Training Library A Real Estate Business Plan on One Page Learn this method for creating a simple one-page real estate business plan to organize everything an agent wants to accomplish in a year on a single page. This tidy format allows real estate professionals to focus on the key actions that specifically lead to the results they desire without having to endure the tiresome process of drafting more formalized business plans. As each item on the plan is crossed off, agents are assured that productive change and growth in direct alignment with their annual goals are steadily occurring.
You probably got into the business because you enjoyed the freedom of working for yourself — being able to create your own business model, your own hours, and your own niche. But for some, a successful career as a real estate salesperson is only the beginning. Follow these tips from practitioners who have branched out on their own.
Start an idea file. Once you set your goal to open a real estate company, begin talking to other business owners — not just in real estate — to gather ideas you can use for your business. Ask detailed questions, such as: What has been your biggest challenge? What surprised you most about being a business owner?
What advice would you give to someone who is starting her own business? One effective tip she offers for those who want to keep a new business running smoothly: That way, nothing falls through the cracks. Make sure your idea will fly. Once you have a targeted idea for your business, your next job is to do the research.
You have to make sure that your great idea will thrive in your market. Small Business Administration says you should be able to answer all of these questions before starting a company: Is my idea practical and will it fill a need?
Who and what is my competition? What is my business advantage over existing companies? Who are my potential customers and why will they purchase services from me? How will I reach potential customers?
Where will I get the financial resources to start my business? How will I compensate myself? Create a business plan that takes everything into account.
This is where you closely examine your start-up costs, business model, overhead, and the other fine details of running a business.
Fortunately, there are lots of resources in this department, including sample business plans and free advice on Web sites such as www. Here are some of the elements that you will have to consider when writing your business plan: Consult your accountant to determine what kind of company — a sole proprietorship, general partnership, an LLC, and so forth — best fits your needs.
Estimate your earnings and expenses. Break down expenses into categories, such as advertising and marketing and operating expenses. Determine a commission structure and how advertising expenses, referral fees, and other costs will be divvied up among salespeople.
How will you find and retain top salespeople? Start-up costs can be substantial, and income is uncertain. Have funds to carry you through the inevitable lean months. Johnson, who launched Lynn Johnson Realty Inc. Whenever necessary, hire outside gurus to get the job done. Focus on the areas of business that you do best, and seek help from the experts in other areas, such as Web design, marketing, graphic design, risk management, and accounting.
If you try to do too much on your own, you put yourself and your business at risk. Invest in your image. Effective marketing materials — including your Web site, mailings, and ads — should project a professional, unified image.In the same way, carefully crafting your real estate business plan is an integral part of your journey.
This chapter will focus on the options you have in building that plan and will prepare you for your entrance and long-term success in real estate investing.
Golden Valley Real Estate, LLC (GVRE) is a start-up company in the Tucson area. It is the mission of GVRE to provide real estate services in the newly established Golden Valley Retirement Community, located to the Northwest of scenic Tucson, Arizona.
A Real Estate Business Plan is a Living Document. For both agents and brokerages, a business plan is a living document, meaning that you don’t “set it and forget it.” The best real estate business plan is one that evolves with you and one that you continue to tweak and alter things as your business grows.
When learning how to start a real estate business, it’s very important you learn about zoning. There are separate zones for residential and commercial real estate. An individual preparing to open a real estate business must check the city zoning to know about the division of the location.
A good business plan is the first step in recession-proofing your business. Check out some sample business plans for real estate, mortgage broker, realtor, property management, and similar businesses to get ideas for your own business plan.
Real estate coaching: The One Page Real Estate Business Plan- Create an annual real estate business plan on one page to organize everything you need to accomplish next year.