The Real Estate Encyclopedia
Why Should I Create a Business Plan?
Category - Professional Development - Become a Real Estate Agent
Some people think you do not need a business plan unless you are borrowing money. Although you do need a business plan to obtain a business loan, a business plan provides a guide to help you define and meet your business goals.

As a Realtor, you should identify a particular area of the real estate market you wish to focus on, e.g., residential, commercial, land, etc. There may be an area you are more familiar with and which holds a particular appeal. Creating a business plan will help you think through the details of your business approach and how you want to proceed to achieve your goals.

From a financial perspective, you must identify the expenses you will incur, such as advertising, continued education courses, professional membership fees, brokerage fees, signs, office supplies, keys, cell phone, etc. A business plan will help you project and manage your expenses.

A business plan will also help you establish yearly goals. How many houses would you like to list, how you will achieve this goal, how many properties you will sell, average sales price, and average commission after expenses, etc? Establishing a realistic goal will keep you focused and represent the first step toward success.


References
 
Category(s)
Professional Development - Become a Real Estate Agent
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