Are you taking the leap into the real estate business? As a real estate agent, your income depends on the commission you earn from every sale. This is why you are constantly looking for properties that can give you a good deal. The moment you decide to take a break, your income stops as well. No deals closed means no earnings.
Having your own real estate business frees you up from all these limitations. You can earn even while away on a holiday as long as your agents are performing well. And the more people you have closing deals under your business, the more income you make.
But don’t get too excited just yet! Starting up a real estate business is beyond challenging even if you have extensive experience as an agent. So whether you aspire to build a specialized boutique, or a franchise like maltasothebysrealty.com or karkanja.com, here are simple yet effective tips to help you get your startup off the ground.
Write Your Ideas Down
Every business starts with a bunch of good ideas. Now that you are brimming with positive information and passion, take time to list down your thoughts. A lot of important things will come into perspective as you write. For instance, your business goals will become clearer. This will allow you to create an organized and realistic plan.
When done brainstorming, keep your list in a safe place. As you build your real estate startup, review it constantly and use it as a guide. You may also post it where you can see it as you work. It will serve as a reminder for when you need motivation.
Research And Plan Thoroughly
The reality is, not all of your ideas will work. To avoid wasting your time, energy and money, conduct a thorough research. Determine whether your ideas are applicable to your target marketplace. Will they meet the needs of your market? Did someone implement them before and failed? What went wrong? These are only a few questions you should strive to answer.
In your research, also study your competition carefully. Pay attention to what they offer and what sets them apart. How can you get ahead of them? Identify possible advantages that you can offer over existing real estate companies. For a commercial RE operation, planning to have a good back office real estate technology solution will be critical to a quick launch and ongoing efficiencies.
Create a strong and clear business plan. The real estate business is a business after all. It should include all the expenses that you will make as you build your startup from scratch. Examples of what you need to list down are rent, equipment, office signs, website design, insurance, and operating expenses for at least three months. Also indicate in your plan how you are going to make money for such expenses. Make every information you write so clear that even someone who has no knowledge of real estate can understand your plan.
Hire The Best And Delegate
Choose quality agents. While experience is an important factor to consider, you should also take into account someone’s work attitude and character. In recruiting, prepare a contract that states how the commission will be split as well as performance expectations. It should also contain your company policies and code of conduct.
Also, build a list of area vendors that you can collaborate with, such as appraisers, surveyors, staging consultants, painters, and cleaning and pest services. Reach out to them and work on building leads.
As soon as you have a team in place, do not hesitate to delegate work. Being hands-on is a valuable trait but let’s be honest, you can’t do everything. Focus on what you do best and delegate work to your agents according to their strengths.
Invest In Building Your Brand
You can skimp out on everything else except branding. In the real estate world, image is everything. The best-looking houses sell faster and at a higher price. In the same way, a startup with a strong image can attract more potential buyers and therefore, close more deals.
Make sure that your materials project a unified image. Hire a skilled graphic designer to help you craft a unique logo. Additionally, concentrate on building a professional website. In this age, home shoppers use the web to browse through properties or to check your credibility as a company. Be sure to bring in someone who can create a functional site that appears trustworthy.
