Creating a real estate agent business plan: Vital for Success!

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Education & Training 9460164-RS00

Congratulations!

You have finished your 120 hours of real estate education and you've submitted your paperwork to the Utah Division of Real Estate - you did it!

But now what? 

Well, first of all, understand that your new career is going to be exciting but it can also become frightening if you haven't created a business plan and haven't become realistic about what a career in real estate is all about, says 35 year Remax Real Estate professional and instructor Victoria Caldwell.

"A lot of people go into real estate thinking they will spend all this time looking at all these great houses," Caldwell said. "And while you do get to see some great properties, the reality is that you need to put your problem solving hat on. Because this industry is about 90 percent problem solving for your clients and 10 percent looking at great homes and properties."

While one of the most positive attractions to a career in real estate is the flexibility to schedule your life for yourself, that very loosey-goosey nature of the job can trip up a new real estate professional.

Create a business plan and then be honest with yourself about performing each of those daily steps and you will have success, says Caldwell.

"For instance if you create a business plan that requires you to reach out and contact, in any way, five people per week, then be honest with yourself about that and send those notes or make those calls or visits and then write those people's names into your planner," Caldwell said. "The key is to create a business plan that you stick to even when it begins to feel that it is not paying off."

So how do you come up with a business plan to kick off your new career and what might a business plan for a real estate agent look like?

"With the help of your broker, you can begin to create your real estate business plan," Caldwell said. 

A real estate business plan may look something like this:

1. Take the dollar amount that you want to make in real estate for a year and translate that into the number of clients (buyers and sellers) you will need to work with to earn that goal. To do this you will use the average net commission of the area. Your trainer can help you find that number. 

 

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Comments (4)

Tanya Van Blake-Coleman
Van Blake-Coleman Realty, St. Thomas/www.talk-to-Tanya.com - St Thomas, VI
Improving the Quality of Your Life

Planning no matter the industry is always a smart thing to have in place as well as a cycle of evaluation of that plan, its execution and revision if necessary.

Aug 19, 2015 02:47 AM
Roy Kelley
Retired - Gaithersburg, MD

Thanks for sharing your business plan advice for new agents.

Dec 11, 2015 09:56 PM
Carmine Rauso & Debbie Rauso
Keller Williams Main Line - Newtown Square, PA
Professional REALTORS® and Real Estate Investors

As an agent team with just over 4 years of experience, we can attest to the importance of a solid written business plan, and how executing on it can lead to achieving your goals, no matter how big or small. Kudos to you for teaching this early in the process!

Feb 20, 2023 04:38 PM
Carmela Jacobs
Carmela Realty - Westlake Village, CA
Ventura Co., Los Angeles Co., CA, & Global Realtor

Good to know, thank you for your post.  I am a California Broker; considering Utah as a potential state to also acquire a license.

Jul 26, 2023 11:14 AM