This is Part 2 of How to Sell my Real Estate Business.
If you are serious about getting Top Dollar and getting
a stream of income for your Retirement Years , you
will need a well organized Succession Plan . And
ideally it should start 8-10 years before you completely
leave the Real Estate Business. I will address 3 steps .
Step #1- Interview and choose a Successor.
For the next three years you will work as Partners on
all of the Buyers & Sellers you have received . You will
go on Appointments together and promote the two of
you as interchangeable parts . You will receive the bulk
of the income and pay the new partner a agreed upon
Referral Fee . The Public sees the two of you as a Team .
Step #2- starting in years 4 through 6
When you have a solid lead you and your partner will
both go on the first appointment to demonstrate the
team system ( 2 heads are better than 1) . However the
partner will do 60-66% of the work ( hrs involved) and
be compensated by a similar percentage. You will be
making less , but do so to begin to pass the Baton . Your
goal is to now start to transfer responsibilities and hours
of involvement, which will allow you to Travel and slow
down your pace in Real Estate.
Step #3- years 7 through 10 ( or longer)
At this point you could physically move away from the
Marketplace or out of State . You receive a lead from
someone who views you as an active Realtor. You build
rapport and tell them you are out of town, but are going
to tell your Partner to call them and get started . You
and your partner will need to decide how active you
will be in servicing the lead . Partner makes the bulk-of
the income and pays you a Referral Fee . This relationship
can continue as long as you Renew your License !
TWO OTHER POINTS- 1. Read my first Blog Post on this
topic . 2. Beginning in the first year all of your clients
will be in a Data Base that will communicate your
partnership/ Team. Over all of the remaining years they
will see the both of you working together.
One Last item - have an Attorney prepare Partnership
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