Building a real estate business is tough these days. We should know! We are in the real estate business too. Competition is fierce – fiercer than it’s ever been it seems, and the number of realtors seems to be growing by the minute. Combined with a prolonged recession, these are tough times for realtors. But a business, any business, should be built for the long term. And if you do it right, you should e able to survive the tough times and benefit from the good times.
Three tips for building your real estate business (three more in the next post):
1. Create a business plan. Very few realtors do this, but creating a written business plan is vital. This need not be complicated – your plan can be fairly simple and short. You should basically see where you are now, where you want to be, say, ten years from now, and list the steps that you need to take in order to get there (such as taking classes or starting a blog).
2. Create an annul budget. Include your projected marketing costs, any additional costs you expect to incur such as education, and your projected income. None of this will be 100% accurate, but you should still have at least a general plan.
3. Remember work-life balance. Just like any other small business, your real estate business could easily take over your life. Any small business owner will tell you that if they are not careful, they can find themselves working around the clock. Don’t let it happen to you! Make sure to spend time with your family and friends, and to have some alone time too.
Please stay tuned for our next blog post, where we will discuss three more business tips for real estate professionals.