite the pressure that both sides are facing from the U.S., both sides are not about to turn their backs on each other anytime soon,” said Hoo Tiang Boon, who researches Chinese foreign policy at Singapore’s Nanyang Technological University.

While Putin and Xi said they were seeking an end to the war, they offered no new proposals in their public remarks.

“China hopes for the early return of Europe to peace and stability and will continue to play a constructive role toward this,” Xi said in prepared remarks to media in Beijing’s Great Hall of the People. His words echoed what China said when it offered a broad plan for peace .

Earlier, Putin was welcomed in Tiananmen Square with military pomp. After a day in Beijing, the Russian leader arrived in Harbin, where he was expected to attend a number of events on Friday.

On the eve of his visit, Putin said China’s proposal could “lay the groundwork for a political and diplomatic process that would take into account Russia’s security concerns and contribute to achieving a long-term and sustainable peace.”

Zelenskyy has said any negotiations must include a restoration of Ukraine’s territorial integrity, the withdrawal of Russian troops, the release of all prisoners, a tribunal for those responsible for the aggression and security guarantees for Ukraine.

After Russia’s latest offensive in Ukraine last week, the war is in a critical stage as Ukraine’s depleted military waits for new supplies of anti-aircraft missiles and artillery shells from the United States after months of delay.

The joint statement from China and Russia also criticized U.S. foreign policy at length, hitting out at U.S.-formed alliances, which the statement called having a “Cold War mentality.”

China and Russia also accused the U.S. of deploying land-based intermediate range missile systems in the Asia-Pacific under the pretext of joint exercises with allies. They said that the U.S. actions in Asia were “changing the balance of power” and “endangering the security of all countries in the region.”

The joint statement demonstrated China’s support to Russia.

China is “falling over themselves to give Russia face and respect without saying anything specific, and without committing themselves to anything,” said Susan Thornton, a former diplomat and a senior fellow at the Paul Tsai China Center at Yale Law School.

The meeting was yet another affirmation of the friendly “no-limits” relationship China and Russia signed in 2022, just before Moscow invaded Ukraine.

Since then, Russia has become increasingly dependent economically on China as Western sanctions cut its access to much of the international trading system. China’s increased trade with Russia, totaling $240 billion last year, has helped the country mitigate some of the worst blowback from sanctions.

Moscow has diverted the bulk of its energy exports to China and relied on Chinese companies for importing high-tech components for Russian military industries to circumvent Western sanctions.

“I and President Putin agree we should actively look for convergence points of the interests of both countries, to develop each’s advantages, and deepen integration of interests, realizing each others’ achievements,” Xi said.

U.S. State Department deputy spokesperson Vedant Patel said that China can’t “have its cake and eat it too.

“You cannot want to have deepened relations with Europe … while simultaneously continuing to fuel the biggest threat to European security in a long time,” Patel said.

Xi congratulated Putin on starting his fifth term in office and celebrated the 75th anniversary of diplomatic relations between the former Soviet Union and the People’s Republic of China, which was established following a civil war in 1949. Putin has eliminated all major political opponents and faced no real challenge in the March election.

“In a famous song of that time, 75 years ago — it is still performed today — there is a phrase that has become a catchphrase: ‘Russians and Chinese are brothers forever,’” Putin said.

Russia-China military ties have strengthened during the war. They have held a series of joint war games in recent years.

China remains a major market for Russian military, while also massively expanding its domestic defensive industries, including building aircraft carriers and nuclear submarines.

Putin has previously said that Russia has been sharing highly sensitive military technologies with China that helped significantly bolster its defense capability.

Huizhong Wu reported from Bangkok. Yu Bing and Wanqing Chen in Beijing, Christopher Bodeen in Taipei, Jim Heintz and Dasha Litvinova in Tallinn, Estonia, and Ellen Knickmeyer in Washington contributed to this report.

Ukraine war latest: Russian missile ship hit, Kyiv officials say; Putin sacks minister in new sign of shift in strategy

Ukraine says it hit Russian missile ship Tsiklon in Crimea. Meanwhile, analysts say Moscow is seeking to draw out Kyiv's forces - as Putin makes another significant change to his cabinet.

Tuesday 21 May 2024 17:00, UK

• Ukraine hit Russian missile ship, Kyiv officials say
• Putin sacks minister in new sign of shift in war strategy
• European country now pushing to let Ukraine strike deep into Russia with Western weapons
• Russia using 'understaffed and incohesive forces' in bid to draw out Ukrainian troops
• Ukraine says it shot down 28 0f 29 drones in overnight Russian attacks
• Big picture: What you need to know as war enters new week
• Live reporting by Bhvishya Patel

European Union countries say they have reached an agreement to use the profits from frozen Russian assets to provide military support to Ukraine and help rebuild the war-torn country.

The 27-nation EU is holding around €210bn (£179bn) in Russian central bank assets, most of it frozen in Belgium, in retaliation for Moscow's war against Ukraine.

It estimates that the interest on that money could provide around €3bn (£2.56bn) each year.

Ukraine is desperate for more weapons and ammunition as Russia presses its military advantage.

EU headquarters said 90% of the money would be put into a special fund known as the European Peace Facility that many EU countries already use to get reimbursed for arms and ammunition they send to Ukraine.

The other 10% would be put into the EU budget. The programmes that this money funds would help to bolster Ukraine's defence industry or to help with reconstruction, should some countries object to their share being used for military purposes.

A small group of member states, notably Hungary, refuse to supply weapons to Ukraine.

Moldova has signed a security and defence partnership with the European Union, the first country to agree such a deal with the bloc.

EU foreign policy chief Josep Borrell made the announcement today.

It follows Moldova's strong condemnation of Russia's invasion of neighbouring Ukraine.

Led by pro-European President Maia Sandu, Moldova, which lies between Ukraine and NATO and EU member Romania, hopes to join the European Union by 2030. 

"This partnership will enhance the country's resilience. It will allow (us) to jointly address common security challenges, make our engagement more effective and explore new areas of cooperation," Mr Borrell wrote on X.

Moldovan Prime Minister Dorin Recean said on the X social media platform that EU accession would be the best "mechanism to ensure peace & stability for Moldova's citizens".

"Until then, the signing of the EU-Moldova Security and Defence Partnership is a step forward, enhancing our peace, security, and prosperity," he wrote.

Moldova gained independence from the Soviet Union in 1991 and its relations with Moscow have deteriorated during Russia's invasion of Ukraine.

As reported here earlier, German's foreign minister has been visiting Ukraine today.

Annalena Baerbock held talks with Volodomry Zelenskyy and spoke to Ukrainian energy minister Herman Halushchenko during an official visit to a thermal power plant that was destroyed by a Russian rocket attack in Ukraine.

Russian forces have wrought major damage with strikes on Ukraine's energy infrastructure since invading in 2022.

Ukraine's military hit the Russian missile ship Tsiklon in Moscow-occupied Crimea on Sunday, the Ukrainian general staff has said.

No further details on the matter but we'll bring you any updates on this as we get them.

Tens of thousands of Russians who fled to Turkey after Moscow's invasion of Ukraine have moved on to other countries in the past year, according to a new report.

Reuters says those who have moved have been squeezed by residency issues and soaring costs, citing data and interviews, including with nine Russian citizens.

Turkey, Russia's Black Sea neighbour - a NATO member - emerged as a magnet for Russians after the invasion in February 2022, with Istanbul and the Mediterranean resort of Antalya both among the preferred options.

Some of them had opposed the invasion, others were trying to shield themselves and their businesses from a wave of Western sanctions imposed on Moscow - including travel bans on Russians to much of Europe.

Some men feared being drafted into the army.

But this month, the number of Russians with Turkish resident permits fell to 96,000, down by more than a third from 154,000 at the end of 2022, official data shows.

Nine Russian citizens who spoke to Reuters said they and others had left partly due to struggles to get residence permits since early 2023. Many have headed to Serbia and Montenegro, among the few European countries where they are welcome.

Russians are also moving on because of soaring costs - Turkish inflation hit 70% last month - along with the difficulty doing basic banking in Turkey as a result of the sanctions.

"You can't predict your future in Turkey," said Dmitri, 46, an IT sector employee who declined to give his surname.

After Vladimir Putin announced a mobilisation in September 2022 to recruit Russian men to fight in Ukraine, Dmitri left Saint Petersburg and reunited with his wife and four-year-old son in Istanbul.

But in January 2023, a text message appeared on his phone saying his residency application was rejected without explanation, he said. Dmitri left Istanbul a month later.

"I had signed a rental contract for one year but had to leave everything behind," he said.

"We moved to Montenegro because it is economically and politically more stable than Turkey."

Turkey's Presidency of Migration Management said all rejected resident-permit applications include a justification in the foreigners' own language under relevant laws, and that applicants are free to pursue legal remedies.

In an email, it said departures of Russians were not only linked to residency permits.

"Several political, economic and sociocultural factors play a role," the government agency said.

One of the various sources of growing tension between the US and Russia has been the subject of the stationing of weapons in space.

Russia vetoed a US-drafted United Nations Security Council resolution last month that called on countries to prevent an arms race in outer space - prompting Washington to suggest Moscow was hiding something.

Then yesterday, a Russian-drafted resolution that called on all countries to prevent "for all time" the placement, threat or use of any weapons in outer space failed.

The draft failed to get the minimum nine votes needed from the 15-member group, with seven voting in favour and seven against, while one abstained.

A veto can only be cast by permanent members the US, Russia, China, Britain or France if a draft gets at least nine votes.

US ambassador Robert Wood told the Security Council before the vote: "We are here today because Russia seeks to distract global attention from its development of a new satellite carrying a nuclear device."

He also accused Russia of launching a satellite last Thursday into low Earth orbit that the US "assesses is likely a counterspace weapon presumably capable of attacking other satellites in low Earth orbit".

Russia's UN ambassador Vassily Nebenzia responded: "I didn't even fully understand what he was talking about."

The 1967 Outer Space Treaty already bars signatories - including Russia and the US - from placing "in orbit around the Earth any objects carrying nuclear weapons or any other kinds of weapons of mass destruction".

Russian foreign ministry spokeswoman Maria Zakharova today claimed Washington was to blame for the world missing another opportunity to prevent an arms race in outer space.

"The results of the vote on the draft resolution on preventing an arms race in outer space and on space security that Russia submitted to the UN Security Council for examination and China co-authored causes disappointment," she said.

"The United States and its allies acted against our constructive and comprehensive initiative, despite all steps that we made to take into account their proposals (including formulations of the corresponding American-Japanese draft resolution)," the diplomat said in a commentary.

"Another opportunity to prevent an arms race in outer space has, unfortunately, been missed through the fault of the United States and its allies."

The former commander of Russia's 58th army, Ivan Popov, has been arrested on suspicion of "large scale fraud", state-run TASS agency is reporting.

TASS has not provided any details of the investigation into Popov's activities.

We'll bring you more on this story as we get it.

We reported earlier this morning (see 7.29 post) that Ukrainian officials had said their forces shot down 28 out of 29 drones used by Russian forces in an overnight attack on seven regions.

However, at least seven people were injured in a strike in Kharkiv, which also damaged four private residences and 25 trucks and buses.

Footage from the scene shows firefighters battling flames in the wake of the attack.

We reported in our 12.00 post about the visit to Kyiv of Germany's foreign minister, in an effort to lend support to Ukraine's war on Russia.

However, it now appears Germany is set to offer assistance beyond the symbolic, with a source telling Reuters the country plans to ramp up military aid for Ukraine by another €3.8bn (£3.25 billion).

So far, Berlin has earmarked €7.1bn (£5.98bn) for Kyiv with weapons and ammunition this year, but the money has already been almost completely allocated to projects, Bild newspaper reported

It added that Defence Minister Boris Pistorius had asked for the additional funds and Finance Minister Christian Lindner had signalled his backing, pending final approval by parliament in June.

A finance ministry source did not confirm the exact number but added that support for Ukraine would not fail because of the ministry.

According to the report, Mr Pistorius has requested €15bn (£12.82bn) be allocated for military aid for Kyiv in Germany's 2025 budget, which is being negotiated at the moment.

As Russia continues to establish momentum in its offensives around Kharkiv, the war in Ukraine has entered an important phase.

Readers have been sending in their questions to our senior correspondents and military experts for their take on the changing battlefield environment.

Today, Peter asks:

Would US A10 Warthogs make any difference to the war in Ukraine? The US has excess stock and is decommissioning them now. They are cheaper than the F-16s, with a shorter learning curve. I know the US military was against sending some over at the beginning of the war, but now?

Military analyst Sean Bell  had this to say:

Thank you, Peter, for this interesting question.

History shows that conducting any form of military action without a credible combat air capability is very difficult. Russia is using its air force assets to pound the Ukrainian frontline, and although Ukraine has used Western surface-to-air missiles to great effect - shooting down around 10% of Russia's fighter jets - the Russian fighter air capability presents a formidable threat to any Ukrainian offensive.

The quickest way to provide Ukraine with the air support it requires would be via a NATO or Western-led no-fly zone. However, to date, there has been limited Western appetite to risk an escalation of the war to a direct conflict between NATO and Russia.

Instead, the West has agreed to provide F-16 fighter jets to Ukraine, but only when they have enough pilots trained to operate these Western aircraft, and when the logistics support and weapons are also available.

Providing Ukraine with an F-16 combat capability has taken time, and it is still not clear when the aircraft and supporting logistics will be deployed into battle, or how the F-16s will be used. One reason the F-16s were selected for Ukraine was their availability - it is the most widely used fighter jet of its generation - as that also means there is a ready supply of spares.

Most important, the F-16 is multirole. It is capable of conducting air defence missions - shooting down enemy aircraft - along with bombing missions, and it has the speed and agility to ensure survivability.

The US A-10 Warthog is an immensely capable aircraft, but it is optimised for Close Air Support - close-proximity support of ground forces. At this role it is very effective, but the platform has no air defence capability, and by modern fighter-jet standards, it is very slow - a third of the speed of many Russian fighters. That would make it very vulnerable to Russian attack if deployed into battle without a comprehensive package of air support.

Once the war is over, Ukraine will need to rebuild its own combat air capability, and might benefit from the A-10's unique capabilities. But for now, the F-16 provides Ukraine with the best prospect of a near-term combat-effective combat air capability.

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