Are you about starting a real estate agency? If YES, here’s a complete sample real estate agency business plan template & feasibility study you can use for FREE.
Okay, so we have considered all the requirements for starting a real estate brokerage firm. We also took it further by analyzing and drafting a sample real estate agency marketing plan template backed up by actionable guerrilla marketing ideas for real estate agencies. So let’s proceed to the business planning section.
Is the Real Estate Industry Really a Success?
The real estate industry in countries all over the world will continue to experience a boom as long as there is a market for it. The real estate market will remain to thrive so far as there are still people on the face of the earth. The need to help folks who are in need of housing is serious business and that is the singular reason why those who are in the trade know too well that millionaires are being made all around the globe on a daily basis – from the sale of lands, to buildings, to the lease of apartments, amongst others.
The real estate agent business is one path that will continue to grow, as a matter of fact, one may decide to start this business from the very comfort of the house. This is especially if you do not have the wherewithal to start out rightly big. Whether you look to start small or on a medium scale, the truth still remains that you have got to sit and make projections that would aid the growth of your business.
Why Write a Business Plan?
This is where planning comes to fore. In the business dialect, this planning is called the business plan. As a real estate agent who is looking to start a real estate agency, there will always be the need to draw up a business plan. This is why your ability to write a business plan is especially vital. How do you go about this? You could possibly employ the services of a business plan writer if you do not know jack about the task.
But, before you do just that, bear in mind that you also can save back some cool bucks, by doing the task all by yourself. Yes, you can write your own business plan with an existing template. This means that you will use an existing real estate agency business plan to go about yours. All that would be needed would be to put in your own very intricate information (as it concerns your business) and you are good to go. Here below, is a sample real estate agency business plan.
A Sample Real Estate Agency Business Plan Template
- Real Estate Agency Industry Overview
The real estate industry is one of the many industries that is a major contributor to the growth of the economy of many nations of the world. As a matter of fact, a real estate agent can become a millionaire ‘overnight’ from just one real estate deal; little wonder the industry is responsible for making many instant millionaires in the United States of America, as well as the rest of the world. The Bureau of Labor Statistics projects 11.1 percent job growth for real estate sales agents between 2012 and 2022, which is about as fast as average. During that time, an additional 38,000 jobs will open up.
The real estate industry involves the buying, the selling, or the renting of lands, buildings or housing facility et al. Real estate agency or a real estate agent (broker) is a person who acts as a middleman between the sellers and buyers of real estate / real property. They are involved in searching for sellers who sell properties and buyers who wants to buy properties.
A real estate agency (brokerage firm) usually receives a payment called a commission for successfully matching a seller’s real estate want with a buyer’s real estate need; such that a sale or rent/lease can be made. In most cases, the commission generated is shared with other real estate brokers or agents who played their parts in ensuring that the property are sold or rented out as the case may be.
It is important to state that in the United States of America, each state has its own unique laws that clearly define the type of relationships that can exist between real estate agencies (professionals) and property owners (clients). Nonetheless, it is always a win – win case for both real estate agencies and owners of properties, because real estate brokers and their salespersons (commonly called “real estate agents” or, in some states in the US, “brokers”) usually assist sellers in marketing their property and selling it for the highest possible price under the best terms.
The real estate industry is highly regulated in the some parts of the world and anyone who aspires to become a real estate agent or start a real estate agency (company) must apply and obtain a license before they can legally receive remuneration for services rendered as a real estate agency firm or real estate broker. But as a lawyer, you can handle real estate deals in some states in the US and make your commission without operating as a licensed real estate agent.
In order to obtain a license as a real estate agent in the US for instance, you are required to write and pass your state’s real estate exams. The practice in the United States of America is that, a real estate licensed agent is required to disclose to prospective buyers and sellers the nature of their relationship within the transaction and with the parties involved in the deal.
Real Estate Agency Business Plan – Executive Summary
Joel Morrison and CO Real Estate Agency is a real estate agency that will operate in all the states in the United States of America but will be headquartered in Ocean City, New Jersey. We intend to become specialists in owning, developing, acquiring, managing, selling and renting / leasing disposing multifamily residential apartments, office apartments and industrial facilities et al. Part of our goal as a real estate agency, is to grow to become one of the top 5 largest real estate companies in the whole of the United States of America and to own and manage properties across the United States of America.
Joel Morrison and Co Real Estate Agency will be committed when it comes to maintaining a diverse portfolio of highly quality apartment, office structures and industrial facilities. We will also focus on providing a dynamic, proactive and vibrant working environment for all our employees, such as discounted rentals for employees, and mouthwatering bonus (commission) for every deal that comes through any of the staff.
Joel Morrison and Co Real Estate Agency is founded by Joel Morrison, Sean David and Sarah Snowfield. They are the major financier of the company. Joel Morrison is the company’s president and CEO. Joel Morrison has well over 20 years of real estate experience including, significant senior management positions in the areas of sales, marketing, new technologies, and franchise management for top real estate companies in the United States of America and Canada.
Our Product and Services
Joel Morrison and Co Real Estate Agency is set to offer a variety of services within the scope of the real estate industry in the United States of America. Our intention of starting a real estate agency is to make profits from the industry and we will do all that is permitted by the law in the US to achieve our aim and ambition. Our business offering are listed below;
- Facilitating a Purchase — guiding a buyer through the process.
- Facilitating a Sale — guiding a seller through the selling process.
- FSBO document preparation — preparing necessary paperwork for “For Sale by Owner” sellers.
- Property Management
- Exchanging property.
- Auctioning property.
- Preparing contracts and leases.
- Listing the property for sale to the public
- Providing the seller with a real property condition disclosure (if required by law) and other necessary forms.
- Preparing necessary papers describing the property for advertising, pamphlets, open houses, etc.
- Holding an open house to show the property.
- Serving as a contact available to answer any questions about the property and schedule showing appointments.
- Ensuring that buyers are pre-screened and financially qualified to buy the property. (Sellers should be aware that the underwriter for any real estate mortgage loan is the final say.)
- Negotiating price on behalf of the sellers.
- Acts as a fiduciary for the seller, which may include preparing a standard real estate purchase contract.
- Selling of Fully Furnished Properties
- Selling of Landed Properties
- Real Estate Consultancy and Advisory Services
Our Vision Statement
To be the number one real estate agency (company) that best understands and satisfies all real estate needs of our clients in the United States of America and Foreign Investors.
- Our Mission Statement
Our mission and values are to help people, businesses and property owners and clients in the United States of America and throughout the world realize their dreams of owning properties, selling properties, leasing properties or renting properties in the United States of America.
- Business Structure
Our company’s structure is not entirely different from what is obtainable in the real estate industry, as a matter of priority, we have decided to create a structure that will allow for easy growth for all our employees and also we have created platforms that will enable us attract some of the best hands in the industry.
Joel Morrison and Co Real Estate firm is fully aware of the modus operandi in the real estate industry, hence adequate provision and competitive packages has been prepared for independent sales agents. Our marketing department will be responsible for managing this aspect of our business structure. Below is the business structure of Joel Morrison and Co Real Estate Firm;
- Chief Executive Officer
- Project Manager
- Company’s Lawyer / Secretary
- Admin and HR Manager
- Head of Construction
- Head of Assets Management
- Head of Acquisition and Disposition
- Business Developer
- Sales and Marketing Firm
- Front Desk Officer
Roles and Responsibilities
Chief Executive Officer – CEO (President):
- Responsible for providing direction for the business
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for the day to day running of the business
- Responsible for handling high profile clients and deals
- Responsible for fixing prices and signing business deals
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Reports to the board
- Responsible for the planning, management and coordinating all projects on behalf of the company
- Supervises projects
- Ensures compliance during project executions
- Provides advice on the management of projects
- Responsible for carrying out risk assessment
- Uses IT systems and software to keep track of people and progress of ongoing projects
- Responsible for overseeing the accounting, costing and billing of every project
- Represents the organization’s interest at various stakeholders meetings
- Ensures that project desired result is achieved, the most efficient resources are utilized and different interests involved are satisfied.
Company’s Lawyer / Secretary / Legal Counsel
- Responsible for drawing up contracts and other legal documents for the company
- Consults and handle all corporate legal processes (e.g. intellectual property, mergers & acquisitions, financial / securities offerings, compliance issues, transactions, agreements, lawsuits and patents et al)
- Develops company policy and position on legal issues
- Researches, anticipates and guards company against legal risks
- Represents company in legal proceedings (administrative boards, court trials et al)
- Plays a part in business deals negotiation and take minutes of meetings
- Responsible for analyzing legal documents on behalf of the company
- Prepares annual reports for the company
Admin and HR Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Oversees the smooth running of the daily office activities.
Head, Acquisitions and Dispositions
- Manages overall acquisitions and dispositions
- Identifies and analyzes acquisition opportunities; negotiates acquisitions.
- Responsible for identifying opportunities to acquire properties, possibly within a designated geographic region.
- Assists in the sourcing and acquisition of property for development; conducts market research; contacts brokers and owners about property acquisition opportunities; assists in negotiations with sellers and other parties.
- Identifies and analyzes disposition opportunities; negotiates dispositions.
- Responsible for identifying opportunities to dispose of properties, possibly within a designated geographic region.
- Assists in the disposition of property; conducts market research to determine the value of properties; contacts brokers and potential buyers; assists in structuring sales transactions and negotiations with buyers.
Head of Asset Management
- Oversees the company’s portfolio of real estate assets (which are owned and managed) through acquisitions, dispositions, and day‐to‐day operations, including management of revenue and expense items; works to maximize the portfolio’s performance.
- Provides strategic oversight of existing and potential real estate assets within a designated geographic area.
- Manages business plans and budgets for properties.
- Reviews the condition and maintenance of assigned properties; manages their bookkeeping and cash flow accounting; handles rent reconciliation; prepares property financial reports and annual budget forecasts.
Head of Construction
- Establishes and enforces company’s engineering and construction standards
- Ensures that construction work meets or exceeds standards within a designated geographic area.
- Enforces the construction standards; ensures that construction work meets or exceeds standards within cost estimates; monitors quality of work in progress; supervises regional construction heads.
- Ensures that construction work in a particular product line, such as office buildings, meets or exceeds standards within cost estimates; provides technical input on the feasibility of proposed projects; monitors quality of construction work
- Provides overall direction on assigned construction projects; reviews and makes recommendations on planning and design of projects; negotiates contracts or participates in contract negotiations; monitors day‐to‐day progress and activities on project construction sites.
- Assistant project manager with construction project management, on‐site monitoring, and contract negotiations
- Coordinates construction of tenant space in assigned facilities.
- Supervises construction to ensure that it meets the owner’s expectations
- Reviews plans, estimates costs, obtains bids, inspects and approves completed project.
- Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Responsible for supervising implementation, advocate for the customer’s need s, and communicate with clients
- Finds and qualifies land for development based on company’s land requirements; maintains a land search database; initiates discussions with property owners about the possible sale of property
- Develops, executes and evaluates new plans for expanding increase sales
- Documents all customer contact and information
- Represents the company in strategic meetings
- Help increase sales and growth for the company
Sales and Marketing Officer
- Lists the property for sale to the public
- Markets space; finds tenants; participates in lease negotiations.
- Provides the seller with a real property condition disclosure (if required by law) and other necessary forms.
- Prepares necessary papers describing the property for advertising, pamphlets, open houses, etc.
- Holds an open house to show the property.
- Serves as a contact available to answer any questions about the property and schedule showing appointments.
- Ensures that buyers are pre-screened and financially qualified to buy the property. (Sellers should be aware that the underwriter for any real estate mortgage loan is the final say.)
- Negotiates price on behalf of the sellers.
- Acts as a fiduciary for the seller, which may include preparing a standard real estate purchase contract.
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managers with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the company
- Serves as internal auditor for the company
Front Desk / Customer’s Service Officer
- Receives Visitors / clients on behalf of the organization
- Receives parcels / documents for the company
- Handles enquiries via e-mail and phone calls for the organization
- Distributes mails in the organization
- Handles any other duties as assigned my the line manager
Sample Real Estate Agency Business Plan – SWOT Analysis
The fact that real estate business is a very rewarding business does not mean that there are no challenges in the industry. Starting a real estate agency in the United States of America comes with its own challenges, you would have to abide by the law and also compete with loads of other entrepreneurs who also are interested in making a living and building a business in the US. In order to compete favorably in the real estate industry as a real estate agency (broker), we have been able to hire the services of tested and trusted business and HR consultants to help us conduct critical SWOT analysis for us.
We intend maximizing our strengths, by exploring all opportunities we will come across, properly manage our weakness and confront our threats. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Joel Morrison and Co Real Estate Agency;
Some of our areas of strength which we will be bringing to the table in the real estate industry are our robust relation with property investment moguls in the whole of the United States of America. It is pertinent to say that we have a team of experts who have cut their teeth in the industry. Our commission structure and relationship with freelance real estate agents in New Jersey and other state in the US will also count towards our advantage.
As a newbie in the industry, we might have some challenges like; competing with real estate agencies that have been in the industry for many years. That to a large extent is one of our weaknesses.
The opportunities in the real estate industry are massive and we are ready to take advantage of any opportunity that comes our way.
Some of the threats that we are likely going to face as a property real estate agency are unfavorable government policies and global economic downturn. There is hardly anything we could possibly do as regards these threats, other than to be optimistic that things will continue to work for our good.
Real Estate Agency Business Plan Template – MARKET ANALYSIS
- Market Trends
The market trends in the real estate industry is such that, compensation is conventionally based on a percentage of the sales price, split between the buying and selling brokers, and then between the agent(s) and his/her real estate agency. While a split based on the percentage received by the broker is generally normal, in some brokerages agents may pay a monthly “desk fee” for office costs, monthly fee, etc., and then retain 100% of the commission received.
Another obvious trend that is common with real estate agencies in the United States of America is that most of them are improvising on more means of making money in the industry and as matter of fact they are also acting as property developers amongst many other functions that they are involved in.
One thing is certain for every real estate agency; if they are hardworking and proactive, they will always generate enough income to meet all their overhead and operational cost, keep their business going without struggle and make reasonable profits from all business deals that they are involved in.
- Target Market
Our target market cuts across people of different classes and people from all walks of life. We are coming into the industry with a business concept that will enable us work with the highly placed people in the country and at the same with the lowly placed folks who are only interested in putting a roof over their heads.
Our target market is the whole of the United States of America and we have put plans in place to recruit freelance agents (brokers) national to represent our business interest wherever they are located in the United States of America. Below is a list of the people and organizations that we have specifically design our products and services for;
- Families who are interested in renting / leasing or acquiring a property
- Corporate organizations who are interested in renting / leasing or acquiring their own property / properties
- Land Owners
- Properties Owners
- University Campuses (Private Hostels)
- Foreign investors who are interested in owning properties in the United States of America
- The government of the United States of America (Government contracts)
- Managers of public facilities
Joel Morrison and Co Real Estate Agency might be a new entrant into the real estate industry in the United States of America, but the management team and board members are considered gurus. They are people who are core professionals and licensed brokers in the US. These are part of what will count as a competitive advantage for us.
Another competitive advantage that we are bringing to the industry is the commission model (our commission structure). We know that freelance (licensed) brokers would work for the highest bidder, which is why we designed a commission structure that will be a win – win scenario for all parties involved in any deal undertaken by us.
Lastly, our employees will be well taken care of, and their welfare package is amongst the best in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our objectives.
Real Estate Agency Business Plan – SALES AND MARKETING STRATEGY
We are mindful of the fact that there is stiffer competition in the real estate market in the United States of America; hence we have been able to hire some of the best business developer to handle our sales and marketing; as stated in our real estate agency marketing plan template.
Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis, so as to be well equipped to meet their targets and the overall goal of the organization. The training is not restricted to only our full – time employees but to also all our freelance brokers that are scattered all over the United States of America.
Our goal is to become one of the top 10 leading real estate agencies in the United States of America, which is why we have mapped out strategies that will help us take advantage of the available markets and grow to become a major force in the industry so much so that property owners will be looking for us to give us their properties to manage for them. Joel Morrison and Co Real Estate Agency is set to make use of the following marketing and sales strategies;
- Introduce our business by sending introductory letters alongside our brochure to stake holders in the real estate industry and also property owners.
- Promptness in bidding for contracts
- Advertise our business in real estate / properties magazines and websites
- List our business on yellow pages
- Attend expos, seminars, and business fairs et al
- Create different packages for different category of clients in order to work with their budgets and still deliver quality housing/ property to them
- Leverage on the internet to promote our business
- Places a “For Sale” sign on the property indicating how to contact the real estate office and agent.
Sources of Income
Joel Morrison and Co Real Estate Agency is established with the aim of maximizing the profits in the real estate industry via delivering quality and affordable property to our highly esteemed clients and effective property management on behalf of our business partners (landlords and property owners). A licensed real estate agency can generate income from diverse means in the real estate agency, especially if they are part of a vibrant real estate network that covers the whole of the United States of America. Below are the sources we intend exploring to generate income for Joel Morrison and Co Real Estate Agency;
- Developing Properties for our Clients
- Renting of Properties /Leasing of Properties; Leasing for a fee or percentage of the gross lease value.
- Selling of Fully Furnished Properties
- Selling of Landed Properties
- Leasing of Bare Land
- Manage Properties and Facility for Clients
- Property Makeover Services
- Real Estate Consultancy and Advisory Services; Hourly Consulting for a fee, based on the client’s needs.
- Home Selling Kits — guides advising how to market and sell a property.
As long as there are people living in the United States of America, the services of real estate agents will always be needed. Businesses need facilities to operate from and families and individuals need shelters hence the demand for real estate agents to help them solve these needs.
We are well positioned to take on the challenges that are synonymous in the real estate industry, and we are quite optimistic that we will meet out set target of generating enough income / profits from the first month or operations and grow the business beyond New Jersey to other states in the United States of America within record time.
We have been able to critically examine the real estate market and we have analyzed our chances in the industry and have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions;
- Rent / lease a minimum of 20 housing units to clients (flats, duplexes, studio apartment et al) within the first 6 months of operations
- Rent / lease a minimum of 10 office facilities to clients within the first 6 months of operations
- Manage a minimum of 10 properties for clients within the first 6 months of operations
- Sell a minimum of 20 hectares of land within the first 12 months of operation
- Develop at least one estate within the first 24 months of operations
- Provide advisory and consultancy services for a minimum of 10 client per month
- Handle a minimum of 24 building makeover projects within the first 12 months of operations
N.B: Please note that we could not put a specific amount to the projection because the prices and commissions vary for different properties and for different clients. Part of our business strategy is to work within the budget of our clients to deliver quality property / properties; hence it will be difficult to project what we are likely going to make from such deals. But the bottom line is that we are definitely going to make reasonable profits from any business deal that we execute since we work based on commission. The property market is structured in such a way that property developers will always make profits from any deal they handle.
Part of our business strategy is to ensure that we work within the budget of our clients to deliver excellent properties to them. The real estate industry is based on commission, and properties are valued by professionals based on the area the facility is located, the type of facility and other factors. Since we are not directly in control of the pricing system in the real estate industry, we can only abide by what is obtainable when it comes to pricing structure.
- Payment Options
Our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them but at the same time, we will not accept payment by cash because of the volume of cash that will be involved in most of our transactions. Real estate deals usually involves huge amount of money. Here are the payment options that we will make available to our clients;
- Payment by via bank transfer
- Payment via online bank transfer
- Payment via check
- Payment via bank draft
In view of the above, we have chosen banking platforms that will help us achieve our plans without any itches and we will also pay our freelance sales agents (real estate brokers) with same platforms. Any agent who intends paying with cash will be directed to deposit the money into our corporate account and then present their payment tellers to us.
Real Estate Agency Business Plan – Publicity and Advertising Strategy
We have been able to work with our consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to take the real estate industry by storm which is why we have made provisions for effective publicity and advertisement of our company. Below are the platforms we intend to leverage on to promote and advertise our property development business;
- Place adverts on both print and electronic media platforms
- Place our flexi banners with our company’s logo and contacts in every property we put up for sale or lease.
- Sponsor relevant TV shows
- Maximize our company’s website to promote our business
- Leverage on the internet and social media platforms like; Instagram, Facebook ,Twitter, LinkedIn, Badoo, Google+ and other platforms (real estate online forums) to promote our business and list our properties for sale and for lease.
- Install our Bill Boards on strategic locations
- Distribute our fliers and handbills in targeted areas from time to time
- Attend landlord and residence association meetings with the aim of networking and introducing our business.
Real Estate Agency Business Plan – Financial Projections and Costing
- The Total Fee for incorporating the Business in New Jersey: $750.
- The budget for Liability insurance, permits and license: $5,000
- The Amount needed to acquire a suitable Office facility with enough space in Ocean City, New Jersey for 6 months (Re – Construction of the facility inclusive): $50,000.
- The Cost for equipping the office (computers, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al): $15,000
- The Cost of Launching our official Website: $600
- Additional Expenditure (Business cards, Signage, Adverts and Promotions et al): $5,000
Going by the report from our research and feasibility studies, we will need about $180,000 to set up a property development company in Ocean City, New Jersey, US.
Generating Funding / Startup Capital for Delicious Delight® Catering Services Company
- The CEO / President Mr. Joel Morrison will generate 20 percent of the start – up capital from her personal savings
- Mr. Sean David will generate 15% of the startup capital
- Ms. Sarah Snowfield will Generate 15% of the startup capital
- 50% of the capital will be sourced from our banks as loan.
REAL ESTATE BUSINESS GROWTH – Sustainability and Expansion Strategy
We are set to spread our tentacles beyond Ocean City, New Jersey to other parts of the United States of America which is why we have hired some of the best hands in the real estate industry to help us lay a solid foundation for growth and expansion of the business.
Part of the sustainability strategy that we have adopted is continues training of our workforce (both fulltime staff and freelancers working for us) so as to provide them with the capacity to perform effectively in the highly competitive real estate industry in the United States of America. Our goal is to have our company’s presence in all the states in the US and will be our driving force in sustaining the growth of the business and taking on new territories.
Check List / Milestone
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts various banks in the United States: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of All form of Insurance for the Business: Completed
- Renting of Office Facility in Ocean City, New Jersey: Completed
- Conducting Feasibility Studies: Completed
- Generating capital from the CEO / President and Business Partners: Completed
- Applications for Loan from our Bankers: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents (Tenancy Agreements, and freelance agreements et al), and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the Needed furniture, office equipment, electronic appliances and facility face lift: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business (Business PR): In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with key players in the industry (networking and membership of relevant real estate bodies): Completed