The real estate agent's business planner: practical strategies for maximizing your success

272 Pages·2005·0.84 MB·English

by  Bridget McCrea

The
Real Estate Agent’s
Business Planner
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The
Real Estate Agent’s
Business Planner
Practical Strategies for Maximizing
Your Success
Bridget McCrea
AmericanManagementAssociation
NewYork•Atlanta•Brussels•Chicago•MexicoCity•SanFrancisco
Shanghai•Tokyo•Toronto•Washington,D.C.
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LibraryofCongressCataloging-in-PublicationData
McCrea,Bridget.
Therealestateagent’sbusinessplanner:practicalstrategiesfor
maximizingyoursuccess/BridgetMcCrea.
p. cm.
Includesbibliographicalreferencesandindex.
ISBN0-8144-0846-X(pbk.)
1. Realestatebusiness—Planning. 2. Realestateagents. I. Title.
HD1375.M368 2005
333.33(cid:1)068(cid:1)4—dc22 2005001184
(cid:2)2005BridgetMcCrea
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Contents
FOREWORD ix
ACKNOWLEDGMENTS xiii
CHAPTERONE:
TAKINGSTOCK 1
TheWhirlwind 5
LayingItAllOut 13
FindingValue 16
TheRealDeal 19
CHAPTERTWO:
BUSINESSPLANNING101 23
BeforeYouStartWritingYourBusinessPlan 26
ExperiencePays 26
FiguringYourCommission 31
OutliningYourKeyGoals 34
OutliningYourBusinessPlan 37
StokingGrowth 45
CHAPTERTHREE:
DEVELOPINGAMARKETINGPLAN 51
FailingtoPlan 54
AssessingtheCompetition 56
CreatingYourPlan 60
BeingRealEstateSpecific 66
GettingAffordable 71
ForExistingAgents 74
v
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vi CONTENTS
CHAPTERFOUR:
SETTINGGOALSANDOBJECTIVES 77
LayingItOut 83
FoodforThought 86
StayingFresh 88
GettingPersonal 93
CHAPTERFIVE:
MANAGINGAFLUCTUATINGINCOME 97
TheBasics 99
HurdlingChallenges 102
FillingthePipeline 106
Prospecting,Prospecting,Prospecting 108
ImprovingMarketKnowledge 110
GettingOrganized 113
CHAPTERSIX:
TAXPLANNINGANDPREPARATION 119
TaxingMatters 122
StreamlinedSystem 124
KeyConsiderations 128
WhenandWhattoFile 133
HiringHelp 136
GettingGoing 139
CHAPTERSEVEN:
PERSONALANDPROFESSIONALDEVELOPMENT 143
DevelopingProfessionally 146
GettingCredentialed 150
GrowingYourBusiness 153
StartNow 166
CHAPTEREIGHT:
TREATITLIKEABUSINESS 169
BusinessSense 172
CashIsKing 176
ToIncorporateorNot? 179
GoodReasons 183
ReapingRewards 186
OntheWeb 189
WalktheWalk 191
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CONTENTS vii
CHAPTERNINE:
LONG-TERMPLANNING 195
EarlySteps 200
StrategizingforSuccess 203
OtherConsiderations 206
TheLong-TermView 208
StartPlanningToday 215
APPENDIXA:
SAMPLEBUSINESSPLANS 219
SampleBusinessPlan(cid:3)1:NewAgent 221
SampleBusinessPlan(cid:3)2:ExistingAgent 228
APPENDIXB:
BUSINESSPLANOUTLINE 235
BUSINESSPLANNINGRESOURCESFORREALESTATEAGENTS 241
INDEX 245
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Foreword
‘‘FOREWARNED, FOREARMED;
TO BE PREPARED IS HALF THE VICTORY.’’
—MIGUEL DE CERVANTES SAAVEDRA
Very few people actually enjoy the planning process. Most
would rather jump in feetfirst and let the chips fall where they
may, never taking the time to actually map out a viable plan of
action for success.
As someone who works often with new and existing real
estate agents, I can tell you that they’re no different. In fact,
there’s almost a built-in resistance that comes up as soon as
youmentionthewordplanning—asifdoingsowouldsomehow
take away from the person’s ability to succeed.
To make the task more digestible, I boil planning down to
two key factors: effort and accountability. On one hand, plan-
ninginvolvesmappingouttheactualeffortputforthduringthe
workday. On the other, it helps you be more accountable for
ix
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