Everyone has heard the saying aim for the moon and play amongst the stars. When it comes to joining a brokerage, make sure you are not just creating another job.
Very often real estate agents get so busy in the day to day of handling transactions they do not take a close look at their actual business. Most end up working a “job” without the benefit of a 9 to 5 schedule.
The simplest way to ensure that agents do not fall into that rut is by acting as if they’re preparing to sell their business! Even if they are never planning to sell.
There are 5 things to keep in mind that will help you position a company by focusing on a strong profitable business structure. Let’s count them down.
- Know the landscape.
- Are there any brokers in your Market that purchase well run books of business from real estate agents? Do they try to hire them?
- Know your business value
- This means to have a close eye on expenses, not just how many units you sold and how much money you made.
- Is your business structured to sell.
- This simply means do you have systems in place that would allow someone else to step in to operate profitably.
- What effect will that have on your family and team members?
- It’s important to take a look at not just the financial implications but also the interpersonal implications where to sell.
- What are you going to do after you sell?
- It’s important to have the end in mind. That means having a good plan of what you’re going to do, and how you’re going to spend your time after you step out of the driver’s seat of your business.
If you keep all of these factors in mind and really dig in to the answers you will be extremely well-prepared as a business person to operate a company instead of just an agent that has created a job for themselves.