Title: (Optional) Develop a business plan for a real estate business.
Course: Real Estate (12154) > Section: Understanding Entrepreneurship in Real Estate

Development should include following established format to produce the following components:

- Executive summary
- Description of the business
- Product or service
- Marketing plan
- Operation plan
- Financial plan
- Growth plan
- Appendix

Development may also include consideration of the following elements required for success:

- Types of prospecting
- Time management
- Budgeting
- Affiliations
- Presentation development
- Marketing materials

DPOR correlations: 18VAC135-20-400. 15 (Brokerage and agency contract responsibilities); 18VAC135-20-400. 16 (Real estate marketing); 18VAC135-20-400. 25 (Real Estate Board regulations)

Process/Skill Questions:

- Why is a business plan important to the real estate salesperson?
- Why is a business plan important to the real estate broker?
- Why is budgeting important to a real estate salesperson?
- Why is it important for a real estate salesperson to join affiliations?
- At what point would a real estate business owner want to recruit other employees?
- Can only licensed agents work in a real estate business? Explain.