Most real estate agents don’t think about an exit strategy until they are nearing the age of retiring from the real estate business. In my opinion, that’s a very late time to start thinking about exiting. An exit strategy is a difficult one to create.
Most agents who think about retiring have no residual income following them. In order to have that income when you retire, one needs to have a plan in place 15 years prior to the exit date. That fifteen year period affords enough time to iron out the kinks and place people of authority in position to take over when you step down.
I’ve assigned myself a marketing position during this time period, and my intention is to continue to market whether I remain in Franklin or have relocated in the future. It’s a plan that has worked well over the past ten years, and my team is weathering this storm.
Plan your exit strategy with plenty of years to fine-tune and become established as a team. Creating a team for exiting is a fine way to retire and continue to receive income. After my demise, the team leader, Lorraine Kuney, will continue the same process and prepare for her retirement, just as I have for mine. The best part of having an exit strategy in place is that you can retire whenever you are ready.
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