Thinking about retirement when you're in the real estate business is another challenging task. I was reminded of this, after reading a post by Anita Clark about a "Free Retirement Seminar." Nothing in our line of business is easy, is it? However, it's a topic that everyone should start thinking about when they reach their mid 50's.
I'm in my mid 60's and it's taken 33 years for me to build up my business and then create a team to continue with it. Creating a solid business required decades of very diligent work. It cost time and money, and there should be a return on it.
If you are the broker/owner of the real estate company, there is equity in that company just for "the blue sky" value plus the value of the franchise, if you are an owner of one. Your reputation and goodwill have a value, especially if you have good agents who will stay with the new broker/owner. A team can also have value, if it's set up properly with the right people or partner to carry on, at the right time.
There is also an intermediate phase. It's the point at which you don't want to run with clients or be bothered with phone calls, but you don't want to leave the industry either. You like the income, but don't want the long hours and evening appointments. Marketing for your team is the stage that allows you to have your cake and eat it too.
Presently, I spend "money" on direct mail and "time" on blogging. Both pay profitably. Eventually, I want to spend less money on direct mail and let the blogging do the job. That's my game plan. Have you thought about yours? It's time to plan for the future.
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