NE 3.0 hours Avoiding Common Mistakes - Course Syllabus

Course Syllabus:

3.0 Elective Hours

One of the best ways to avoid mistakes is to have an organized plan of action. This course stresses the importance of having a financial budget, and not counting on the proceeds of a commission until a transaction closes.

Like any other business, a real estate brokerage needs a business plan. This is a detailed daily schedule of the actions that you will take to arrive at an established set of goals. Without a means by which to accomplish your goals, goal setting can become useless. A business plan serves many purposes such as acting as a road map to reaching your goals, tracking which actions are producing the best results, and also aiding in establishing a budget.

To be able to execute your business plan, you'll need to have a budget. Plan carefully and be realistic about expenses, and adjust when necessary. Check this budget often to determine if you are staying within the planned guidelines.

When starting your career as a real estate professional, you'll need to have an income buffer to draw from. Even if you were to sell a home the very first day on the job, a typical transaction can take 30-45 days or longer to close. "It isn't closed until it's closed" is a phrase you'll hear often, and you should not directly allocate these commission dollars until after you have been paid.