BrokerageIndustry News

Are you ready to sell your real estate practice?

Part 1: Creating a real estate exit strategy

(This is Part 1 of a six-part series. See Part 2: Find best successor for your real estate biz; Part 3: How to build a saleable real estate biz; Part 4: 7 ways to beef up your real estate business; Part 5: Putting a price tag on your real estate business and Part 6: Navigating the sale of your real estate business.) Whether you are a newbie or a seasoned veteran, creating a saleable business will allow you to retire with an income you can live on rather than living below the poverty line if you have to rely on Social Security. Most agents are so caught up in the day-to-day affairs of their business that they seldom consider what would happen if they had to leave the business unexpectedly. Some agents cannot afford to exit the business because they lack savings and investments. Sadly, if they have a serious illness, they may not have a choice. For example, if you're female, the risk of having a broken hip is about 20 percent. Of those who break their hips, 27 percent die within on...