There’s one way you can grow your business overnight. You may want to grow your business in the area where you are currently working, or you may want to grow in other areas. You can use this method for both goals.You need to figure out which real estate agents may be looking to retire and buy their databases from them. They have spent years cultivating their contacts, and with the right deal, you could work alongside them to secure those contracts.
Nick Krautter, a Keller Williams broker from Portland, suggests creating a business plan with them that will allow the agent to retire while still bringing in income after you purchase their database. The retiring agent would get a percentage of the business as the referral source. The business plan would cover a three-year hand-off, and it would look like this:
Year one: 70/30, the working agent will get 70% of the deal, the retiree gets 30%.
Year two: 80/20
Year three: 90/10
“Treat the retiring agent like your best client. They have cultivated their prospects for years, and they will continue to be your best referral source,” says Krautter.
To get a good idea of what your business is worth, or the value of the business you are trying to acquire, use http://www.goldenhandoff.com/calculator. It’s never too late to start thinking about how you plan to retire while still making money off of all your hard work prospecting.
