TN 4.0 hours Planning and Growing a Real Estate Business - Course Syllabus
4.0 Elective Hours
A career in real estate brings sizable paychecks and the potential for unlimited income, but there are drawbacks. The real estate market fluctuates. One of the major hurdles that some real estate agents face is sustaining themselves financially from the time a sale closes to the time the commission check is received. This could take 60 to 90 days, depending on the transaction. One quarter could be a boom the next quarter could be much leaner. Therefore, real estate professionals must develop strategies for dealing with fluctuations in income to increase their ability to achieve business success.
Key strategies for managing income fluctuations include engaging in effective marketing, returning phone calls from prospects within an hour, setting up appointments with leads within a few days, branding oneself as an expert and advisor instead of a salesperson. The best way a real estate professional can manage income fluctuations is to grow their businesses. This creates a steadier stream of clients, which provides a steadier stream of income and help ensure that commission checks are received regularly. Prospecting is essential for managing and decreasing fluctuations in income, so it should be performed daily if possible.
Business fluctuations - like economic downturns, fluctuations in real estate markets, and lack of transactions - can ruin real estate businesses. This course will discuss strategies for maintaining business and financial stability during inevitable fluctuations.