Do You have a Real Estate Business plan? Do you have a plan that will make a bank Bankroll you? Lack of clarity in business and and business plan is next to the biggest reason a business fails. I believe the first is undercapitalization. However enjoy the following.
Can you identity the following in your business:
Management: Who are the principals of your business, What is your area of expertise. What makes you better than your competitors.
Business Purpose: What business will you do or not do. Short Sales, Reo, Traditional? Buyers only? Sellers only? Work with teachers who are transfering to the High Desert? How will the business benefit the community? If you do short sales you are helping to save a family from the fallout of financial ruin. Is there a demand for this type of entiry? Did you find a niche?
Equipment: Phone/Fax/Cell/Printer/Desk/Chair Work out of the Brokers' Office or out of your own?
Faciltiy: Where is your business conducted? Do you meet clients at home or at the brokers' office or at a local escrow company. If this is your office- how will the space be used? Will you Feng shui? What are the terms of the leases.
Service Area: Will you target your location? How far do you want to drive? Will you have an area of expertise? (one mile by one mile square will give you plenty to do)
Employees and/or team players: How many employees do you have? Have you built a team base with local vendors to help facilitate your deals? Is there an area of expertise that you need to hire? Accounting, payroll, repeted tasks that relate to marketing?
Cost of Establishment; Count the cost before you get in. What are your expenses after getting the education and passing the state DRE Test? Do you have local MLS fees, Franchise fees, Desk Fees,
Product: What is your product? in Real estate for the residential market it is homes that make up the product. Do you know your product? Have you previewed your product? What knowledge of the product and the liabilities do you have? How are you going to present your product better than the competitor?
Have you written your goals for first year production? Do you have a vision for your business?
One of the easiest ways I know to figure your income is to take the average price of the product you sell. Take the amount of money you want to earn in one year to meet all the needs and fun you want to have. That is how many deals you must do in order to make things happen.
Finally Real Estate simply boils down to three functions
Lead Generation: Find em\
Lead Conversion: Make em like you and pick you
Lead Serviceing : Sell and put it into escrow
and do it again.
Thanks for Reading.
Make it an Awesome Day
Think about all the Good World Vision Does. Have you thought about supporting World Vision?
Comments(1)