In the world of real estate, brokers are vital. With most firms being run by a single broker, what happens when that person is no longer able to perform the role or retires? EXIT Realty Upper Midwest, the fastest growing realty firm in Iowa, Wisconsin, Minnesota, North Dakota, and South Dakota, has a strong succession plan in place to limit any interruption to business flow and your real estate career.
What Is a Succession Plan?
A succession plan either names a new manager or outlines a hierarchy of people in the event of the broker’s resignation or sudden inability to maintain their role. Certain situations will decide the complexity of a succession plan. For example, if the firm’s real estate license is held by another entity, this affects who leadership is transferred to. Be aware of your firm’s situation to ensure all the correct details are included in your succession plan.
How a Succession Plan Looks
A proper plan will ensure your real estate career is not interrupted and your business continues to succeed. This is done by not only naming a successor but also including essential details like passwords, bank account information, and access codes to client information. All fundamental information concerning the broker should be included in an emergency succession plan, while non-emergency successions are much more relaxed and akin to a training schedule. When transferring leadership to another broker, a plan should name the successor, subject them to all elements of operation, and set up meet-and-greets to introduce them to high-profile individuals within the firm.
To join an organization with an innovative formula for success, including residual income and strong succession plans, begin your real estate career at EXIT Realty Upper Midwest. With investor training and the opportunity to own a franchise, EXIT is one of the fastest-growing firms in the Midwest. Visit them online for more information, or give them a call at (612) 414-4022 to learn about real estate career opportunities.