Real Estate Broker Business Plan
Many people hope to purchase their own home, but cultural barriers and shortages in affordable housing can prevent these dreams from materializing. Reed Properties aims to keep these dreams alive. This real estate brokerage defines success by both the number of units closed and sales volume, as well as whether people were helped in the process.
Claudia Reed, the owner of Reed Properties, has over 15 years of experience in the Richmond Metro area.
A recent Census Bureau report on the economic status of the nation’s minority groups indicated significant growth in average family income for African American, Hispanic, and Asian-Pacific segments over the past two years. Fannie Mae, the secondary market mortgage giant, reports that the number of immigrant homeowners is expected to grow 45 percent to 6.8 million people over the next ten years. Additionally, a Fannie Mae survey found that immigrants who rent are three times more likely than all other adult renters to prioritize home buying. 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 they have not been targeted by the city’s real estate professionals. Latino immigrants aged 25 to 34 accounted for 27% of new entrants into Richmond’s housing market two years ago. Targeting Latino home buyers is good business, as 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. 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 happening in Richmond, with a combined total of 1,500 units that will be sold as affordable housing. Claudia played a key role in helping community organizations win a ten million dollar grant for these renovation projects.
1.1 Objectives
– Open the door of home ownership to residents of the Richmond Metro area.
– Build a business that demonstrates a real estate brokerage can thrive serving the residents of the intercity.
– Capture a significant market share of the new business 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.
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