Nebraska Real Estate Continuing Education - NEBRASKA Approved School: RealEstateCE.com
NE 3.0 hours Avoiding Common Mistakes Course Syllabus
3.0 Elective Hours
One of the best ways to avoid mistakes is to have an organized plan of action. This course stresses the importance of having a financial budget, and not counting on the proceeds of a commission until a transaction closes.
Like any other business, a real estate brokerage needs a business plan. This is a detailed daily schedule of the actions that you will take to arrive at an established set of goals. Without a means by which to accomplish your goals, goal setting can become useless. A business plan serves many purposes such as acting as a road map to reaching your goals, tracking which actions are producing the best results, and also aiding in establishing a budget.
To be able to execute your business plan, you'll need to have a budget. Plan carefully and be realistic about expenses, and adjust when necessary. Check this budget often to determine if you are staying within the planned guidelines.
When starting your career as a real estate professional, you'll need to have an income buffer to draw from. Even if you were to sell a home the very first day on the job, a typical transaction can take 30-45 days or longer to close. "It isn't closed until it's closed" is a phrase you'll hear often, and you should not directly allocate these commission dollars until after you have been paid.