Running your business like a business is crucial for getting value for your business. Today’s episode is the first of two episodes that touch on the business planning aspects of real estate. As REALTORS®, it is crucial to plan and be wise in the real estate business and think of yourself as a business person. Mark Given joins Monica today to talk about a number of things that should become part of your business plan: finding a mentor, how to foster a good broker relationship, the cost of training (or not having training) in several areas, as well as niche positions in the market and keeping up with your past clients. They also discuss aspects of building a team and being proactive in your business. When an agent is starting a real estate business, there is a lot to consider in getting started. One big aspect to consider is the cost of getting into the business; not only getting the license, but also membership fees, marketing expenses, and the out-of-pocket expenses until your business can sustain itself and support you. One of the first things a new agent has to do is find a brokerage firm. You need to find a good fit with your broker, so they can help nurture you and gain momentum. Looking for a brokerage firm that has potential mentors, a good educational program, and a culture that connects with who you are. Looking for mentors both within and outside the company is important in getting honest answers to some important questions. Learning to ask good questions is a huge part of the real estate industry. Understanding the money aspect of real estate is important in showing a profit and actually making money in your business. You likely won’t be closing on any deals right away, and you have to budget for the periods of time that you don’t have any revenue. Some expenses include gas, marketing, MLS and association fees, and other additional business fees. Taking a class that talks about the cost of running your business is a great idea for new agents — you don’t want surprises that might cause stress that would prevent you from performing at your highest level. You also don’t want to get ahead of yourself; don’t spend it before you make it! Training should be part of your business plan as well. Not only for new agents — there is always new information to be learned. It is very beneficial to do more training besides what is required for your continuing education. This can help grow your own confidence, and make your business more successful. Most agents run their real estate business as a generalist. There are plenty of agents who succeed running their business this way, but Mark has found that agents that take the time to specialize in a given niche often become the “go-to” person for that niche. If you’re going to run your business like a business, it’s in becoming really good at some part of a business that you become recognized as the best person for that part. Keeping up with your clients after a sale is a great source of ongoing business. Many of the most content REALTORS® are providing service for clients they have worked with before. When thinking about where business is going to come from in your marketing, think about clients you have worked with before and had a good experience with. Consumers should have an ideal agent, and agents should also have an ideal consumer. Making an effort to keep in touch with previous clients is not rocket science, it’s people science. Part of building your business properly is to show both competence and care. The team model has been making a rise in the real estate industry. When you have a team, you have to think about the financial side and compensation, as well as the skill side. You want to have a well-rounded group of people with different abilities and skills. It is important to communicate and hire in a way that matches up the right people together in a team. These things are important to consider before you start or join a team — make a business plan before jumping into it. An