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Business Planning 101

So you want to become a real estate agent? Okay.

The first step is to take care of your personal finances

Starting a real estate career may take some time, which usually means financial sacrifice. You must know exactly how much money you spend – and can therefore afford not to make – before you undertake this career path. The average new broker only makes about $35,000 a year, so be prepared to make whatever arrangements are necessary – with your spouse or family - to stay afloat while you make this transition.

 

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The next step is to figure your commission

A three-percent commission, for instance, doesn’t necessarily translate to three-percent of the value of the property you sell. You also have to figure in deductions like franchise fees, any split with your agency, training fees, and other charges.

After you’ve set up your finances, you should develop concrete goals for yourself

For instance, how many prospects do you need to be self-sufficient? A ten-to-one prospect-to-buyer ratio is realistic for a newcomer.

Now that you know what you need to get started, it’s time to create a business plan

It’s good to write down exactly how you plan to grow your business so that you’re prepared for whatever contingency may come along.

Your business plan should include an analysis of the real estate market you’d like to enter, including past trends and forecasts, a description of the legal structure of your agency (if you plan to go solo), a rundown of the personnel necessary to make your plan work, and a projection of the funding that will be necessary to get your business off the ground.

Also, it’s often helpful to share your business plan with successful people in the field to get their input about its realism.

Finally, you need an exit strategy in case your business fails

An exit strategy isn’t a sign of weakness. Rather, it’s a sign of maturity. It shows you’re ready for whatever comes your way – and that you won’t panic in the face of adversity. Many businesses fail before they ultimately succeed. Making sure that you’re able to survive any unforeseen setback in good financial and emotional health is always a key to future success.

Don’t be caught unprepared.

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