commercial brokerage business plan

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• Establishing Your Business

Quick Takeaways

• Create your brand
• Build your technology platform
• Establish a lead generation funnel

Source: 8-Steps to Start a Real Estate Brokerage & Actually Make Money ( Kyle Handy , Oct. 27, 2021)

You’ve finally made the decision to open your own brokerage. What do you need to know?  Learn the steps to make a successful transition from agent to owner.

There are a variety of brokerage business models to choose from—traditional, flat fee, a la carte and 100% commission. Find out which model will work best for your brokerage. Writing a business plan allows you to create a detailed roadmap for your firm’s future and how you will achieve those plans. In your business plan, you should include financial planning, marketing strategies and hiring and personnel.

NAR has curated a list of useful websites providing more information to help you establish your new brokerage.

See References for more information.

Latest on this topic

Common Brokerage Models

Education: Management and Leadership

NAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles ( E ) are available only to NAR members and require the member's nar.realtor login.

From the REALTOR® Store

Real Estate Brokerage Essentials® - Real Estate Brokerage Essentials®: Navigating Legal Risks and Managing a Successful Brokerage, Fourth Edition is the most comprehensive business tool for brokers to run their offices efficiently and minimize their risk for legal liability. This is a must have for all Brokers! (Item 126-359)

Broker to Broker: Management Lessons from America's Most Successful Real Estate Companies - Broker to Broker takes a unique approach to brokerage management by bringing you the ideas, strategies and lessons brokers and sales managers are implementing today. Compiled from the "For Brokers" section of REALTOR® Magazine it offers the best tips and advice on how to manage a residential real estate brokerage. (Item 141-60)

Sample Employee Manual for Brokers - Are you looking for assistance in developing an employee manual? NAR has a sample manual for you to tailor for your employees! (Item E126-155) Note: This employee manual is NOT intended to be used as a policy manual for independent contractors.

Striking Out on Your Own

How to Start & Grow a Real Estate Business in 2024 ( Kaplan Real Estate Education )

Top sales agents focus on sales activities and outsource the administrative and transactional activities. They realize that it’s these sales activities that will lead to the growth of their business. For example, reach out to 15 contacts, add two contacts to your Book of Business, knock on 30 doors, make 75 telemarketing calls, send out 30 emails, and mail out 20 flyers. Hold open houses on Saturdays and Sundays.

The 8-Step Guide to Starting a Real Estate Brokerage ( Fit Small Business , Mar. 1, 2024)

If you are a leader (a person who guides and communicates well with others), you have the first building block to being a successful broker. However, if you are the “bossy type” who likes to bark orders, tell others what to do, or believe that only your opinion counts, then being a broker is not for you.

How to Start a Real Estate Brokerage ( TRUIC , Nov, 1, 2023)

• Typical startup costs are:
• Real Estate Broker’s License - $1,500
• Office lease deposit - $2,000
• First month’s rent - $2,000
• Utilities, Telephone, Internet - $250 per month
• Office signage - $2,000
• Marketing expenses - $2,000 per month
• Employee expenses - (depends on the number of agents)

5 Mistakes I Made Opening My Real Estate Brokerage ( Janis Benstock Real Estate Academy , May 25, 2023)

The best thing I ever did for the health of my brokerage was to ask for help by hiring a business strategist. It has saved me so much time on the learning curve and it’s difficult to even put a number on the return on my investment.

Making the Transition From Top Producer to Broker-owner ( REALTOR® Magazine , May 4, 2021)

For other real estate practitioners thinking about making the transition from top producer to broker-owner, consider joining your local chamber of commerce. Get to know other professionals in your marketplace. Ask the chamber to support your office’s grand opening, which can help spread the word about your new brokerage and build those valuable relationships with members of the community.

How to Start a Real Estate Brokerage ( Placester )

Depending on the type of real estate brokerage you want to start, you’re looking at startup costs of at least $10,000. And that’s if you’re bootstrapping it and jumping in with the bare essentials. Thinking about opening up a brokerage under a franchise? Costs can easily hit $200,000, and that doesn’t include the ongoing fees you’ll be liable for like license renewals.

Creating a Business Plan and Choosing a Brokerage Model

7 Steps to Writing a Real Estate Business Plan (+ Worksheet) ( The Close , Apr. 3, 2024)

A killer business plan forces you to think through your goals and objectives, as well as your budget, so that you have a real chance of success right from the beginning. It keeps you realistic and establishes a way for you to clearly monitor and evaluate your success. 

How to Write a Solid Real Estate Business Plan in 2024 ( Luxury Prescence , Mar. 13, 2024)

For an agent or a broker, a real estate business plan is essential for determining your identity in the luxury market and what you can offer clients. It helps you hone in on your ideal customer and allows you to assess the financial viability of your business easily. 

Your real estate business plan is a guide to your goals and a clear-cut strategy for how you can stand out from the competition, grow your business, and fulfill your overarching mission.

12 Easy Steps to Creating a Perfect Real Estate Business Plan (2024 Updated!) ( Agent Advice , Dec. 29, 2023)

You should also look out for underserved niches and competitive saturation.

When it comes to underserved niches, there may be plenty of agents in your area specializing in family residential properties. But how many are serving the commercial sector? Or the luxury sector?

What Are the Different Brokerage Models an Agent Can Choose From? ( PropStream , Jan. 4, 2023)

Taking a cue from popular subscription-based businesses in other industries (like Netflix and Spotify), subscription-based brokerages usually offer agents monthly or yearly service plans.

Agents can often choose from multiple pricing tiers based on their needs. For example, you might pay a base fee for using the brokerage as a storefront and co-working space (where you can meet clients) and a higher fee for additional access to marketing software, training, and other tools and resources.

National vs. Boutique vs. Virtual Brokerages: Which is Right for You? ( Aceable Agent , Jan. 20, 2023)

Virtual brokerages, also known as cloud brokerages, are online only with no physical location. Since most agents do the bulk of their work from a home office, a virtual brokerage makes a lot of sense. This this especially true for seasoned agents that have a large contact list and don’t need as much training.

The Ultimate Guide to Creating a Real Estate Business Plan + Free Template ( Placester )

The length of business plans vary, but they generally outline between one and five years. For our purposes, we’ve used a length of three years. Few agents are able to fully develop their business in only a year, while planning five years into the future can be very speculative. For most new agents, three years is a reasonable time frame for achieving a degree of financial success and establishing a viable career in the industry.

Most business plans fall into one of two common categories: traditional or lean startup. Traditional business plans are more common, use a standard structure, and encourage you to go into detail in each section. They tend to require more work upfront and can be dozens of pages long. Lean startup business plans are less common but still use a standard structure. They focus on summarizing only the most important points of the key elements of your plan. They can take as little as one hour to make and are typically only one page.

Useful Websites

U.S. Small Business Administration  — This website should be the first stop for anyone wanting to start a business. Topics covered include startup basics, writing a business plan, financing, marketing, employment, and tax topics. This site also has special areas for women business owners, veterans, minorities, Native Americans and young entrepreneurs. You can also find a local SBA office for further assistance.

SCORE Association  — SCORE, the nation’s largest network of volunteer, expert business mentors, is dedicated to helping small businesses get off the ground, grow and achieve their goals. Since 1964, we have provided education and mentorship to more than 11 million entrepreneurs.

Entrepreneur Magazine  — From choosing a business structure to naming your business, this website highlights the nitty-gritty basics of business star-ups. How-to guides, online newsletters and a resource center of articles provide helpful information for your start-up.

Inc.com — Inc.'s website provides information on starting, growing, and leading your business.

America’s Small Business Development Centers ( SBDC) — America’s SBDC represents America’s nationwide network of Small Business Development Centers (SBDCs) – the most comprehensive small business assistance network in the United States and its territories. There are nearly 1,000 local centers available to provide no-cost business consulting and low-cost training to new and existing businesses. Small business owners and aspiring entrepreneurs can go to their local SBDCs for FREE face-to-face business consulting and at-cost training on a variety of topics.

Minority Business Development Agency - MBDA is an agency of the U.S. Department of Commerce that promotes the growth of minority-owned businesses through the mobilization and advancement of public and private sector programs, policy, and research.

National Association of Women Business Owners (NAWBO) — NAWBO is the only dues-based organization representing the interests of all women entrepreneurs across all industries; and with chapters across the country. With far-reaching clout and impact, NAWBO is a one-stop resource to propelling women business owners into greater economic, social and political spheres of power worldwide.

Books, eBooks & Other Resources

Ebooks.realtor.org.

The following eBooks and digital audiobooks are available to NAR members:

18 Steps for Starting Your Business (eBook)

The Accidental Startup (eBook)

Business Made Simple (Audiobook)

Business Plans Kit for Dummies (eBook)

Business Plans That Work: A Guide for Small Business (eBook)

The Complete Idiot's Guide to Starting Your Own Business (eBook)

The Fearless Woman's Guide to Starting a Business (Audiobook)

How to Grow Your Small Business (Audiobook)

How to Write a Business Plan (eBook)

Launching While Female (eBook)

The Real Estate Entrepreneur: Everything You Need to Know to Grow Your Own Brokerage (eBook)

Six Steps to Small Business Success (eBook)

Start a New Real Estate Brokerage, Economically! (eBook)

Starting a Business for Dummies (eBook)

Write Your Business Plan (eBook)

Your First Business Plan (eBook)

Books, Videos, Research Reports & More

As a member benefit, the following resources and more are available for loan through the NAR Library. Items will be mailed directly to you or made available for pickup at the REALTOR® Building in Chicago.

Real Estate Brokerage: A Management Guide (Chicago: Dearborn, 2004) HF 1375 C99 Ed. 6

Have an idea for a real estate topic? Send us your suggestions .

The inclusion of links on this page does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked in this page complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.

Ultimate Guide: 11 Points to Writing a Real Estate Business Plan

Failing to plan is planning to fail. Your business plan is the GPS for success. Instead of wandering, push towards your goals and objectives with clear direction. Developing a real estate business plan is critical to forming a healthy and sustainable business. 

A real estate business plan is an important step for any real estate agent looking to build a successful career in the industry. While there is no one-size-fits-all approach, there are certain key elements that should be included in any plan. First and foremost, it is essential to set clear goals and objectives.

A study of 2,877 business owners found that companies are twice as likely to secure loans and funding if they have a business plan and 75% more likely to grow. Another study showed that 64% of companies who created a plan increased their businesses, compared to 43% of companies that hadn't yet finished a plan. 

Your own business plan is an essential tool for any business, small or large. Real estate agents use business plans to map their marketing strategies, target their advertising, and track their progress. A business plan helps agents set goals and stay on track throughout the year. It is also a valuable reference point when meeting with clients and potential investors. 

While there are many different ways to create a real estate business plan, certain elements should be included in every scenario. These elements include an overview of the business, the company's goals and objectives, a marketing strategy, and a financial analysis. By having these key components, companies can ensure that their real estate business plan is comprehensive and will help them achieve their desired results.

Harvard Business Review (HBR) stated that the chances of success rose by 12% for those that spent no longer than three months on their plan . With any longer proving futile. So, how do you write a business plan for your real estate business without getting bogged down in the details? In this post, we'll look at actionable steps agents and brokers can take to outline, execute and measure the performance of a business plan.

As a real estate agent, you know that the housing market can be unpredictable. You need to be prepared for the ups and downs of the market, and one way to do that is to have a business plan. Your business plan will help you set goals and track your progress. It will also force you to think about the costs of running your business and how you will generate leads. There are many online resources that can help you write a business plan, but the most important thing is to get started. By taking the time to write a plan, you will ensure that your business is ready for whatever the housing market throws your way.

What is a real estate business plan?

A business plan is a written document that captures the future of your business. It details what you plan and how you plan to do it.

Real estate business plans are essential for two reasons. First, they provide a road map for agents to follow as they work to build their businesses. Second, they force agents to think through all the crucial aspects of their business, such as their marketing efforts, target market, and financial goals. 

By taking the time to write a Real Estate Business Plan, agents can ensure that they are taking all the necessary steps to build a successful business.

A Real Estate Business Plan is an essential tool for any business, whether you are just starting or have been in business for years. There are many benefits to creating a Real Estate Business Plan, including: 

• Having a Real Estate Business Plan forces you to take a step back and assess your business as a whole. It allows you to see where your business stands, and identify any areas that need improvement.
• A Real Estate Business Plan provides a roadmap for your business. It can help you to set goals and track your progress over time.
• A Real Estate Business Plan can help secure your business funding. If you seek investment from Venture Capitalists or Banks, they will often require a copy of your business plan before considering your request.
• A Real Estate Business Plan can help you to attract and retain top talent. If you are looking to hire employees or contractors, having a well-crafted business plan can be a significant selling point.
• A Real Estate Business Plan can be a valuable tool for managing day-to-day operations. A clear and concise plan can help you better decide where to allocate resources and how to utilize your team's time and talents best.
• A Real Estate Business Plan can help you to measure and track your marketing efforts. By setting specific goals and objectives, you can more effectively gauge the success of your marketing campaigns and make necessary adjustments along the way.
• A Real Estate Business Plan can serve as a valuable sales tool. A professional business plan can give you a significant competitive advantage if you are looking to sell properties or convert leads into clients.
• A Real Estate Business Plan helps to keep you organized and on track. Trying to run a successful real estate business without a plan is like trying to drive from New York to Los Angeles without a map - chances are, you'll get lost along the way!

Having a Real Estate Business Plan gives you credibility in the eyes of others. If you are working with other professionals such as lenders, appraisers, or title companies, having a well-developed business plan shows that you are serious about your business and increases the likelihood that they will want to work with you in the future.

Last but not least, creating a Real Estate Business Plan is empowering! Taking the time to develop a comprehensive plan shows that you believe in yourself and your business and sets the foundation for long-term success.        

Precisely, it conveys your business goals, the strategies and tactics you'll use to achieve them, potential problems you may run into along the way and how to overcome them, roles and responsibilities, SWOT analysis, and measurement strategies.

What should a real estate business plan include?

Real estate business plans are different from traditional business plans. 

Real estate agents need to focus on their target market, their uniqueness, and how they will succeed against the competition. Real estate business plans should also include an analysis of the current market conditions and the potential for growth in the future. In addition, real estate agents should outline their marketing strategy and have a budget for advertising and promotions. By taking the time to create a comprehensive business plan, real estate agents can increase their chances of success in this competitive industry.

Real estate business plans vary in length and complexity, but all should include the following elements: 

• An overview of the real estate market 
• A description of the agent's target market 
• A marketing plan 
• A financial plan 
• A discussion of the agent's competitive advantages 

Real estate business plans provide a roadmap for agents to achieve their goals. They should include specific strategies for generating leads, marketing properties, and closing deals. The business plan should also outline the agent's budget and target income. Additionally, the real estate business plan should set forth a schedule for prospecting, listing appointments, and open houses. By following a real estate business plan, agents can increase their chances of success in real estate.

How do you assemble a real estate business plan?

A business plan is essential for any real estate business, whether you're just starting out or have been in the industry for years. It provides a roadmap for your business, laying out your goals and strategies for achieving them. But how do you go about assembling a business plan?

First, you'll need to identify your target market. Who are you trying to reach with your real estate business? Once you know your target market, you can start developing your marketing strategy. What methods will you use to get potential clients? How will you differentiate yourself from other real estate businesses in your area?

Next, you'll need to put together a financial plan. What are your revenue sources? How much money do you expect to bring in each month? What are your expenses? How much do you need to save for a rainy day? A clear financial picture will help you make sound decisions for your business.

Lastly, don't forget to include a personal development plan. What skills do you need to improve to succeed in the real estate business? What classes or training programs can you take to close more deals and earn more commissions? A well-rounded business plan will help ensure your real estate business is booming.

Writing a Real Estate Business Plan in 11 Easy Steps

1. write a detailed business description.

There's a story and context behind your business, and the business description is where that should shine. Write a brief overview of your Real Estate business. Include your business goals and how you plan on achieving them. Then create a description of your company, including its history, structure, and other relevant information.

The mission statement is part of the business description — which helps keep the rest on the track. Many mission statements follow a familiar format, like:

"To be the best, full-service Real Estate company in the Triangle and to enhance our quality of life through active community involvement.".

In a microstudy of 200 mission statements, it was found that mission statements most often talk about the company's dedication to customers (85%), shareholders (37%), employees (21%), and society (3%).

As well as a defined mission statement, make sure to include:

• When you were founded
• Where you are located
• Who the leaders are
• Special advantages/partnerships
• Market opportunities
• Legal structure

A very brief real estate business description example is:

"Norris & Company Real Estate is Vero Beach's premier upscale real estate firm. They specialize in luxury waterfront homes and condominiums, particularly in Vero Beach and Indian River County, FL."

2. Market Analysis

Research the Real Estate market in your area and identify any trends or opportunities. Include this information in your business plan.

Real estate agents must constantly be aware of the market conditions in their area to serve their clients best. Agents can provide expert guidance and advice by understanding the trends and opportunities.

When writing your Real Estate business plan, including a comprehensive analysis of the market conditions in your area. It will help you better understand your client's needs and identify potential opportunities.

Your market analysis should include:

• An overview of the Real Estate market in your area
• Identification of any trends or opportunities
• An explanation of how you will address these trends or options in your business plan

By including this information in your Real Estate business plan, you will be able to show potential clients that you are knowledgeable and prepared to help them navigate the Real Estate market.

3. Perform a SWOT Analysis

A SWOT analysis is a technique used to identify and define several key characteristics that will impact your business: Strengths, Weaknesses, Opportunities, and Threats.

Think of it this way:

Strengths and Weaknesses are internal. Threats and Opportunities are external.

An analysis can be as simple as making lists of items under each category.

For example, a strength could be a solid and experienced sales team, while a weakness might be that your business is expensive to run because you haven't nurtured supplier relations.

It could be as simple as filling four sheets of paper with descriptions of the strengths, weaknesses, opportunities, and threats — collaboratively or alone. To make the answers clearer and the exercise more manageable, you can use questions like:

• What do our competitors do better than us? Threat .
• What's our unique selling point? Strength .
• Why have customers churned in the past? Weakness .
• Which markets are underserved in your territory? Opportunities .

4. List Your #1 SMART Goal

It's great to be ambitious, but focusing on one goal makes it easier to stay motivated, track progress, and see the measurable effect of achieving it. Even better if that goal is a SMART Specific, Measurable, Attainable, Realistic, and Timed – goal.

Examples of SMART goals you might set for your growing real estate business are:

• Build a new real estate website in the next three months
• Hire and onboard three new SDRs in the next six months
• Increase monthly leads by 50% by next year
• Sell ten houses in the Dallas metro area in the next 30 days.

Pick one at a time and focus on it! Sticking to an achievable goal with a time limit makes it more likely to come to fruition. And, even just writing it down makes you 42% more likely to attain it.

5. Identify Your Market Niche

Before setting out your facts and figures, it's essential to spotlight your target market and how you'll serve this niche. It helps you decide what's realistic and feasible to achieve in your business plan.

Determining your market niche is a fancier way of saying: Who are your services best suited to? While honing in on a narrow target seems a little exclusionary, niche marketing can save you time, effort, and money on marketing.

One tool to help you define your market is a buyer persona. A persona is a fictional typification of your ideal customer, with information that enables you to steer your sales and marketing in the right direction.

It's essential to assess your niche and ensure it is consistent with the market in your area.

For example, if you've decided to focus on first-time buyers, do some research to look at relevant stats and figures:

• What percentage of sales in your market were to first-time buyers in the last 12–14 months?
• What was the average sales price to first-time buyers?

Also, assess how competitive this market is:

• Are you the only agent catering to the young first-timer?
• Are you competing with well-known heavy hitters?

A competitive SEO audit can be a helpful starting point in finding your competitors in the online space, where almost all leads will turn at some point in the buying process.

6. Implementation Plan

Before you can begin implementing your real estate business plan, you must clearly understand your goals and objectives. What are you trying to achieve with your business? Are you looking to buy and hold properties for long-term appreciation, or are you more interested in flipping houses for a quick profit? 

Once you have a good idea of your goals, you can start to put together a plan for how to achieve them. For example, if you're interested in buying and holding properties, you'll need to generate enough income from rentals to cover the mortgage and other expenses. If you're more interested in flipping properties, you'll need to find motivated sellers and then negotiate deals that provide you with a healthy profit margin. 

Regardless of your goals, careful planning is essential for success in the real estate business.

Breaking your goals into action steps makes them more tangible and ensures you're making strides to fulfill them. Here are some keys to converting your real estate business plan into actual business practices.

7. Monitoring & Evaluation

Successful real estate businesses have a plan to monitor and evaluate their progress. This plan includes setting clear goals, measuring progress against those goals, and making adjustments as needed. Without this proactive approach, it can be challenging to identify areas of improvement or stagnation. 

Additionally, a well-executed monitoring and evaluation plan can help to keep employees focused and on track. By regularly assessing performance and goal progress, businesses can ensure that they are making the most of their resources and achieving their desired results. Ultimately, a sound monitoring and evaluation plan are crucial for any real estate business that wants to stay ahead of the competition.

8. Risk Management

Real estate investing comes with a certain amount of risk. But with a well-thought-out risk management strategy, you can minimize the potential for loss and maximize your chances for success.

One of the most critical aspects of risk management is diversification. Investing in various property types in different markets spreads your risk and increases your chances of finding a profitable investment.

Another critical element of risk management has a solid business plan. Thoughtfully consider each step of the real estate investing process, from finding deals to financing them to managing the properties. Have a clear exit strategy for each investment to know when to sell or refinance. And always remember to stay within your comfort level; don't let greed or fear make decisions for you.

With careful planning and discipline, you can create a real estate investment portfolio that withstands market fluctuations and generates long-term wealth.

9. Financial Plan

Having a sound financial plan for your business is essential. To assist you, we've created spreadsheets you can use to estimate goals, income, and expenses. You will find specific instructions in the spreadsheets, but here are some guidelines for creating a financial plan:

To create your plan, determine what your expenses will be.

Here are three main areas your expenses may fall into:

• Licensing: These expenses will include training, state exam fees, etc.
• Personal: This can consist of your wardrobe, technology fees (like computer and phone), and car fees.
• Business: Business expenses include broker fees, website and MLS fees, marketing, advertising, etc.

Our template divides these expenses into the startup and yearly costs to help you discern which payments will recur and which are one-time-only. Here's an example of what your startup expenses might look like.

Yearly expenses might include recurring costs like office rent, electricity bills, and annual license fees.

Estimating income is the biggest concern for most new agents. To do this, you must decide how much money you need to make in your first year and how much you would like that figure to grow. You will also need to research some basic statistics for your market, like the average sale price for homes.

Use our business plan template to help calculate these numbers.

Transactions and Leads 

To meet your income goals and cover expenses, you'll need to conduct a certain number of transactions. And, to complete a certain number of transactions, you'll need to work a set number of leads. There's no need to work this figure out by hand. ‍

Our template will automatically calculate the number of transactions and leads you will probably need to meet your goals. Still, you will have to assess these figures to decide whether they are reasonable. For example, if you plan to work part-time as an agent in your first year but need to close 20 transactions to meet your goals, you are unlikely to have enough time.

10. Create a Personal Development Plan

A personal development plan is an essential tool for any real estate business. By taking the time to assess your strengths and weaknesses, set goals, and create a roadmap for success, you can ensure that your business is on track to reach its full potential. While it may seem daunting, creating a personal development plan is simple. 

Start by taking stock of your current situation. What are your strengths and weaknesses? What are your goals for the future? Once you clearly understand where you are starting, you can begin to map out a plan of action. Set realistic goals and create a timeline for achieving them. Put together a resources list and ensure you have everything you need to reach your goals. Finally, implement your plan and monitor your progress along the way.

Remember, your development plan should be flexible and adapt as your needs change over time. With some planning and effort, you can create a roadmap for success that will help you achieve your long-term goals in the real estate business.

11. Write an Executive Summary that Captures the Vision

Your executive summary is an anchor point you can use to understand the overall goals, cement the parameters of your target market, and make decisions aligned with your plan. It's also a way to get inspired by your original vision.

For real estate, it would include points on:

• Target neighborhoods and price ranges
• Target clients and a brief description of the persona
• Brief marketing plan overview
• Market threats and opportunities

Think of the executive summary as the section of your business plan you would explain to a friend a football game when asked how you plan to make money as an agent or broker in your local town/ city or state.

Note: due to the specific details in the executive summary, this part of the business is typically one of the last completed items.

Real Estate Business Plan Template

If you're considering starting a real estate business, you'll need to create a business plan template. Here's a basic template that you can use to get started. Remember that your business plan should be tailored to your specific business and industry.

• Executive Summary

The executive summary is a brief overview of your business plan. It should include your company's mission statement and an overview of your products or services, target market, and growth strategy.

• Company Description

This section will provide an overview of your company, including its history, structure, and team. Be sure to include information on your company culture and values.

• Mission statement

In this section, you will summarize the reason for being and the guiding principles of your organization. For example: "We are a nonprofit that provides free legal aid to those in need." You can also provide a brief overview of what we want them (the users) to come into contact with. 

Why should they care about our mission or message by telling them why it is vital to their lives now and later down the line?

• Company goals

This section will provide a high-level overview of your company's top business goals for its first years in operation.

• Market Analysis

In this section, you will need to analyze your target market thoroughly. It should include information on your customers, your competition, and the overall industry.

• Product or Service

In this section, you will need to describe your product or service. Be sure to include information on your pricing strategy and any unique features or benefits your product or service offers.

• Marketing and Sales Strategy

In this section, you will need to outline your marketing and sales strategy. It should include information on how you plan to generate leads and convert them into customers.

• Operational Plan

This section will need to provide an overview of your business operations. It should include your production process and distribution and fulfillment strategy.

This section will briefly describe what your company offers to customers.

• Target customer

To effectively reach the people we want as customers, you must provide a clear overview of who they are and how your product or service can benefit them. In this section, I'll go over some questions worth asking yourself when determining who your potential clients may be. 

• Best Practices

Write out your ideal practices for how you'll deal with qualified leads versus unqualified leads, how quickly you'll follow up with interested parties, your methods for helping a leader throughout the final steps of the sales process, and how you'll stay in touch with customers after papers have been signed.

• Financial Plan

In this section, you will need to provide detailed financial information for your business. It should include your income, balance, and cash flow statements. The following will include startup expenses, assets, liabilities, capital, break-even analysis, and loan repayment.

• Exit Strategy

This section will need to provide an overview of your exit strategy. It should include information on how you plan to sell or exit your business in the future.

Individual Agent Real Estate Business Plan

Real estate agents need a business plan like any other entrepreneur. A real estate business plan outlines your goals, strategies, and how you plan on achieving them. It is essential to have a business plan because it will help you stay focused and on track. Real estate is a competitive industry, so you need to be able to stand out from the rest.

A business plan will also be helpful if you ever need to seek funding for your business. Investors and lenders will want to see that you have a well-thought-out plan before they give you money. 

Creating a Real Estate Business Plan is essential if you want to build a successful career in real estate. With our easy-to-use template, you can get started today and be on your way to achieving your long-term goals.

There are many benefits to creating a Real Estate Business Plan, including:

• Clarifying your goals and strategies
• Mapping out a clear road map for your business
• Identifying potential obstacles and solutions
• Helping you stay organized and on track
• Increasing your chances of success

So, if you are considering starting a real estate business, sit down and write a business plan. It will be worth it in the long run!

Real Estate Team Business Plan

Before you start your real estate team, it's essential to have a business plan in place. It will help you define your goals, map your strategies, and track your progress over time. While there is no one-size-fits-all approach to creating a business plan, certain key elements should be included. Here are a few of the most important things to keep in mind:

• Your team's mission statement: What sets your team apart from the competition? Why do you exist?
• Your target market: Who are you trying to reach with your services? What needs do they have that you can address?
• Your marketing strategy: How will you get your target market and communicate the benefits of working with your team?
• Your financial goals: How much revenue do you hope to generate? What are your expenses? How will you fund your business?

By thoughtfully developing your real estate team business plan, you'll increase your chances of success in an increasingly competitive industry.

Real Estate Brokerage Business Plan

A real estate brokerage business plan is a document that outlines the goals, strategies, and financial projections of a real estate brokerage business . It should include an executive summary, market analysis, business model, operational plan, and financial plan. The executive summary should briefly describe the company, its target market, and its competitive advantages. The market analysis should assess the size and growth potential of the target market. 

The business model should describe how the real estate brokerage plans to generate revenue. The operational plan should outline the business's day-to-day operations, including staffing and marketing initiatives. Finally, the financial plan should provide detailed information on the anticipated costs and revenues of the company. A well-crafted real estate brokerage business plan can be valuable for attracting investors and achieving long-term success.

Remember that your business plan is a living document that should be updated as your company grows and evolves. Regularly reviewing and revising your business plan ensures that your real estate brokerage is always moving in the right direction.

Ready. Set. Plan

Whether you've got a ready-to-execute business plan or it's still being drafted, the most important thing is to start now — and fast.

At its core, a real estate business plan should outline the steps necessary to achieve specific goals, such as increasing sales or expanding into new markets. It should also identify potential obstacles preventing the business from achieving its objectives. By taking the time to create a comprehensive business plan, real estate businesses can increase their chances of weathering storms and coming out on top in the long run.

A business plan puts you on a clear track that makes your business 75% more likely to grow.

By following the above points, you'll be well on writing a comprehensive Real Estate Business Plan.

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10-step checklist for writing a 2023 real estate business plan

If you're a real estate agent planning on opening a real estate company, you need a business planning lesson. Every successful business operates off a template defining its operations and goals. Your real estate business plan is the founding document of your organization, and every new business owner must take the time to plan their venture.

If it's your first time writing a business plan, you probably have mixed feelings of excitement and frustration. It's a thrilling experience to bring all the elements of your new company into realization, but it's upsetting when you realize you don't know what you're doing.

Writing a business plan helps to show you the flaws in your business skillset. You might be a marketing genius, but you have no idea how to manage operations cash flow. Similarly, you could have excellent administration skills but know nothing about marketing.

Writing out your business plan shows you where you need assistance. You identify areas where you're weak and build a strong team around you to support the places you need help. In this post, we'll unpack a 10-step checklist for writing your first real estate business plan.

Step 1 – Define your real estate business

The first step in writing your real estate business plan is understanding your limitations and strengths as a real estate broker and a business owner. Do you know what you want to achieve with your business? Your real estate brokerage needs defined goals and targets to chase, or your organization has no purpose.

Every small business relies on a team. The team you select needs to complement your strengths and weaknesses. Use this stage of your plan to define the organizational roles of each team member. Identify their skillsets and what they bring to your company.

Real estate brokerages need to understand the type of business you want to run and the personality types of the agents you wish to attract to your company. As the firm's founding partner, you get to decide who you want to add to your team.

After identifying the team, and each member's roles, it's time to work on your mission statement and executive summary.

An executive summary defines the aspects of your business plan and what you want to achieve with your business outcomes. It also describes the culture of the firm and your values.

The mission statement clarifies the purpose of your business and what you're trying to achieve. It also mentions how you intend to get to those goals. We recommend writing out both your mission statement and executive summary and revisiting them after completing your business plan.

In the initial planning stage, wiring out your mission statement and executive summary helps you clear the cobwebs and focus on the task at hand. However, when revisiting your mission statement and executive summary at the end, you might find you left something out or want to make a change to clarify your business directives.

After you have an understanding of your business, it's time to work on your goals.

Establishing your business goals is the most crucial part of the planning process. Your real estate business plan needs clear and defined goals for growth, sales, finances, marketing, and every aspect of your business.

Each section, like finance, for example, drills down into sub-goals for each category. For instance, your financial goals should feature an overall sales target for the year. However, there should be sub-goals in each section for monthly sales targets, and you can break that down into a different sub-category with targets for individual agents.

The idea of goal setting is to set achievable business goals with measurable results. You'll have both short term and long-term goals attributed to each of your business functions. Here are some examples of measurable goals you can use in your planning process.

• How many transactions do you want your company to do each week, month, year?
• How many leads do you need to capture in a day, week, month, or year?
• How many new agents do you want to work on your team?
• What's your earnings goal for the year?
• What do you want to achieve with your brand?

All these questions are vital to setting targets for your business. Without goals, you're like a car rolling down the hill with no engine. You'll hurtle down the hill at first, but when you reach the bottom, and the momentum dies out, you have no engine to pull you along. It's the same with your business planning and goal setting. If you don't have goals, you have no targets, and you'll run out of enthusiasm in a few months when the momentum in your company starts to fade.

Step 2 – Identify your target market

The first stage of the planning process involves structuring your company and defining your business goals and purpose. The second step of building your real estate agent business plan consists of understanding your target market.

What market are you operating in with your business? Do you want to sell luxury homes? Or are you looking at specializing in selling single-family units or condos? Specialization is a popular strategy for real estate firms, giving you the chance to build a reputation in a specific market segment.

Take your time identifying your target market, and dig into the MLS listings to determine which areas offer you the best return. As a real estate agency, you'll have to specialize in a specific region and build your reputation in that area.

Look for the following metrics when examining potential markets.

• What is the average price of properties in the area?
• How many days do they stay on the market?
• What is the average listing commission?
• What is the average pricing trend for properties in a prospective market?
• How many new listings come up in your target market each week, month, or year?
• How does the data compare month-on-month and year-on-year?

Step 3 – Complete a competitive analysis

All business owners need to understand the competitive landscape. The real estate industry has thousands of operators, and there are probably dozens of firms in your local area. Understanding the performance and structure of your competitors allows you to uncover the most successful firms.

When you identify the leaders, you can model what they're doing right and bring it into your real estate business plan. Check out your competitor's websites and review their social media accounts to gain insight into their marketing strategy and operations.

Who are the realtors that have the most industry clout in your area? Who are the leading firms, and what makes them stand out? Ask yourself these questions and unpack the top real estate firms' characteristics and components in your local area.

Step 4 – What services are you offering?

Real estate is a massive industry, and there are dozens of sub-industries within the real estate market. You need to understand your business model, specializing in a specific segment of the market. For instance, do you want to sell single-family homes to first-time homebuyers? Are you looking at providing commercial leases? Maybe you want to build a rental portfolio?

Spreading yourself thin across too many markets results in a lack of focus and direction. Startups will do better if they identify a profitable market and specialize in servicing that specific niche. Identify the areas with the biggest opportunities, and set up your services to cater to those areas.

Step 5 – Identify customer personas

Without accurately defined customer personas, you diminish your marketing efforts and prospecting outcomes. Understanding your customer profile and persona in the real estate market is essential to formulating your marketing strategy.

Your customer persona needs to describe demographic elements like average age, income, occupation, and other defying criteria that help you nail down your ideal customer. If you're a brokerage or realtor offering multiple services like sales and rentals, make sure you identify customer personas in each category.

You can further drill-down on your personas by identifying demographics in clients that buy luxury homes, single-family units, apartments, and condos.

Understanding your client persona gives you a better direction for your marketing strategy. For example, if you specialize in selling apartments to young professionals under 30, you're going to need to advertise through social media. Mediums like outdoor and print bring you less ROI on your advertising dollars.

Step 6 – Complete a SWOT analysis

Completing a SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) is an essential component of real estate business plan templates. In this analysis, you unpack everything you know about the strengths and weaknesses in yourself, your company structure, and your team.

Think of the SWOT analysis as a basic summary of everything you've done with your real estate business planning so far. Combine the know your learning during the exercise with what you know about your working habits and personality characteristics.

For instance, you might be a champ in closing deals, but your prospecting skills are weak. That's an example of identifying your limitations and performance parameters.

Maybe there is no real estate brokerage in your area that catering specifically to millennial first-time homebuyers? That's an example of a market opportunity your business can fill.

Perhaps your target market involves new construction, and industry news states that there's a big strike happening at the end of next month. That's an example of a threat facing your business. Revisit your SWOT analysis every quarter to see if you can identify any new developments to add to your business plan.

Step 7 – Build a marketing plan

Now we get into the serious stuff with the development of your marketing strategy. Marketing is the single-most-important function of your business. The purpose of marketing is to drive new real estate leads to your business, allowing you to convert them into customers.

Your marketing strategy needs to focus on the things you learned when completing your customer persona. Where are you going to get the best bang for your marketing buck? Real estate marketing is a competitive space, and you need to make every dollar in your budget count.

Your marketing plan needs to include your online and offline strategy development. Your online strategy is the most important, and you'll need to build a website to promote your company and your listings. Social media marketing, referrals, brand building, sales funnels, and lead generation are essential online marketing strategies you need to succeed in your business.

Today, all your customers are online, and you need to market where your audience is hanging out. Most of them are on social media. Therefore, you'll need a social media marketing expert on your team to develop and direct your social strategy across all platforms.

CRM (Customer Relationship Management) software is another critical component of your business that integrates with your company's function. The CRM helps you manage clients, your sales funnels, and your marketing efforts through one dedicated platform.

You'll need to hire a marketing team to help you develop and implement your marketing strategy and CRM. Experts create a dedicated online marketing plan that includes all team members.

Your marketing plan is the foundation of your business plan. Investors will want to know your strategy and the results you expect to implement in your target market.

Related: 20 easy real estate marketing ideas to grow your agency

Step 8 – Complete your financial plan

Your financial plan is crucial if you intend to seek investment for your company. Whether you're dealing with private angel investors or the bank, they want to see your financials and sales projections to complete due diligence on loans.

If they decide to loan your money, they need to know when they can expect you to return the money and the ROI you offer on the deal.

You'll need to include information like your commission pricing and average commissions, your sales forecasts for three years, and cash flow projections. When completing this section of your real estate business plan, you'll need to sit down with your accountant and get their advice on structuring your financials.

You'll need to account for your business expenses and the costs of setting up your company with a website, CRM, and digital marketing services. Remember to include memberships to marketing sites like Zillow Premier Agent and ProspectPLUS.

Your financial plan forms the backbone of your investor's interest in involvement with your real estate firm. The numbers need to make sense, so make sure you run them past your accountant.

Step 9 – Periodically revisit your real estate business plan

Your business plan is a living document, and it changes with your business. Having a rigid plan won't work. The reality is that nothing in business works out 100% the way we plan. You'll need to have a flexible document you can update as your business grows.

During the first year of your operations, we recommend revisiting your business plan every quarter. As the business matures, you can push this exercise back to once every six months or once a year.

Revisiting your business plan gives you a chance to follow up on your goals and targets, giving you ideas on where you need to improve. Real estate professionals understand the importance of remaining responsive to change in a dynamic business environment.

Periodically revisiting your business plan gives you a chance to reflect on your progress and plan the future with clarity and certainty.

Step 10 – Visit B12 for your digital business needs

Your real estate website forms the foundation of your marketing efforts. It acts as the touchstone for your company online, providing a virtual storefront to your prospective clients. Inefficient and ineffective website design can derail your business plans, costing your company vital leads during the startup phase, where you need to generate as much income as possible. For website design inspiration, check out the best real estate websites and this guide on how to design a website !

If you need help with your real estate business website, reach out to the professionals at B12.

B12 specializes in helping professional services companies create beautiful sites that enable them to operate effectively online. Built-in tools like SEO , email marketing, and online scheduling make it easier to reach your audience.

Plan with Professionals

As an individual starting out a new real estate business, you have many things to consider for your real estate business plan and might not have the time to create a website from scratch. Relying on the expertise of design professionals ensures you get a website that helps you achieve your business goals.

Sign up to see a free draft of your new real estate website or learn more about how B12 uses artificial intelligence and experts to help businesses like yours grow online.

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• Sample Business Plans
• Real Estate & Rentals

Real Estate Business Plan

People would always need to find places. Be it for offices, homes, and whatnot.

Finding the ideal place irrespective of your needs and requirements is never a cakewalk, to begin with.

You can go through a number of real estates business plan templates before you write your plan.

Industry Overview

The market size, measured by revenue, of the Real Estate Sales and brokerage industry, is $156.2bn in 2021, and the industry is expected to increase by 0.4% in 2021.

Also, the market is changing at a rapid rate and the way people use spaces is changing at a rapid rate too.

Hence, to get on or stay on the higher end of the spectrum you’ll need to upskill and change the way you do business constantly.

But that is a fair trade for the amount of growth and profitability this industry has to offer.

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Things to Consider Before Writing a Real Estate Business Plan

Be specific.

The real estate industry is broad when it comes to work and what you can do. It can either be a source of primary or passive income. At the same time, you might be involved in the industry as an investor, agent, or builder. Decide what you want to do and plan on that basis.

Do your research

The trends of the real estate business change constantly, hence doing your research and updating it constantly is a crucial part of your profession.

As your knowledge and expertise is your greatest asset in this industry, keep expanding it to stay at the top of things.

Build a team of skilled professionals

Having a team you can build your real estate business with is essential.

Select a group of individuals with a diverse set of talents ranging from good communication skills to brilliant analytical skills. Given the dynamics of the real estate business, you never know what skills might come in handy in your business journey.

Be ready for change

As we have constantly discussed, real estate is a dynamic industry. Change is the only constant you’ll have in this business.

Thus, it is important for everything from your plan and way of doing business to be change-friendly.

Sources of Funding for a Real Estate Business

Gaining funds is one of the major reasons for writing a business plan. And here are a few good funding options for your real estate business:

A traditional loan is one of the most basic options for getting funded. You can opt for this if you have a good credit score.

Non-bank mortgage lending

This is a good option if you don’t want to go through a lot of paperwork.

The asset-based mortgage

For this, the lenders look at the rental value of your property and provide a loan on that basis. It is a good option if you don’t want or can’t get a loan based on your personal assets or income.

Above all, it is essential to plan your business to figure out your funding requirements and the right way to fulfill the same.

Write Your Business Plan

If you have enough connections, and the ability to find places for people that have attributes they want and need then a real estate business can be a profitable one for you.

A business plan helps you get funded, explain your ideas to the stakeholders of your business, and make better decisions.

Hence, planning is an important aspect of starting or growing your business.

It has been created using Upmetrics online business plan software that helps you create dynamic and customizable plans anywhere and at any time.

Our sample real estate business plan can help you with writing a well-rounded business plan for your business. It can act as a guide and prevent you from getting stuck in a certain section for too long.

Real Estate Business Plan Outline

This is the standard real estate business plan outline which will cover all important sections that you should include in your business plan.

• Market Opportunity
• Demand for Housing
• Financing & Investment Forecast
• Introducing Kegan
• Business Model
• Short Term Goals
• Long Term Strategies
• Keys to Success
• Contemporary Living for the 21″ Century
• The Complete Package
• Pricing Strategy
• Implementation Strategy – Action Plan
• Target Market Overview
• Housing Shortage Overview in Saudi Arabia
• Housing Shortage Overview in Riyadh
• Housing Prices
• Kegan Home Prices
• Market Positioning & Brand
• Marketing Strategies
• Sales Strategies
• Sales Process
• Competitive Landscape
• Competitive Advantages
• Rashid Bin Said
• Director of Construction
• Member name
• Chief Accountant
• Director of Marketing & Sales
• Other Staff
• Independent Directors
• Solid Balance Sheet
• Impressive Cashflow
• Financial Summary
• Financial Assumptions
• Income Statement (Five-Year Projections)
• Balance Sheet (Five-Year Projections)
• Cash Flow Statement (Five-Year Projection)

After getting started with Upmetrics , you can copy this sample real estate business plan into your business plan and modify the required information and download your real estate business plan pdf or doc file.

It’s the fastest and easiest way to start writing your business plan.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

Download a sample real estate business plan

Need help writing your business plan from scratch? Here you go;  download our free real estate business plan pdf  to start.

It’s a modern business plan template specifically designed for your real estate business. Use the example business plan as a guide for writing your own.

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Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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Commercial Real Estate Training

6 Steps to Outline a Sales Business Plan in Commercial Real Estate

In commercial real estate brokerage, the sales plan that you create will be the basis of your business growth and income creation.

Every broker and agent should have a specific sales plan that is personally focused on building opportunities over time.  

The plan should also be variable as the year will bring with it changes in inquiry, leads, listings, and economic cycles.

So how can you get this sales plan started? Here are six specific steps that should work for most agents and brokers:

• Define your area – pick your area and define it within roads and physical boundaries. All of your prospecting will be within that location , so you will need to understand your location comprehensively. That will usually mean roads, enquiry, supply, and demand. When a listing comes on the market you will have to know where it is and what it is. When a property sells or leases you will have to know the resultant price or rent, and the relativity of those numbers to the current market conditions.
• Define your property type – pick the property type that has future opportunity in abundance. You must have listings and you must have commissions; there has to be sufficient churn in your local property market to find the business. Choose your property type with real consideration and care. Understand everything that you can about that property type.
• Know your market – when you look into a location you will see plenty of listings, both open and exclusive. Ideally you want to control your listing stock so always bias your focus towards exclusivity . Open listings are not a good indicator of enquiry or conversion.
• Know your competition – some of your competitors will be better than others. You can always learn from your competition. Develop your differences when you understand how you can position yourself to be more comprehensive in your property services.
• Develop your differences in marketing – the people that you serve will have to remember you for the right reasons. Be memorable and be different. There is no point in being the same as others in your location. Yes, you may market similar properties, but your processes of marketing have to be better and more accurately targeted . How does that relate to your property activities currently?
• Build your database – if you want to get anywhere in our great industry, your database will have to be the foundation for your progress .   Yes, you may work for a larger firm of brokers and agents, but everything that comes to you will largely be from your personal efforts. Choose a good database software program and refine it for your location, client base, and property type. Over time you will find that the database will be the most important part of your real estate business. Don’t neglect it in any way.

So these six things can be merged into your sales plan for your location and your real estate business. You will require a good plan to attract sales, so get the plan underway as soon as possible.

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Commercial Real Estate Brokerage Business Plan and SWOT Analysis

Commercial Real Estate Brokerage Business Plan, Marketing Plan, How To Guide, and Funding Directory

The Commercial Real Estate Brokerage Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start a Commercial Real Estate Brokerage business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.

Your Business Planning Package will be available for download after your purchase.

Product Specifications (please see images below):

• Bank/Investor Ready!
• Complete Industry Research
• 3 Year Excel Financial Model
• Business Plan (26 to 30 pages)
• Loan Amortization and ROI Tools
• Three SWOT Analysis Templates
• Easy to Use Instructions
• All Documents Delivered in Word, Excel, and PDF Format
• Meets SBA Requirements

Commercial real estate is continually in demand among real estate investors that are looking to generate a very high return on their investment. It is well-known that the capitalization rates for a commercial property are significantly higher than their residential counterparts. As such, commercial real estate brokerages are able to source economically viable and profitable properties on behalf of their client base. These brokerages are typically able to generate commissions ranging anywhere from 5% to 7% of the face value of the transaction depending on whether or not the individual or the broker is an exclusive listing agent for the property.

The barriers to entry for a new commercial real estate brokerage are considered to be moderate. Usually, a real estate agent that wants to enter this field as a broker must have at least two years of experience in order to acquire the broker’s license. The startup cost associated with this type of business typically ranges anywhere from $50,000 to $100,000 which is primarily used for the establishment of an office, working capital, professional fees and licensure, and other related expenses to starting this type of real estate brokerage. The demand for the services typically remain strong in any economic climate given that real estate investors that are very well-capitalized are we seeking opportunities to acquire properties on the cheap.

Even during times of economic recession, commercial real estate brokerages are able to thrive as foreclosures happen and other matters that occur require the quick sale of commercial buildings. One of the nice things about owning and operating this business is that they are also able to provide some level of residential sales as it relates to apartment buildings, duplexes, triplexes, and other multifamily residential units. When difficult economic times occur, many commercial real estate investors will focus on acquiring large-scale multifamily properties in order to produce a stable amount of income on a month-to-month basis.

A commercial real estate brokerage SWOT analysis should be produced as it relates to the business plan and the marketing plan. As it relates to strengths, commercial real estate is almost always a produce revenues and profits given the continued demand among real estate investors to source high capitalization commercial properties. The startup costs are considered to be moderately well when the barriers to entry are conceptually moderately high given the experience required by the individual agent to establish a new commercial real estate brokerage. The gross margins generated from services typically range anywhere from 75% to 95% depending on whether or not underlying marketing costs are considered part of the cost of goods sold.

For weaknesses, these businesses are almost always insignificant competition with other real estate brokerages for listings. As such, it is imperative and incumbent upon the entrepreneur to develop a large-scale marketing apparatus that allows these businesses to quickly showcase listed commercial properties to potential buyers. This is expensive to establish but the usage of the Internet allows for much quicker viewing of properties on a daily basis.

For opportunities – many commercial realty brokerages will recruit highly talented agents that will work on behalf of the business. This is really the only way to grow given that there needs to be a significant amount of people on staff in order to accommodate a greater number of listings. Additionally, many commercial real estate brokerages will acquire already existing businesses in order to expand through nonorganic means. While this is an expensive way of growing, the results can be substantial provided that the owner can properly transition the business. One of the other ways that commercial real estate brokerages expand as well is by offering property management services to their clients. This is important to note because property management services can generate highly recurring streams of revenue on a month-to-month basis. In most states a business that is licensed as a real estate brokerage can act in a property management capacity without any further licensure required.

For threats, changes in regulations and real estate law can impact the way that these individuals conduct operations. However, real estate is one of the largest industries within the United States and it is very unlikely that substantial loss will change that would impact the way that he commercial real estate purpose operates.

A commercial real estate brokerage business plan should be produced that showcases the anticipated profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, and business ratios page. This financial statement should be developed over a three year to five year period. One of the most important things to note within the business plan will be the sporadic nature of the company’s revenues given that brokerages operate on a commission basis. Also included within the business plan should be a discussion regarding injury research. In 2019, commercial real estate brokerages are expected to generate nearly $72 billion of revenue. The industry employs over 1 million people and has provided payrolls in excess of $50 billion in each of the last five years of operation. The growth of this industry is expected to remain strong over the next 3 to 5 years as interest rates have remained low and the opportunity for profitable investments remains very strong among commercial real estate investors.

Also included in the business plan should be a demographic analysis of the types of buyers be targeted by the business. This includes discussing the net worth and capitalization base of the real estate investor, age, annual revenues, annual profits, and the number of properties at these businesses by on a year-to-year basis. This information can be easily sourced from a number of online channels as well as by doing local research.

A commercial real estate brokerage marketing plan also needs to be developed as well and this is one of the most important aspects of the company’s startup documentation. As discussed above, real estate is a highly competitive field – and as such, it is important that a very large scale encompassing marketing plan is developed so that the business can quickly showcase properties to properly qualified buyers. Foremost, the business should have an expansive online presence not only through a proprietary website but also for major social media platforms as well. It is common for a commercial real estate brokerage to maintain pages on FaceBook, Twitter, Instagram, LinkedIn, Loopnet.com, the multiple listing service, and many other platforms that allow for individual will say programs to post listings of properties for sale. In many cases, a new commercial real estate brokerage will hire or outsource a social media manager in word to ensure the maximum visibility for both the business, its agents, and properties that are being listed for sale. One of the nice things about being a licensed broker is that they are now a number of platforms that allow only licensed brokers to post properties for sale on the platforms. This is one of the ways that a commercial Realty programs can effectively differentiate itself from other competitors within the market.

The company’s proprietary website should be expansive and allow for the easily upload of images, and other information regarding properties that are for sale. This website should be made listed among all major search engines with a specific focus on Google, Bing, and Yahoo. A search engine optimization firm can be hired in order to ensure that the commercial brokerage website can be found easily when a regional or local searches done for commercial properties for sale. Although this process is lengthy, expensive, and does take a significant amount of time – the results can be significant as it relates to the return on investment for the marketing budget. These days it is almost imperative that a qualified pay per click and search engine optimization firm are hired in order to ensure maximum visibility for the business.

One of the other ways that many commercial real estate brokerages are able to generate revenues immediately is through the ongoing relationships with other brokers. In most sales are two agents one representing the buyer and one representing the seller. As such, most real estate agents and brokers have significant contacts within the industry so that individuals can source potential buyers for properties very quickly. It is important that the owner operator maintain an extensive database of contacts and referrals so that when a property comes onto the market and is listed by the brokerage it can be easily sourced to a buyer via a third-party agent.

Commercial real estate is one of the most exciting aspects of property investing and will remain so for the foreseeable future. As such, commercial real estate brokerages really do not face any level of risk as it relates to the day-to-day operations of this business. Although interest rates are rising the high capitalization of the commercial real estate parcel ensure that these businesses can remain profitable at all times. The demand among individual investors to have a qualified commercial real estate broker operate in conjunction with them is significant as well and will remain so.

• Business plans

Real Estate Business Plan Template

Used 4,872 times

Start off your new real estate business on the right foot by using a real estate business plan template to ensure your goals, visions, and finances are sorted.

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Created by:

​ [Sender.FirstName] [Sender.LastName] ​

​ [Sender.Company] ​

Prepared for:

​ [Recipient.FirstName] [Recipient.LastName]

​ [Recipient.Company] ​

Executive Summary

​ [Sender.Company] , located at [Sender.State] , is a new (Add type, i.e., residential, commercial, industrial) real estate brokerage firm specializing in (Add specialty). The company will operate professionally, conveniently located next to [Sender.StreetAddress] [Sender.City] [Sender.PostalCode] . [Sender.Company] is headed by [Sender.FirstName] [Sender.LastName] , (Add important credentials of the Sender).

​ [Sender.Company] ’s services include:

Listing rentals for landlords.

Assisting tenants in finding rentals.

Selling homes.

Helping buyers find homes.

By serving both renters and homeowners, [Sender.Company] hopes to become a long-term partner with each client rather than part of a one-time transaction.

Business Description

The business is currently being run out of (address).

Since incorporation, the Company has achieved the following milestones:

Found office space and signed Letter of Intent to lease it

Developed the company’s name, logo, and website located at (Enter website)

Hired an interior designer for the decor and furniture layout

Determined equipment and fixture requirements

Began recruiting key employees

Mission Statement

​ [Sender.Company] ’s long-term goal is to become the number-one name in residential real estate brokerage in terms of the right balance of price and customer service quality.

We seek to do this by ensuring customer satisfaction and developing a loyal and trusting clientele.

The following are a series of steps that will lead to this long-term success. [Sender.Company] expects to achieve the following milestones in the following (Add number) months:

Customer Segments

​ [Sender.Company] will serve the residents and businesses in (Enter company location).

The area we serve is affluent and has the disposable income/profits required to demand off-premises catering services.

Renters and Potential Renters

Description: Temporary renters or those saving towards a purchase. Some are lifelong renters.

Age Range: _______ (Avg. age: 25)

Unique: Fast apartment turnover rate.

Home Buyers

Description: Mostly newcomers, often from a distance.

Age Range: _______ (Avg. age: 33)

Preferences: Value brokers knowledgeable about both listings and the local real estate market.

Home Sellers

Description: Mostly relocating, some upgrading or downsizing within the community.

Age Range: _______ (Avg. age: 45)

Preferences: Seek brokers skilled in pricing, staging, and negotiation.

Description: Owners renting out space, from professional landlords to those capitalizing on extra space.

Preferences: Value brokers adept at pricing, finding tenants, and handling initial inquiries.

Real Estate Industry Overview

Last year, the U.S. real estate sale and brokerage agencies generated $_______ billion in revenue and employed _______ people.

_______ businesses operated in this market, averaging $_______ per business.

Average employee wage in the industry was $_______.

Economic Significance

Real estate's health is crucial for the American economy.

Key metrics like new home sales, listings, and prices are closely monitored.

Revenue Streams

Brokerage fees, commissions, property management, consulting, and appraisal fees are major revenue sources.

Economies of Scale

Modest economies of scale exist, favoring larger firms, though many remain too small to fully benefit.

Key Players

Major industry players include Realogy, Equity Residential, AIMCO, HomeServices, and RE/MAX.

Products, Programs, and Services

​ [Sender.Company] will be able to provide clients with the following services:

As [Sender.FirstName] [Sender.LastName] understands, the key to a successful real estate brokerage business is building referrals and a long-term reputation as a trustworthy agent in the community. [Sender.FirstName] [Sender.LastName] will continue to reach out to past clients in future years to answer questions and to continue to develop a relationship.

Marketing Plan

The [sender.company] brand.

The [Sender.Company] brand will focus on the Company’s unique value proposition:

Client-focused residential real estate brokerage services, where the Company’s interests are aligned with the customer

Service built on long-term relationships and personal attention

Big-firm expertise in a small-firm environment

Promotions Strategy

​ [Sender.Company] will initially invest significant time and energy into contacting potential clients and building an initial client base.

Referral Strategy

Encourage Referrals: [Sender.Company] will incentivize clients for referrals, fostering organic growth.

Strategic Networking: [Sender.Company] will actively network with home contractors, real estate developers, and businesses importing employees, generating qualified leads.

Internet Promotion

SEO and PPC Focus: [Sender.Company] will invest in local SEO and pay-per-click advertising, optimizing website traffic.

Content-Rich Website: The website will showcase [Sender.Company] as a reputable real estate brokerage.

Publications

Key Listings: Properties will be featured in local publications, maximizing exposure.

Targeted Brochures: Brochures will be distributed in locations frequented by potential clients.

Community Engagement: Free seminars will be offered to familiarize residents with [Sender.Company] 's expertise and character.

Pricing Strategy

​ [Sender.Company] ’s pricing will rely on the standard industry rates to neither be perceived as a luxury nor a discount broker. 3% is the commission on sales and 3% on purchases.

Apartments and other rentals will have fees paid only by the tenants at the standard rate of one month’s rent. By seeking quality clients and maintaining long-term relationships with them, [Sender.Company] will fend off pressure to discount their rates, even in down markets.

Operations Plan

​ [Sender.Company] will carry out its day-to-day operations primarily on an appointment basis.

​ [Sender.FirstName] [Sender.LastName] will work as needed, including weekends and prime showing times, and generally take days off on weekdays.

Management Organization

Founder's expertise.

Founder: [Sender.FirstName] [Sender.LastName] ​

Experience: (Number of years) years as a licensed real estate broker.

Credentials: (Enter credentials)

Specialization: (Specify area of specialization and years of experience)

Achievements

Accolades: (Enter any awards or accolades)

Licensing and Affiliations

License: (Enter state), (Enter other states)

Association Membership: National Association of Realtors

Administrative Support

​ [Sender.Company] employs (Assistant.Name), an experienced assistant, to handle various administrative duties in the office. (Assistant.Name) has worked with C-level executives and possesses significant administrative experience.

Financial Plan

Revenue and cost drivers.

​ [Sender.Company] ’s revenues will come primarily from the commissions earned from client real estate sales, purchases, and rental fees. Half of the deals each quarter are expected to be rentals, one-quarter of sales, and one-quarter of purchases.

As with most services, labor expenses will be key cost drivers. [Sender.FirstName] [Sender.LastName] and future brokers will earn a competitive base salary. Furthermore, the costs of transactions are projected to be roughly 40% of regular commission revenue and cover the advertising of listings, travel and supply costs for clients, and other direct costs for each deal.

Moreover, ongoing marketing expenditures are also notable cost drivers for [Sender.Company] .

Capital Requirements and Use of Funds

​ [Sender.Company] is seeking total funding of (Enter the amount needed) of debt capital to open its office. The capital will be used for funding capital expenditures and location build-out, hiring initial employees, marketing expenses, and working capital.

Specifically, these funds will be used as follows:

Store design/build: $(Enter value)

Working capital: $(Enter value) to pay for marketing, salaries, and lease costs until [Sender.Company] reaches the break-even point

Key Assumptions and Forecasts

The following table reflects the key revenue and cost assumptions made in the financial model.

5 Year Annual Income Statement

5 Year Annual Balance Sheet

5 Year Annual Cash Flow Statement

Confidentiality Statement

The confidential information and trade secrets described above shall remain the exclusive property of the real estate business. They shall not be shared or removed from the premises of the real estate business under any circumstances whatsoever without the express prior written consent of the real estate business.

List any additional documents that might provide more information on your real estate business or operations here.

​ [Recipient.FirstName] [Recipient.LastName] ​

Care to rate this template?

Your rating will help others.

Thanks for your rate!

Useful resources

• Featured templates
• Sales proposals

BUSINESS STRATEGIES

How to create a real estate business plan

• Nirit Braun
• 10 min read

A real estate business plan is a strategic document that outlines the objectives, strategies and tactics a person or a team will employ when starting a business in the real estate industry. This comprehensive and clear plan not only defines the business' mission, vision and goals but also delineates the steps necessary to achieve them.

When starting a business, especially in a dynamic and competitive sector like real estate, a well-crafted business plan becomes an indispensable tool for success. Beyond helping business in their first steps to understanding how to start a service business , a business plan provides a structured framework that helps entrepreneurs make informed decisions, allocate resources effectively and stay focused on their objectives. By articulating the business' value proposition, rental business ideas , target market, competitive landscape and revenue streams, the plan offers a holistic understanding of the venture's potential and challenges.

Looking to kick off your real estate business? Create a business website today with Wix. These real estate agent websites can help you get started.

In this section, we'll break down the key components involved in crafting a successful real estate business plan in six steps.

Executive summary

Company and domain name

Market analysis and research

Operations plan

Marketing and advertising plan

Financial plan

01. Executive summary

An executive summary is a concise overview of your entire real estate business plan. It serves as a snapshot that captures the essence of your venture, highlighting its key components and objectives. A well-crafted executive summary should provide a clear understanding of your real estate business' purpose, market opportunity, strategies and potential for success. It's typically the first section of the business plan and should be written after the rest of the plan has been completed.

To write a clear executive summary for a real estate business, follow these steps:

Start with a brief introduction: Describe your business’ mission, vision and the services you intend to offer. Highlight what sets your business apart in the competitive real estate landscape.

Summarize the market demand: Explain what kind of opportunity you aim to address with this type of business . Mention key trends in the real estate industry that support the viability of your venture.

Identify your target audience: Whether it's first-time homebuyers, property investors or commercial clients, briefly describe their demographics and needs.

State the unique value you offer to clients: This could be exceptional customer service, a specialized focus or innovative technology solutions.

Outline your key real estate marketing strategies : Highlight how you plan to reach and engage your target market.

Provide a high-level overview of your projected financials: Include revenue projections, startup costs and funding requirements.

Introduce the key members of your team: Highlight how their skills contribute to the success of the real estate business.

Example of an executive summary for a real estate business: “ABC Realty is a dynamic real estate agency that specializes in helping first-time homebuyers navigate the complex property market. With a strong commitment to providing personalized guidance and support, we aim to simplify the buying process and empower our clients to make informed decisions. Our target market consists of young professionals and families looking for their dream homes in urban areas. Leveraging the latest technology and data analytics, we offer a seamless search experience that matches buyers with their ideal properties. Our marketing strategy involves a mix of social media engagement, local partnerships and educational workshops to establish our brand as a trusted resource in the real estate industry. Backed by a team of experienced agents and industry professionals, we are well-positioned to make homeownership dreams a reality while achieving sustainable growth and profitability. Our projected financials indicate a steady upward trajectory, with a goal of reaching profitability within the first two years.”

02. Company and domain name

Knowing how to name a business is crucial for a real estate venture and a key step before you register your business . It shapes your brand identity, influences client perceptions and establishes trust.

Additionally, selecting a suitable domain name for your real estate website is crucial for online visibility and accessibility. Your online presence should be in top form taking into account that 97% of homebuyers search for their homes online. Here's how to approach these decisions:

Company name

Should reflect your business' values and services

Keep it concise, memorable and easy to spell

Check for trademark conflicts to avoid legal issues

Consider using the free business name generator from Wix for inspiration

Be inspired by these real estate business name lists.

Domain name

Align it closely with your company name if possible

Choose a domain extension (.com, .net, .org) that's commonly recognized

Keep it short and free of complex words or hyphens

Ensure it's easy to pronounce and type

Learn more: How to make a website

03. Market analysis and research

Incorporating comprehensive market analysis and research into your business plan is essential for understanding the competitive landscape and formulating an effective business strategy. Conduct market research to identify trends, competitors and potential gaps in the market. Analyze your target audience's preferences, behaviors and pain points to tailor your services and marketing efforts accordingly.

Understanding the market dynamics allows you to position your real estate business strategically and offer unique value propositions that resonate with clients.

04. Operations plan

An operations plan outlines the logistical aspects of your real estate business, ensuring its smooth day-to-day functioning. This section should cover:

The physical location of your business office or headquarters

The size and layout of your office space

The equipment and technology required to run your real estate business

The roles, responsibilities and qualifications of your team members

05. Marketing and advertising plan

In the competitive real estate industry, a robust marketing and advertising plan is vital for attracting clients and establishing your brand presence. Your plan should encompass various marketing strategies , including:

Social media marketing, search engine optimization (SEO) and online advertising

Creating valuable content like blog posts, videos and guides

Establishing partnerships with local businesses and industry associations

Hosting events and workshops that educate clients about real estate trends

You’ll also need to develop a suite of brand assets to use in your marketing efforts, starting with a company logo and real estate slogan . You can use a free logo maker or real estate logo maker to get a professional design in minutes. Learn how to make a real estate logo that suits your brand.

06. Financial plan

The average cost to start a real estate brokerage can range from $10,000 to $200,000 , so odds are you will need to secure financing. The financial plan outlines your real estate business' financial projections, funding requirements and path to profitability. It should include all your startup costs including starting an LLC , licensing, office setup, marketing materials and technology needs.

Next, estimate income based on property sales, commissions and other revenue sources. Alongside this outline ongoing operational costs, such as rent, salaries, marketing and utilities. Then take the time to specify how your business will be funded initially, whether through personal savings, loans or investor contributions. Finally, predict when your real estate business is expected to reach profitability based on your revenue and expense projections. You can include within this the exact ways to make money as a real estate agent .

Real estate business plan examples

Here are two templates for hypothetical real estate businesses, each including the main parts discussed in our how-to steps.

Real estate business plan template 1: ABC Realty

ABC Realty is a forward-thinking real estate brokerage focused on serving residential clients in urban areas. With a mission to simplify the home buying process for first-time buyers, we aim to provide personalized guidance and a seamless search experience. Our market research indicates a rising demand for affordable housing solutions and our team's expertise positions us well to address this need. Leveraging digital platforms and local partnerships, we're dedicated to establishing a brand known for trust, transparency and professionalism. Our financial projections show steady growth, with profitability projected within 18 months.

Company name: UrbanNest Realty

Domain name: www.urbannestrealty.com

Market analysis: Our research reveals a growing trend of Millennials seeking starter homes in urban areas.

Competitive landscape: Competitor analysis highlights the need for tailored customer service and simplified processes. We will tap into this by offering comprehensive support and leveraging technology to streamline transactions.

Location: A prime urban location with easy accessibility.

Premises: A modern office space designed for client consultations and agent collaboration.

Equipment: State-of-the-art computers, customer relationship management (CRM) software and virtual tour technology.

Staffing: Agents, property management experts and administrative staff.

Digital marketing: Social media campaigns, targeted online ads and search engine optimization.

Content marketing: Regular blog posts on home-buying tips, neighborhood insights and market trends.

Networking: Partnerships with local lenders, moving companies and interior designers to provide added value.

Events and workshops: Monthly homebuyer seminars and virtual property tours.

Startup costs: $60,000 (licenses, office setup, marketing materials)

Revenue projections (first year): $300,000

Revenue projections (section year): $500,000

Expenses: Monthly rent, salaries, marketing expenses and administrative costs

Funding: Personal savings and a small business loan

Profitability timeline: Projected within 18 months

Real estate business plan template 2: Empire Investments

Empire Investments is a dynamic real estate investment firm specializing in commercial properties. With an aim to provide high-value investment opportunities, we focus on acquiring and enhancing properties with substantial growth potential. Our strategy involves leveraging market trends, identifying undervalued assets and optimizing their value through strategic renovations and management. Our team of seasoned professionals ensures a comprehensive approach to portfolio management, driving investor returns. Our financial outlook is promising, with steady revenue growth projected over the next five years.

Company name: Empire Investments

Domain name: www.empireinvestmentsre.com

Market analysis: Our research highlights an increasing demand for mixed-use properties in urban areas.

Competitive landscape: Competitor analysis reveals a gap in the market for value-add properties. We'll focus on acquiring underperforming assets with the potential for repositioning and strong cash flow.

Location: Central business district for easy access to commercial properties.

Premises: A professional office space for meetings and deal analysis.

Equipment: Advanced financial analysis tools and property management software.

Staffing: Investment analysts, property managers, legal experts and administrative support.

Networking: Building relationships with commercial brokers, property managers and industry experts.

Content marketing: Thought leadership articles, market reports and investment guides.

Webinars and seminars: Monthly webinars on commercial real estate investment strategies.

Direct marketing: Targeted outreach to potential investors based on investment preferences.

Startup costs: $150,000 (licenses, office setup, due diligence expenses)

Revenue projections (first year): $1,000,000

Revenue projections (second year): $2,000,000

Expenses: Office overhead, salaries, marketing campaigns and property management costs

Funding: Combination of private equity, investor capital and personal investments

Profitability timeline: Positive cash flow projected within the first year, substantial returns expected over five years

Top benefits of writing a real estate business plan

Starting a business in real estate requires careful planning and a well-structured business plan offers a multitude of benefits that contribute to the venture's success. A business plan helps you in the following ways:

Attracting investors and funding: A well-developed business plan serves as a persuasive tool to attract potential investors and secure funding. It outlines the business's unique value proposition, market opportunities and growth strategies. By clearly articulating the revenue model and projected financials, entrepreneurs demonstrate their preparedness and potential returns, increasing the likelihood of obtaining an investment and raising money for a business .

Resource assessment: Writing a business plan helps entrepreneurs understand the resources, supplies and staff required to launch and operate the real estate business. This comprehensive assessment ensures that nothing is overlooked, from property acquisition and renovation costs to marketing expenses and administrative needs. By listing these requirements, entrepreneurs can plan for adequate funding and efficient resource allocation.

Strategic direction: A business plan outlines the business's short-term and long-term goals, providing a strategic direction for the real estate business. Entrepreneurs can define their target market, geographic focus and property types, enabling them to make informed decisions aligned with their objectives. This clarity prevents aimless pursuits and helps maintain focus on strategies that align with the business' vision.

Risk mitigation: A well-structured business plan anticipates potential challenges and outlines strategies to mitigate risks. Entrepreneurs can identify industry-specific challenges, such as market fluctuations or regulatory hurdles and devise contingency plans. By acknowledging these risks upfront, entrepreneurs can proactively address them and adapt their strategies as needed.

Operational efficiency: The business plan details the organizational structure, roles and responsibilities required to run the real estate business smoothly. Defining these elements helps entrepreneurs allocate tasks effectively and ensure that the right people are in place to execute the business strategies. This clarity enhances operational efficiency and minimizes the potential for confusion or overlaps.

Measurable progress: A business plan sets clear milestones and metrics to measure the real estate business' progress. Entrepreneurs can track key performance indicators (KPIs) against the projected goals, enabling them to assess their success and identify areas for improvement.

Real estate business plan FAQ

What is a business plan in real estate.

A real estate business plan is a document that outlines your goals and strategies for starting or growing a real estate business. It should include a market analysis, a business model, an operational plan and a financial plan.

Which real estate business is most profitable?

Can you become a millionaire from owning real estate, is it a good idea to start a real estate business, how do i organize my real estate business, want to create another type of business plan.

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The Pros of Working with a Commercial Real Estate Broker

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A commercial real estate broker is a key figure in the industry. These individuals operate as a third-party facilitator, negotiating, arranging and/or organizing the transaction between the real estate buyer and seller.

Whether you’re buying or selling, there are many reasons to work with a commercial real estate broker. Here are the key benefits of this working relationship:

Save time and money

Time is money, right? Well, working with a commercial real estate broker could help you save on both fronts.

While some people may be put off by broker commission rates, it’s worth remembering that brokers are typically compensated by the seller or the landlord’s broker. Consequently, when you retain a commercial real estate broker as a tenant or as a buyer, you usually pay nothing for their services.

If you’re a landlord or seller, bear in mind the benefits of having a third-party broker manage the entire sales process for you. You don’t have to conduct a multitude of tasks including compiling and reviewing listings, calling listing agents, scheduling property tours, writing offers, reviewing zoning laws, and conducting (often) lengthy negotiations.

Of course, the property owner saves a load of time as well freeing them up to handle their other listings and property business.

Furthermore, a commercial real estate broker can add value to the entire sales process. They have the skills and industry knowledge to negotiate the best deal for the client and the best way to avoid any unnecessary expenditures. This is because an inexperienced individual may miss important market information that a broker could supply to maximize your profits.

Specialist knowledge

A commercial real estate broker provides specialist knowledge. Through detailed market analysis, they can help you make the best decision when it comes to buying or selling a commercial property.

Furthermore, a broker may have specialist knowledge of the type of property you want to buy or sell, or a specific geographical area. They can advise you on any zoning laws, restrictions, and proposed development that you may not be aware of, for example.

Furthermore, the commercial real estate market is a dynamic industry and it is a broker’s sole responsibility to understand this.

Commercial real estate brokers also spend thousands on proprietary reports. These include valuable market data and other information you may not have access to, giving you a competitive edge.

Armed with these up-to-date insights, you can rest assured that you’re getting the best deal for the your market.

Excellent connections

A commercial real estate broker will have the right connections to help you get the best deal or find the best property. From business owners to property owners, investors and colleagues, they are constantly in touch with the market’s movers and shakers.

If you’re buying, a broker can start filtering available spaces based on your priorities. Because there are so many different commercial property types, several different listing platforms exist and not all of these are available to the public, giving you an advantage over other potential buyers.

Convenience

As mentioned, engaging with a commercial real estate broker can save you time and money. But it can also save you a lot of stress.

By leaving everything to a professional commercial real estate broker, you only have to deal with one individual. You don’t need to deal with any of the legal documentation. Instead, you just have to read one lease abstract.

Whether you’re buying or selling, a broker can also conduct the (often) highly stressful negotiation process on your behalf.

In conclusion, having a professional broker on your side can help you buy or sell your commercial property. They can provide valuable guidance and knowledge to help you seal the best deal while letting you take care of your own business.

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Rofo researches and displays commercial real estate listings from top brokerage firms and landlords in Moscow, ID making it easier to find available commercial space and compare current asking rental rates. In Moscow, ID there are currently 2 office spaces for lease, 1 retail spaces, and 2 shared office spaces (also known as co-working spaces and executive suites) with 2 real estate professionals to help you find the right space for you. Filter your search below and get free advice from recommended brokers in Moscow, ID.

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672 Pullman Rd is an office property for lease in Moscow, ID. The property currently has 1 office space for lease and is marketed by CBC Corporate.

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Infill development opportunity on this Duplex lot close to shopping, downtown, parks and schools. Nice quiet setting, tucked in between Howard...

4931 Lenville Rd is an office property for lease in Moscow, ID. The property currently has 1 office space for lease and is marketed by CBC Corporate.

Beautiful 80 acre parcel just minutes from downtown Moscow on Lenville Road. One residential building permit per Latah County. A land division...

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One of the best values available on the market... competitively priced commercial/industrial lots located at the Montrose Business Park is located...

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609 N Almon, #1005 is a residential property for lease in Moscow, ID. The property currently has 1 residential space for lease and is marketed by CBC Corporate.

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3310 Highway 8 is a residential property for lease in Moscow, ID. The property currently has 1 residential space for lease and is marketed by CBC Corporate.

Pride of Ownership in this 3bd 2ba MFH on over 4 acres just 3 miles East of Moscow. This is a one owner home that has been meticulously maintained...

1050 Greenview Ln is a multi-family property for lease in Moscow, ID. The property currently has 1 multi-family space for lease and is marketed by CBC Corporate.

1023 Cedar Grove Ln is a multi-family property for lease in Moscow, ID. The property currently has 1 multi-family space for lease and is marketed by CBC Corporate.

503 E D St is a multi-family property for lease in Moscow, ID. The property currently has 1 multi-family space for lease and is marketed by CBC Corporate.

Charming home with recent updates. All the plumbing has been redone and most of the wiring all within the last 5 years . It has 2-3 bedrooms,...

1891 Rolling Hills Dr is a multi-family property for lease in Moscow, ID. The property currently has 1 multi-family space for lease and is marketed by CBC Corporate.

Spacious & Warm describe this Gorgeous Custom Built 5 Bdrm/3.5 Bath on Beautifully Landscaped Lrg. lot - Moscow's Eastside. Chef's Ktchn w/granite...

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Reed Properties

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.

While many people hope one day to purchase their own home, cultural barriers and shortages in affordable housing are just two of the issues that can prevent these dreams from materializing. Reed Properties is working to keep these dreams alive. This new real estate brokerage will not only define success by the number of units closed and sales volume but also by whether people were helped in the process.

Claudia Reed, owner of Reed Properties, is a professional with over 15 years experience in the Richmond Metro area. 

A recent Census Bureau report on the economic status of the nation’s minority groups should noted that all segments surveyed–African American, Hispanic, and Asian-Pacific–registered significant growth in average family income during the past two years. In addition, Fannie Mae, the secondary market mortgage giant, reports that the number of immigrant homeowners, which grew 47 percent between 1980 and 1995, is expected to grow another 45 percent to 6.8 million people over the next ten years. A recent Fannie Mae survey found that immigrants who rent are three times more likely than all other adult renters to consider home buying their # 1 priority. On the whole, immigrants are more likely than any other adult demographic group to buy a home in the next three years.

In Richmond, the Latino community has grown tremendously, but have not been targeted by the city’s real estate professionals. Latino immigrants from 25 to 34 years old made up 27% of new entrants to Richmond’s housing market two years ago. Targeting Latino home buyers is good business. Latinos are expected to make up half of the metro population in 20 years–making them the fastest-growing segment of the city’s housing market.

As the Richmond Metro section revives, Reed Properties will be a major player serving this emerging group of homeowners.

Claudia Reed will offer educational programs, credit repair initiatives and HUD counseling. In addition, she will also host her own radio talk show, “Your New Home,” which focuses on promoting affordable housing.

Currently, there are three low-income housing renovation projects underway in Richmond with a combined total of 1,500 units that will be sold as affordable housing.  Claudia was instrumental in helping community organizations in winning the ten million dollar grant for the renovation projects.

1.1 Objectives

• Open the door of home ownership to residents of the Richmond Metro area.
• Build a business that demonstrates that a real estate brokerage can thrive serving the residents of the intercity.
• Capture a significant market share of the new business being generated by the current and future renovation and building projects.

1.2 Mission

The mission of Reed Properties is to increase minority homeownership in the Richmond Metro area. 

Company Summary company overview ) is an overview of the most important points about your company—your history, management team, location, mission statement and legal structure.">

Reed properties is a single-agent real estate brokerage that will serve the Richmond Metro area.

2.1 Company Ownership

Reed Properties is owned by Claudia Reed.

2.2 Start-up Summary

The start-up costs are outlined in the following chart. Start-up costs derive from office equipment, computer station complete with software, stationery, legal costs, furnishings, office advertising and services, and expenses associated with opening our office. The start-up costs are to be financed by direct owner investment. The assumptions are shown in the following table and chart. Lease office space averages $1.10-1.60 per square foot to equal an approximate of $1,500 per month, plus utilities, for efficient leased office space. Commercial lease will be for a three to five year agreement with the first month and a security deposit equal to the monthly lease rate payable at the time of lease start date.

2.3 Company Locations and Facilities

Reed Properties will be located downtown in the new Richmond Bank Building.

Reed Properties will break through the barriers that impede homeownership for those who wish to realize the American Dream.  Reed Properties will launch several programs to help residents purchase the homes, working with the community, residents, local banks and contractors to get special financing and prices on all the necessary home buying services. Claudia will work with residents to find special financing for these first-time home buyers.

Market Analysis Summary how to do a market analysis for your business plan.">

It is estimated that the Richmond Metro area will need 10,000 units of affordable housing in the next seven years.  Currently, there are three renovation projects that represent 1,500 new housing units.  Next year, two new construction projects will be completed offering another 1,000 units of affordable housing.  Another 1,000 unit project, to be located in the Garden Meadows section downtown, is currently in the planning stages. 

This is part of a larger urban development program to attract businesses and money back into the city center. By focusing on the first-time inner-city home buyer, Reed Properties can become an important partner in the revitalization of the Metro area.

4.1 Target Market Segment Strategy

Reed Properties cannot survive waiting for customers to come in. Instead, Claudia must focus on targeted segments as the key to its future.

Claudia will offer educational programs, credit repair initiatives and HUD counseling. In addition, she will also host her own radio talk show, “Your New Home,” which focuses on promoting affordable housing.

Strategy and Implementation Summary

Reed Properties will focus on the first-time home buyers who live in the Richmond Metro area.

5.1 Competitive Edge

Reed Properties’ competitive edge is Claudia who will be the most visible realtor to first-time home buyers in the Richmond Metro area. Claudia will have a weekly radio program and lecture weekly to the area’s numerous neighborhood councils and civic groups. 

Most importantly, Claudia has contacts in the local civic groups that are driving the redevelopment of the Richmond Metro area.  Referrals from these contacts alone will create all the leads Claudia needs to succeed.

5.2 Marketing Strategy

Traditional marketing techniques will not work with the residents of the Richmond Metro area. Cultural and language barriers create suspicions of a home-buying process that is confusing and inaccessible. Building relationships with the community is a crucial first step in reducing anxiety in the home-buying process. Reed Properties will build relationships that will lead to referrals and business success.

5.3 Sales Forecast

Personnel Plan

Claudia Reed is the sole employee of Reed Properties.

Financial Plan investor-ready personnel plan .">

• Reed Properties wants to finance growth mainly through cash flow.
• The most important factor is closing sales days. These dates will be determined ultimately by the seller and the buyer and a move out/move in schedule will be complied with.

7.1 Important Assumptions

The financial plan depends on important assumptions, most of which are shown in the following table as annual assumptions. The monthly assumptions are included in the appendix. From the beginning, we recognize that collection days are critical, but not a factor we can influence easily. Interest rates, tax rates, and personnel burden are based on conservative assumptions. Some of the more important underlying assumptions are:

• We assume a strong economy, without major recession.
• We assume that there are no unforeseen changes in the economy that would change our estimations.

7.2 Break-even Analysis

The following table and chart will summarize our break-even analysis.

7.3 Projected Profit and Loss

The projected three year profit and loss is shown on the following table and chart.

7.4 Projected Cash Flow

The following table and chart highlights projected cash flow for three years.

7.5 Projected Balance Sheet

The following table is the projected balance sheet for three years.

7.6 Business Ratios

The following table provides important ratios for the real estate industry, as determined by the Standard Industry Classification (SIC) Index, 6531, Real Estate Agent and Managers.

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Subscriber only, 2 key metrics to use when buying commercial real estate | expert column.

Although this article will provide insight to two effective instruments for evaluating a good investment, it must be expressed that there are many other approaches that should also be considered. However, and to keep things light, if buyers/investors can understand essential financial metrics like “cap rates” and “cash-on-cash” returns, they will be far better at making informed decisions. Whether you’re a seasoned investor or just entering the market, these two metrics should always be utilized when establishing the profitability and potential of a commercial property.

A “cap rate” is an abbreviation of the term “capitalization rate” and it is a fundamental tool used by investors and brokers to evaluate the profitability of an income-producing property. Just note that if a property is not generating income (rent) then this approach can not be applied or would yield a 0% cap rate. That said, the cap rate represents the rate of return, or ROR, for a property based on it’s income relative to it’s purchase price.

Fortunately, it’s very simple to calculate and most folks with a calculator can perform this task quickly. Simply divide the property’s net operating income, or NOI, by its current market value or purchase price. As a quick example: If a property generates $100,000 in NOI annually and is valued at $1 million, the cap rate would be 10% ($100,000 / $1,000,000).

OK, great! We have a 10% cap rate! Is that good? That depends on the investor’s risk tolerance. As an unofficial guide, a lower cap rate (1%-6%) tends to mean the property is more secure (long-term lease, corporate-backed tenant, etc.) whereas a higher cap rate (7% or more) indicates that there is typically more inherent risk (history of high lease turnovers, unsecure tenants, slow rents, etc.). Investors should have established risk tolerances before applying an appropriate cap rate to commercial real estate property evaluations.

The role of cap rates:

• Risk assessment: Higher cap rates typically indicate higher risk, such as properties in less desirable locations or those requiring significant management.
• Market comparison: Investors use cap rates to compare similar properties on the market.
• Valuation tool: Cap rates can also be used to estimate the value of a property based on its income potential. If you rearrange the cap rate equation, investors can better determine the maximum price they should/would pay for a property to achieve their desired return.

Cash-on-cash evaluation

Understanding how cap rates provide a snapshot of a property’s income relative to its value, it is also wise to implore a “cash-on-cash” evaluation. Cash-on-cash dives deeper into the actual cash flow an investor receives versus their initial investment. This calculation method focuses on the cash income generated by the commercial property compared to the investor’s initial cash investment. To calculate a cash-on-cash return, grab your calculator and divide the property’s pre-tax cash flow (the net operating income without the debt service) by the initial cash investment (the down payment and closing costs).

As an example, if an investor puts down $100,000 in cash and the property generates $10,000 in annual cash flow after expenses and mortgage payments, then the cash-on-cash return would be 10% ($10,000 / $100,000)! On paper, a 10% return on investment would be appealing to most folks, but just like the cap rate approach, it is only a piece of the overall puzzle when evaluating a property’s profitability for investors.

Value assessment: Cash-on-cash offers a clearer path for understanding a property’s profitability.

Valuation tool: Investors often use cash-on-cash returns to evaluate different financing options and/or to compare the profitability of real estate investments with other assets.

Commercial real estate brokers should be well-versed in guiding investors through the complexities of cap rates and cash-on-cash evaluations. These methods are key insights with analyzing properties, and investors should be ready to ask their broker for these evaluations when discussing investments.

In the world of commercial real estate investment, understanding cap rates and cash-on-cash returns is arguably indispensable. In a perfect world, a knowledgeable broker-and-investor combo should be able to navigate the waters of commercial real estate investing shrewdly if they are well-versed in these evaluation metrics.

Cap rates and cash-on-cash approaches cannot be solely depended upon to evaluate an investment, but in the many years of aiding buyers/investors, I’ve personally never seen them not both used prior to an acquisition.

If none of this makes sense, it’s OK. That is why we encourage all who want to invest in property to consult an experienced broker about these matters. Knowing these methods exist is half the battle!

Vincent A. Campana III is an associate broker at Campana Waltz Commercial Real Estate West. For more info, visit cwcrew.net .

*Correction: A correction was made on July 22, 2024. Due to an editing error, the website to get more information was listed with the incorrect link. The correct website is cwcrew.net.

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NFP and Major League Baseball Establish Multiyear Partnership

NEW YORK, July 18, 2024 – NFP, a leading property and casualty broker and benefits consultant , and Major League Baseball today announced a multiyear partnership. NFP is now an Official Partner of Major League Baseball and its Official Commercial Insurance Broker.

“Deep, long-standing relationships have been essential to Major League Baseball’s ability to create an exceptional experience for fans, communities, organizations, teams and players,” said Bill Morningstar, executive vice president, Sponsorship Sales, at Major League Baseball. “This includes our valued relationship with NFP, which has been essential to our efforts to manage risk for more than 30 years. We’re proud to add another dimension to our relationship with this multi year partnership.”

Through this new partnership, NFP will receive exclusive marketing rights and designations for the insurance brokerage category that will connect the brand with Major League Baseball and its fans. NFP will also have access to one-of-a-kind experiences throughout the season to support key relationships.

“This is an exciting next step in our evolution with Major League Baseball and an opportunity to take our impact to another level,” said Doug Hammond, CEO of NFP . “We’re proud of the work we’ve done to support Major League Baseball’s growth and we believe we can go further by providing additional data, analytics and risk management solutions that align with the league’s various needs.”

NFP is one of the largest and most trusted advisors in the world of sports and entertainment . Through a dedicated and experienced team, NFP advises leagues and professional organizations, as well as individual sports franchises and athletes, on their most pressing risk and workforce needs. NFP’s specialized insight and expertise inform innovative and tailored solutions specific to the sports and entertainment market.

“Major League Baseball excels at reaching its fan base in innovative ways that align with NFP’s goals,” said Eric Boester, CMO, NFP. “We look forward to the opportunities this partnership creates as NFP continues to enhance awareness of our brand and the solutions we provide. We’re excited to work with Major League Baseball’s collaborative and creative team to make meaningful connections with their stakeholders.”

About Major League Baseball

Major League Baseball (MLB) is the most historic professional sports league in the United States and consists of 30 member clubs in the U.S. and Canada, representing the highest level of professional baseball. Led by Commissioner Robert D. Manfred, Jr., MLB remains committed to making an impact in the communities of the U.S., Canada and throughout the world, perpetuating the sport’s larger role in society and permeating every facet of baseball's business, marketing, community relations, and social responsibility endeavors. MLB currently features record levels of competitive balance, continues to expand its global reach through programming and content to fans all over the world, and registered records in games and minutes watched last season on MLB.TV. With the continued success of MLB Network and MLB digital platforms, MLB continues to find innovative ways for its fans to enjoy America's National Pastime and a truly global game. For more information on Major League Baseball, visit www.MLB.com .

NFP, an Aon company, is an organization of consultative advisors and problem solvers helping companies and individuals address their most significant risk and workforce challenges. We are more than 7,700 colleagues in the US, Puerto Rico, Canada, UK and Ireland serving a diversity of clients, industries and communities. Our global capabilities, specialized expertise and customized solutions span property and casualty insurance and benefits. Together, we put people first, prioritize partnerships and continuously advance a culture we’re proud of.

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United Center owners plan $7 billion Near West Side campus

Danny Ecker is a reporter covering commercial real estate for Crain's Chicago Business, with a focus on offices, hotels and megaprojects shaping the local property sector. He joined Crain’s in 2010 and previously covered the business of sports, as well as the city's convention and tourism sector.

The next-generation owners of the United Center are proposing a $7 billion transformation of the property around the Near West Side arena, a plan to redraw 55 acres surrounding the venue with a megaproject that includes a new 6,000-seat music hall, hotel and retail buildings, public open space and thousands of apartments.

In what they tout as the largest-ever private investment on the city's West Side, Chicago Bulls President and CEO Michael Reinsdorf and Chicago Blackhawks Chairman Danny Wirtz today will announce their vision for the 1901 Project, a wide-ranging, 10-year redevelopment of the parking lots that encircle the stadium their families jointly own at 1901 W. Madison St. and other nearby sites they control.

The 14 million-square-foot proposal would fulfill the team owners' long-term aspiration of making the arena the centerpiece of a broader mixed-use campus, in line with modern professional sports venues that anchor entertainment districts.

Such projects encourage fans to show up for events earlier and stay later and create year-round revenue opportunities for sports franchises. The redevelopment of Wrigley Field's environs over the past decade followed that trend, and the Chicago Bears and Chicago White Sox are both seeking to build new stadiums that would be incorporated into more extensive real estate projects.

The United Center's joint venture owners call the 1901 Project a "catalytic development" generating new tax revenue and jobs for the arena's surrounding neighborhood, and said they could begin the first phase of the development as soon as next spring, pending a sign-off on the plan by the City Council.

“The 1901 Project represents a continuation of our families’ commitment to the future of Chicago’s West Side,” Reinsdorf said in a statement. “This investment will create a thriving, interconnected neighborhood, delivering significant benefits and resources to the community we have long called home.”

The plan is a leap forward in the development strategy the two teams have gradually deployed near the stadium, which turns 30 years old next month. The Reinsdorf and Wirtz families over the past 10 years have built new practice facilities for both franchises and a new office building and atrium attached to the arena's east end, projects that have helped turn what was once an island surrounded by the blight of the Near West Side into a burgeoning sports campus.

More recent plans hinted at larger-scale, mixed-use developments coming to the neighborhood: The Blackhawks last summer sought zoning rights for 1,200 residential units and 663 hotel rooms as part of an ongoing expansion of the team's Fifth Third Arena practice facility.

The new campus proposal — which is similar in size and planned square footage to the Lincoln Yards and The 78 megaprojects — comes as the development gap between downtown and the United Center has been closing with new apartment buildings and other projects in the western portion of the trendy Fulton Market District and West Loop. That has set the stage for "a new neighborhood with the United Center as an anchor," said United Center Chief Executive Officer Terry Savarise.

By adding new uses to the area around the venue, "we could help to transition those (development) opportunities and create some of them further to our west, and really be part of what we think would be a true renaissance of the West Side of Chicago," Savarise said.

The focal point of the 1901 Project's first phase will be a theater-style music hall on a parcel at the northeast corner of Damen Avenue and Adams Street. Designed using feedback from musical artists, event promoters and other music industry stakeholders, the venue would help fill a "pretty glaring hole in this market for a 6,000-seat (music) venue" and complement larger-scale events inside the United Center, Savarise said.

Along the western edge of the arena, the project's initial phase calls for an elevated 2.5-acre park built atop a new structure that includes parking, an expanded loading dock and outward-facing retail. The park would feature recreational space and sports courts and connect to green space surrounding the adjacent music hall.

Open space around the music venue would extend to a parcel immediately southeast of the United Center, where the owners would develop a mixed-use building with parking, retail and a hotel with an estimated 150 to 180 rooms, United Center officials said. The entire first phase includes nearly 11 acres of public open space, according to a United Center spokeswoman.

Future phases of the development include even more ambitious buildings, though the sequencing of when specific projects would move ahead has yet to be determined, Savarise said. Renderings show plans for residential buildings and park space on lots north of the stadium near the Westhaven Park Apartments and higher-density residential buildings northeast of the arena. United Center executives said the entire megaproject could include between 5,000 and 6,000 new residential units, and that 20% of them will be designated affordable units.

Some of the new apartments would be in buildings southeast of the arena along the CTA Pink Line tracks, where Savarise said the team is exploring the creation of a new CTA station to service the added density in the area. United Center officials said they've had initial conversations with Chicago Transit Authority leadership about such a station, which could be part of a larger transit-oriented development project. A new $80 million CTA Green Line station at Damen Avenue northwest of the arena is wrapping up its completion this summer.

A later phase of the 1901 Project would likely include residential and retail projects west of Damen Avenue, plans show. The entire project calls for more than 25 acres of open space for the community.

The United Center is playing up the economic impact of the plan, which arena officials estimate will create 63,000 construction jobs and about 12,000 permanent jobs that will "improve the quality of life for residents long left without such opportunities on Chicago's West Side," according to the statement from the arena's owners.

The Reinsdorfs and Wirtzes are not seeking any public financing for the project for now, though arena officials said CTA and infrastructure updates and the creation of new park space will likely call for public-private partnerships. Some of the properties planned are located in the city's Central West tax-increment financing district that is adjacent to the United Center, which could come into play as a possible source of funding to support development, arena officials said.

Financing the projects still remains a hurdle amid high borrowing costs that have held back many commercial property developers over the past couple years. Savarise acknowledged that challenge but said the built-in traffic generated by the United Center gives the arena's owners a big advantage over other developers searching for tenants to kickstart megaprojects.

"We've got a good anchor," he said, adding that the United Center ownership can finance the music hall project on their own.

"We think that, as we continue to create value with what we're already bringing to this campus, that it may make some of that financial road a little less challenging," Savarise said. "We're confident we can put those pieces together."

The proposal comes amid a broader public conversation around taxpayer funding for professional sports venues in Chicago, as the White Sox — which are owned by Chicago Bulls Chairman Jerry Reinsdorf — and the Bears both seek public financing for new stadiums. Reinsdorf, 89, has signaled he's open to making a substantial private investment in a new Sox stadium to help make a public funding piece more palatable for elected officials.

Asked how a Reinsdorf commitment of billions of dollars in private capital on the West Side could be part of the larger stadium negotiation, Savarise said in an emailed statement that the United Center project "doesn’t fit into a discussion about other developments that involve publicly owned stadiums. The 1901 Project stands on its own as a transformative, private investment that furthers the commitment of two families deeply connected to Chicago and the West Side."

The United Center Joint Venture expects to submit its formal planned development application to the City Council in September. The application will include a master plan for the area and seek a rezoning of the properties involved in the first phase of projects.

Ald. Walter Burnett, whose 27th Ward includes the United Center, said in the statement that while the development still requires city and community feedback, "I am excited for the investment on the West Side, which is often overlooked for this level of private investment. It's our time."

The Reinsdorf and Wirtz families have teed up the project in recent years by acquiring vacant land in the vicinity of the stadium. The Chicago Sun-Times reported in February that Reinsdorf-controlled ventures had spent almost $45 million purchasing sites within a few blocks of the arena over the previous 19 months.

The land grab has coincided with a passing of the leadership torch by both teams to Michael Reinsdorf and Danny Wirtz from their fathers, Jerry Reinsdorf and late Blackhawks Chairman Rocky Wirtz, who died one year ago this week.

“The vision for The 1901 Project is to bring impactful investment and economic opportunity to the West Side that complements and supports its rich history and galvanizes its vibrancy,” Danny Wirtz said in the United Center statement. He added: "We have a once-in-a-lifetime opportunity to expand on a legacy that makes all of Chicago proud."

Here are other renderings of the project:

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Here's where Kamala Harris stands on the issues, from the economy to healthcare

• Vice President Kamala Harris became the leading Democratic nominee on Sunday.
• In the past, the former California prosecutor presented herself as a center-left politician.
• But her stances on abortion, climate, and the economy have managed to draw in progressives.

Vice President Kamala Harris became the leading contender for the Democratic nomination after President Joe Biden, in a stunning reversal, announced on Sunday his withdrawal from the 2024 presidential race four months before the election.

Presenting herself as a center-left politician, Harris previously ran successful campaigns in California, winning statewide races   for the San Francisco District Attorney's Office, the state attorney general, and the US Senate.

During the 2020 election, Harris became a potential frontrunner for the Democratic nomination and was seen as a relative moderate next to Biden. Her bid, however, was unsuccessful, as some critics pointed out her inability to present a clear ideological vision .

Still, the former prosecutor-turned-vice president has been able to draw in moderates and progressives alike with her stances on abortion, climate, and the economy.

Here's where she stands on major issues:

Harris has supported abortion rights since her time in the Senate.

She previously voted against a bill that would ban abortions after 20 weeks of pregnancy and criticized Justice Brett Kavanaugh for his position on abortion during his confirmation hearing in 2018.

As vice president, Harris has repeatedly highlighted the significance of abortion rights, becoming a leading voice on the issue for the Biden administration in the wake of the Supreme Court's landmark decision to overturn Roe v. Wade.

According to CNN , Harris made what was believed to be the first official visit to an abortion clinic by a sitting president or vice president.

Harris previously supported policies to combat climate change, including plans to transition the US to 100% renewable energy and a carbon tax.

In July 2023, Harris helped the Biden administration introduce a $20 billion plan to fund climate and clean energy projects throughout the US.

Criminal justice

As a district attorney and attorney general, Harris took several controversial actions that progressives criticized but has shifted her stances over time. She even ran left of Biden on several issues related to criminal justice reform in 2020, according to The Marshall Project .

Harris cosponsored the 2018 Marijuana Justice Act, which would no longer classify cannabis as a controlled substance. She previously opposed the legalization of recreational marijuana before changing her stance in 2018.

During her 2020 campaign, Harris presented a plan to reduce the prison population for women and children and put an end to solitary confinement.

Related stories

She also said that she would support a federal standard on use-of-force for police departments and proposed establishing a federal board that could review police shootings, according to The Marshall Project.

Harris is expected to tout some of the headway the Biden administration has made with economic policies, including Biden's Infrastructure Deal and the Inflation Reduction Act , which included a cap on insulin costs.

In April, Harris announced a nationwide "Economic Opportunity Tour" to promote the administration's progress in investments toward small businesses, inflation, and student loan forgiveness.

Previously, Harris introduced policies to support the middle class, such as a $3,000 refundable tax credit for those making $50,000 or less a year and a $6,000 credit to couples making $100,000 or less.

She's also pushed for higher corporate taxes and criticized former President Donald Trump's tax cuts.

During her first presidential run, Harris' rivals drilled her over her shifting stances on healthcare. In 2019, Harris made waves when she became the first major potential Democratic presidential hopeful to team up with Sen. Bernie Sanders of Vermont on a "Medicare for All" plan.

As a presidential candidate, Harris waffled on whether she would allow private insurance plans to continue. She raised her hand during a primary debate to indicate she would end such plans, only to say later that she had misunderstood the question.

Harris ultimately rolled out her own "Medicare for All" proposal, which Sanders' campaign attacked for moving too slow (her plan called for a 10-year transition period) and Biden's advisors hammered for being too progressive, as HuffPost wrote about recently.

In another difference from Biden, Harris has supported strong drug pricing controls, including tying US prices to what drugs cost in other wealthy nations, per Stat News.

Immigration

Immigration is another area where Harris has shifted her policy stances over time.

As a San Francisco DA, she supported a city policy that turned over young immigrants to Immigration and Customs Enforcement if they were arrested or accused of committing a felony.

Later on, a Harris campaign spokesperson told CNN that the "policy could have been applied more fairly."

Harris said she wanted to potentially overhaul ICE, criticized Trump's border wall as a "medieval vanity project," and backed the bipartisan border security deal that would have closed the border if a threshold of 5,000 migrants a week was reached. Senate Republicans shot down the legislation in May.

As vice president, Harris was tasked with handling the root causes of migration to the US from Central America. In a move which angered some congressional Democrats, Harris warned migrants not to travel to the US border.

"Do not come. Do not come. The United States will continue to enforce our laws and secure our borders," Harris said during a 2021 news conference alongside then-Guatemalan President Alejandro Giammattei.

Republicans have already tried to inflate Harris' responsibilities, deeming her a "border czar." Polling has shown that Trump holds a major advantage on immigration, illustrating why the GOP wants to saddle Harris with the issue.

Israel-Gaza

During her 2020 run, Harris was a strong supporter of the US's relationship with Israel, once calling it an "unbreakable" bond, and assured that she would do "everything in my power" to maintain Israel's right to self-defense.

Following the Hamas invasion of Israel , Harris said that "the threat Hamas poses to the people of Israel must be eliminated" but also later called for an "immediate cease-fire" in Gaza in March.

She also reiterated the Biden administration's call against Israel's invasion of Rafah in southern Gaza.

In December 2023, Harris said that she supports a two-state solution .

LGBTQ+ rights

Harris supported the legalization of same-sex marriage and did not defend California's prohibition of gay marriage during her time as attorney general.

However, Harris sought to deny gender-affirmation surgery to a trans prisoner, arguing that it was not "immediately necessary."

As San Francisco DA, she established a hate crimes unit to investigate crimes against LGBTQ+ youth.

Harris re-affirmed her support for LGBTQ+ rights as vice president but has not provided specific policies.

Watch: Can Kamala Harris win over Democrats after Joe Biden drops out of 2024 presidential election?

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