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Introduction to the Business of Real Estate Introduction to of Real Business the Estate British Columbia Real Estate Association workbook business of real estate business of real introduction to the to introduction professional development program introduction to the business of real estate british columbia real estate association Introduction to the Business of Real Estate area of interest category interactivity pdp credits length 3/4 day 6 The role of the British Columbia Real Estate Association’s Education Department is to enhance the professional image and personal growth of REALTORS® by providing education programs of superior content and quality on a province-wide basis. Although the British Columbia Real Estate Association believes that the information contained in these course materials is reliable, this cannot be assured. The Association assumes no liability for any errors in the material or any reliance placed therein. Professional advisors should be consulted before acting upon the information contained herein. First Edition July 2018 Second Edition December 2018 ©2018, British Columbia Real Estate Association. All rights reserved. No part of this course may be reproduced in any form by any means without permission in writing from the Education Manager, British Columbia Real Estate Association. All website referenced citations of the Professional Standards Manual can be found at www.recbc.ca/licensee/publications.html Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®). These materials are current as of December 4, 2018. Any subsequent changes to the law, whether legislation, case law, OSRE rules or otherwise, may not be reflected in these materials. BCREA and Council may publish updates in their sole discretion. As a licensee you have a professional obligation to stay current with developments in the law as they may apply to your services. You must exercise your own professional judgment about whether the materials are currently correct or whether they apply to your particular situation. These materials are for educational purposes only, and do not constitute legal or other professional advice. this book 30% post consumer waste foreword British Columbia Real Estate Association The Introduction to the Business of Real Estate course is one of the courses for BCREA’s enhanced Professional Development Program (PDP). website The aim of the PDP is to increase the quality, diversity, and access www.bcrea.bc.ca ® of great learning opportunities for REALTORS in BC. We are email excited to be sharing this course with you. [email protected] The Introduction to the Business of Real Estate is a course to support phone the Emerging Professional’s Learner Profile, which means it is 604-683-7702 meant to help you establish a thriving business. This course also fits as one of the courses in our strategic category. This means the course will: ◆ look at the connection between REALTOR® knowledge, skill, and attitude to REALTOR® business plans; and ◆ have a moderate level of interactivity and participation required. We are excited that by the time you finish this course, you will have: ◆ the tools needed to navigate the day-to-day reality of life in the real estate business; and ◆ a solid foundation that will reinforce the strength of the REALTOR® brand. Thank you for joining us. We would love to hear about your experiences in this PDP course offering. The BCREA Education Team “REALTOR®” is a registered trademark which identifies real estate professionals who are members of The Canadian Real Estate Association and, as such, subscribe to a high standard of professional service and the REALTOR® Code. I acknowledgments The development of the Introduction to the Business of Real Estate content could not have been completed without the help of the following: instructional designer BCREA Education Team course writers Jennifer Lynch and Robin J. Miller editors Boris Avdeyev and Val Nelson course development BCREA’s Education Staff BCREA wishes to thank the Real Estate Council of British Columbia for generously granting permission to reprint many valuable materials and resources for the Professional Toolkits from the Council’s website, as well as the Professional Standards Manual. III legend discussion pairs exercise group exercise roleplay exercise temperature self reflection self assessment activity check legislation court decision council decision case study video notes iclicker reminder V learning objectives Upon completion of this course, the learner should be able to: 1. Identify the importance of business planning and setting realistic goals; 2. List the benefits of building a community of practice; 3. Define key elements of a good reputation and a recognizable brand; and 4. Identify the importance of proper scheduling and time management. VII member boards prince george 1 bella coola British Columbia kamloops 4 7 8 6 kelowna 10 vancouver 2 5 nanaimo victoria 3 9 11 Contact Information For more information, please contact your real estate board directly 1. BC Northern Real Estate Board . 250.563.1236 2. Chilliwack and District Real Estate Board . 604.792.0912 3. Fraser Valley Real Estate Board . 604.930.7600 4. Kamloops & District Real Estate Association . 250.372.9411 5. Kootenay Real Estate Board . 250.352.5477 6. Okanagan Mainline Real Estate Board. .250.491.4560 7. Powell River Sunshine Coast Real Estate Board . 604.792.0912 8. Real Estate Board of Greater Vancouver . 604.730.3000 9. South Okanagan Real Estate Board . 250.492.0626 10. Vancouver Island Real Estate Board . .250.390.4212 11. Victoria Real Estate Board . 250.385.7766 IX TABLE OF CONTENTS Table of Contents SECTION 1: Are You Ready? Are You Ready?............................................................................1 Why We Are Here ........................................................................4 Test Your (Self) Knowledge ............................................................5 Concrete Actions .........................................................................6 Exercise: Your SWOT ....................................................................7 Strengths ..............................................................................7 Weaknesses ...........................................................................7 Opportunities ........................................................................8 Threats .................................................................................9 Remember ............................................................................... 10 SECTION 2: The Business of Being in Business The Importance of a Business Plan............................................... 11 Sage Advice .............................................................................. 12 Four Required Elements ............................................................. 14 Financial Planning ...................................................................... 15 Sample Budget Worksheet .......................................................... 15 Exercise: Your Budget ................................................................. 18 Model Business Plan .................................................................. 18 Your Nickname ......................................................................... 20 Your Business Plan .................................................................... 20 Examples .............................................................................22 Sample Business Plan Template ................................................... 29 Remember ...............................................................................30 XI SECTION 3: Building Your Community of Practice (andYourReputation) What is a Community of Practice? ................................................ 31 Building Your Community of Practice ............................................ 32 Building the Reputation You Want ................................................34 Building a Recognizable Brand ....................................................36 There Is Formula ....................................................................... 37 Remember ...............................................................................43 SECTION 4: Managing Your Day-to-Day Life How Well Do You Manage Time? .................................................. 45 Prioritization ............................................................................ 49 What Is Your Time Worth? ........................................................... 51 Managing Interruptions ............................................................. 52 Procrastination and Lateness ...................................................... 52 Scheduling................................................................................53 A Word About Multi-Tasking ........................................................ 55 Remember ...............................................................................56 SECTION 5: Continuing to Learn What Do You Need to Know? ....................................................... 57 Pop Quiz! .................................................................................58 Assessing What You Don’t Know .................................................. 59 Rate Your Knowledge! ................................................................60 Developing a Learning Path .........................................................66 Sample Learning Priority Timeline ................................................68
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