RISMEDIA, June 13, 2007-Real estate is an unusual business, one in which agents often think of themselves?as “salespeople” rather than “businesspeople,” and one area in which this distinction is often most evident is retirement.
In the fast paced, exciting world of real estate, thoughts of retirement or “exit strategies” are not often priorities for the up-and-coming agent or broker. Focused on building their business, database, and referrals, thinking about leaving the industry doesn’t often enter into the picture for the busy agent or broker. Many might say it’s almost counter-intuitive to the mindset they need to cultivate a wildly successful business.
But in the corporate world, retirement is discussed and thought about as early as the first or second job interview. “What’s your retirement plan?” a candidate will ask, and companies will vie for talent by offering attractive incentive packages often bundled with an excellent retirement plan. In real estate, retirement is rarely discussed, if ever.
In a recent interview, Arizona-based Realtor Tim Baker turns that notion on it’s head, and says that not only should agents be thinking about an exit strategy from day one, it’s his opinion that those of us in the real estate industry have many distinct advantages over corporate retirees.
“You make the decision on when you want to leave this business; there’s no predetermined time where you have to retire by 62 or 63, or 75 or 105. You’ve got all the opportunities to retire at 35 if you want to. It’s simply a matter of who you are, how you prepare yourself for it, and what your goals are,” explains Baker.
Baker believes an agent should start thinking about their business as a saleable commodity from day one, and structure their systems to reflect and build upon that concept. Ultimately, he says, it makes the process that much easier when you reach the point that you are ready to exit the business, perhaps to pursue a lifelong dream.
On this week’s RISMedia/iSucceed Business Development and Training Call, Tim Baker describes the specific areas agents and brokers should consider when planning their own exit strategies, including questions agents should ask themselves to narrow down their focus, as well as two items that are absolutely essential to any good exit-strategy. Hosted by iSucceed’s own Kelly Kelley, the interview will be available for one week only at www.isucceed.com/rismedia.
Having held his real estate license since 1979, Tim Baker has been one of the Top 50 RE/MAX agents internationally every year since 1984, which translates to 28 years in the business, 23 of those spent in the Top 50. Baker speaks and trains agents across the U.S. and in Canada, Mexico, New Zealand, Australia and Bali, as well as NAR presentations. Baker now co-leads the “Tucson Power Team” and is a published author, with several articles in real estate magazines and just released a new book “The Real Estate Professional’s Handbook for Starting and Running a Successful Business”.
Every Wednesday the RIS Media/iSucceed Business Development and Training Call presents profitable real estate strategies and introduces agents across the country to the full 30-minute iSucceed Weekly Counseling Call, available only at www.iSucceed.com?- a comprehensive online provider of real estate tips, tools, secrets and success strategies, directly from North America’s 175 most successful real estate professionals.
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