Starting your own real estate business may be the most financially and personally rewarding thing you will ever do in your life. With drive, passion, and a little bit of help, you could end up with the income and work-life balance of your dreams.
To be successful, you must be an organised, goal-oriented person, ready to nurture your ambitions and face all the challenges that come your way. Keep in mind that owning a real estate business is a long game which requires an abundance of patience. It’s certainly not about achieving instant success.
There are many things to consider when starting your new company, so here are 5 essential steps to help you start your journey to business success.
1. Get Accredited
The first step of opening your own real estate agency is gaining the necessary qualifications. All agents must complete the Real Estate Agent Licence Course before applying to become a licenced real estate agent via the Office of Fair Trading, which gives you the authority to open your own agency.
2. Get Planning
With any new business, it pays to be prepared. If you want your agency to succeed, the main focus during the initial phase should be creating a solid foundation with a business plan.
The plan should outline all growth and capital requirements as well as the objectives and strategies unique to your business. Putting everything in writing will ensure successful strategic decisions, while proactively handling all kinds of market fluctuations later on. Our free startup checklist is great for planning everything you need to get done.
3. Get Researching
Market research is essential. It’s the only reliable method to gauge how successful your business might be, as well as niche real estate markets that might be profitable to focus on. The research will also point out angles to approach your niche and the best ways to position yourself in that area.
Researching the market early is going to save you both time and money, while also providing you with some real world experience. This will also be a test to see if you possess the right skill set, and you may even find a mentor willing to guide you and provide assistance or investment.
4. Get Software
These days there are dozens of software solutions that you can use to eliminate or automate day to day tasks and provide superior service to your clients and prospects. A lack of software/tech in your new business will have you playing catch up with your competitors.
Find yourself a great real estate CRM that talks directly to your website and works on your mobile devices.
5. Get Online
Having an excellent online presence is imperative to succeed. The vast majority of potential clients search online for agents in their area before even thinking about walking into a real estate office.
Ensure that your real estate website looks great and converts as much of your hard earned traffic into leads. Create social media profiles and become as active as possible, you should use these channels to give your local market an insight into your new business.
Utilising these various online channels, which compliment your traditional offline outreach strategies is the best multi-pronged approach to form truly strong customer relationships.