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Workbook and Final Exam Complete with a pen and scan back in order to receive clockhours
Business Management by Natalie Danielson
13148 Holmes Pt Dr NE Kirkland, WA 98034 email: [email protected] A Washington State Approved Real Estate School under R.C.W. 18.85.
Copyright Professional Direction October 2016
Section 1 Business Planning Write a Business Plan for a fictitious company. You can use the Small Business Administration or any other resource online. You can choose a location such as Redmond, WA. You can choose to be any size firm. It is required for this class to fill out this in detail. You can go online and look at the competition to get ideas.
Business Plan Mission Statement What company do you want to become? What is the mission of your company? What will make your company stand out from the competition? Why would a broker or a client choose your company?
Business Description What kind of business will you open? ______________________________________ Will you have residential or commercial sales? _______________________________ Will you join the MLS and/or CBA? _________________________________________ Will you have property management under your firm? _________________________ Who will run the firm? Designated broker? __________________________________ What will it offer? ______________________________________________________ ______________________________________________________________________ Where will it be located generally? ________________________________________ What makes it different from the competition? ______________________________ _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ Describe your business. ___________________________________________________ _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________
Ownership structure Considerations will affect your choice? Location? Partner? _____________________________________________________________________ ________________________________________________________________________ How does it different from other structures when it comes to debts? _______________ ________________________________________________________________________ Sole Proprietorship, Partnership, Corporation, LLC… and why? ________________________________________________________________________ ________________________________________________________________________ _________________________________________________________________________
Copyright Professional Direction October 2016
Market Analysis What is your competition? _______________________________________________ Is there a need and why? ________________________________________________ _____________________________________________________________________ How will you fill that need? _______________________________________________ ______________________________________________________________________ Is the industry in a time of growth? ________________________________________ Do you think growth will continue and why?__________________________________ ______________________________________________________________________ How will you handle and still have a clientele if the business economy changes? ______________________________________________________________________ Where will your brokers come from… the community or experienced from another firm? ______________________________________________________________________ Can your market support more brokers? Why? ________________________________ _______________________________________________________________________ _______________________________________________________________________ Operations Plan (Go online and search for location) Your location? Choose an actual location. _____________________________________ Would the office be virtual? Home? Commercial space? __________________________ Rent office space? ________________________________________________________ How much will you spend? _________________________________________________ What type of lease will you sign? Fixed, Net, Percentage?____________________________ What would the rent cover under that lease? ___________________________________ Go online and find out what is for lease and how much square footage you might decide to take? ___________________________________________________________________________ ____________________________________________________________________________ If you choose to work from your house, what percentage of space will you write off for the IRS? ______________________________________________________________________________ Ownership and management Who is going to run the business? __________________________________________________ What kind of management style?____________________________________________________ How do you see it in contrast to where you hang your license? ____________________________ _______________________________________________________________________________
Furnishings, fixtures, and technology What are you going to need to invest to make the business viable? ___________________________ __________________________________________________________________________________ (When I started I bought three used desks, a copy machine and chairs. I found a used phone system.) What will you need for the space you are planning to lease. _________________________________ __________________________________________________________________________________ Even if you work from your house you will have needs for equipment? ________________________ __________________________________________________________________________________
Copyright Professional Direction October 2016
Policy and procedures Manual. Read the manual from your current office. Write an outline of your office policy manual. 1. ___________________________________ 2. ___________________________________ 3. _____________________________________ 4. ____________________________________ 5. _____________________________________ 6. _________________________________________ 7. ____________________________________ 8. ____________________________________ 9. ____________________________________ 10. ____________________________________ More as needed
What is one policy that you would include in your manual? What is the policy that is required to be in every manual for real estate offices? _________________________________________________________________
Management responsibilities for brokers and staff. Who will report to whom? Who will staff report to? __________________________________________ Will there be meetings? ___________________________________________ Legal needs and requirements Will you hire an attorney or prepaid legal? _________________________________ What issues will you need an attorney for?_________________________________ ____________________________________________________________________ Transaction Management Recordkeeping and accounting. Who will keep your books? ____________________________________________________ How will you handle client funds when the broker brings a check in to the office? _____________________________________________________________________________ Emergency Preparedness. What will you institute to be prepared? _____________________________________ Personnel Plan Staffing What will be your requirements for staff including education and experience? ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ Staff requirements? How many staff will you require? _______________________________ What will they do? ___________________________________________________________ Will staff be licensed? _________________________________________________________ Copyright Professional Direction October 2016
Recruiting Number of brokers you are anticipating at the start? In 6 months? In one year? __________________________________________________________________________ ___________________________________________________________________________ How will you recruit brokers? ____________________________________________________ _____________________________________________________________________________ Will you have requirements for brokers that want to join the firm? _______________________ ______________________________________________________________________________ Check online for companies that are currently recruiting brokers with offers that include discount brokerages, high splits, desk fees. ____________________________________________________ Make a list of six items the other companies will provide if you join them. Check craigslist, for example. 1. _____________________________________________________________________ 2. ______________________________________________________________________ 3. _______________________________________________________________________ 4. ________________________________________________________________________ 5. ________________________________________________________________________ 6. ________________________________________________________________________ List three traits they are looking for in real estate recruiting ads. Experienced agent? Self starter? 1. ___________________________ 2. ___________________________ 3. ___________________________ What are six points that are covered in your own independent contractor agreement with your office? 1.______________________________ 2.______________________________ 3. _____________________________ 4. ______________________________ 5. _____________________________ 6. ______________________________ Financing plan Where will you obtain the seed money to start up your company? ________________________ Will you obtain funds from loans? __________________________________________________
Choose a Business Name Choose a business name that would be legal under the Department of Licensing. ___________________________________________________________________________________ Google the name. Does it show up in the search? Do you have to change your name? ____________________________________________________________________________________ Go to GoDaddy or another site such as Wordpress.com and see if the name you chose is available as a url. ______________________________________________________________________________________ Go to the secretary of State office online and see if you have chosen a name that is listed as a corporation. _____________________________________________________________________________________Look up Washington State Master Business License Application. What do you need to fill it out? _________________________________________ ____________________________________________ _________________________________________ _____________________________________________ What are 5 requirements to start a firm in Washington State under the Dept of Licensing. 1. ________________________________________________ 2. ________________________________________________ 3. ________________________________________________ 4. ________________________________________________ 5. ________________________________________________ Copyright Professional Direction October 2016
Trust Accounting Will your business open a trust account? ____________________________ Who will be the signatory on the account?___________________________ If you do not have a trust account, where will trust funds be deposited? __________________________________________________________________________ Will the trust account be interest bearing? _______________________ Who will get the interest? _________________________
Transaction Management Which Transaction Management program will you utilize and why? Go online and research at least two programs. a. Your office program
Broker Compensation What compensation package will you offer new brokers in business less than 2 years? ____________________________________________________________________________ _____________________________________________________________________________ What compensation package will you offer experienced brokers? _____________________________________________________________________________ ______________________________________________________________________________
Copyright Professional Direction October 2016
Washington Business Management Final Exam You must include the workbook, final exam and evaluation to get clockhours. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44.
Real estate is a business where the inventory is houses. A franchise typically does not require any up front costs. The theory about franchising is that consistency helps the individual companies build brand recognition. A business plan is like a map to make a business a reality. A mission statement is a brief description of what you plan to do as a business. A married couple can own a business as a sole proprietorship. An LLC stands for a limited licensing corporation because of the way liability is divided. A general partnership means that one partner takes the liability for all business debt. A governance document called an Operating Agreement is required for an LLC. A limited partnerships are common for real estate ownership. A limited partnership is the same as an LLC. A corporation has directors and shareholders. A corporation is a business entity that must file federal tax returns. A limited liability company must be filed with the Secretary of State. When three brothers start a company they can structure it as a sole proprietorship. A market analysis for a business plan would help determine if there is a need for your service. It is important to analyze your pricing strategy and how it relates to the competition. When hiring only one employee, you do not have to deal with state regulations and minimum wage. Federal laws for employees require overtime pay. In Washington State, real estate brokers are required to pay workers comp. Real estate brokers do not get the benefits from workers comp if injured on the job. When creating a budget for a business it is not necessary to have future projections on cash flow. Revenues less expenses equal the net worth of a company. Assets less the Expenses equals the net profit or loss. When choosing a name for a business it is important to search the business licensing service in WA. If you are going to incorporate, search the name you are choosing with the Secretary of State. The Department of licensing has no jurisdiction over the name of a real estate firm. When starting a business, it is required to file a Washington Business License Application. The Department of Revenue only deals with sales tax. A UBI number is a United Business Insurance that identifies a company for L&I. A real estate firm must have one designated broker who has the authority to act for the firm. A managing broker can be a designated broker for a firm even if his broker’s license was suspended. A firm must provide the Department of Licensing with a business mailing address in Washington state. A designated broker can actually be a business entity such as an LLC. With a sole proprietorship, the owner must be a designated broker. A firm organized as a sole proprietorship can hire a person to be the designated broker. To be a designated broker, a managing broker must take a test and apply to the Dept of Licensing. The address on the designated broker’s license for a firm will be at the location of the firm. A registered designated broker is a managing broker with an endorsement. Most real estate agents are independent contractors for federal tax purposes. A real estate broker does not have to pay workers comp because that is only required for employees. A firm can be located in a home office but it must have a separate entrance for the DOL. A gross commercial lease is where the rent does not cover any utilities. A net lease requires a tenant to pay fixed rent plus some or all the operating expenses.
This test along with the workbook answers must be scanned along with the mandatory evaluation in order to receive clockhours for the Business Management 30 hour course.
Copyright Professional Direction October 2016
Mandatory Evaluation Business Management Scan the evaluation along with workbook AND final exam in order to receive clockhours.
Did you read the material in the booklet on this date? YES / NO Did you complete the workbook and final exam YES / NO Did you fill out and sign this form? YES / NO Pay by Visa/MC Use payment options on the website. Pay pal processes cards.. use the button that says check out Why did you choose to take this course? Topic? Time? Cost? Ease? Other? A “clock hour” is 50 minutes. This 30 hour class should take 25 hours plus breaks. How long did it take you to complete the course? ______________ No Yes Will the material you learned improve your 1 2 3 4 5 performance? Were the course materials easy to follow? 1 2 3 4 5 Was the course relevant to your profession? 1 2 3 4 5 Were your objectives met by attending the class? 1 2 3 4 5 Was the course material interesting? 1 2 3 4 5 What are 3 things that you learned from the course? 1. 2. 3. Would you take another correspondence course from Professional Direction? Yes/ No
Business Management Print Name CLEARLY
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Date(s) Class taken
Thanks for taking this class! I really appreciate the agents that take clockhours from my school! Natalie Professional Direction, 13148 Holmes Pt Dr NE, Kirkland, WA 98034 email: [email protected]
www.clockhours.com Copyright Professional Direction October 2016