Out of the two million real estate agents in the United States, how many of them are in charge of their own brokerage? It’s time for you to start working for yourself and join the ranks of other solo top-notch real estate agents.
You might be worried about the success of your real estate brokerage, but that’s not a reason to quit. If you follow our guide on how to start a real estate business, you’ll be off to a great start.
A successful business always starts with good planning. When you’re used to following the rules and procedures of a boss, it can be difficult to come up with your own. Here is your essential business startup checklist.
Set Goals For Yourself
Before you begin, you have to consider your daily goals. Having your own business can make it seem like the possibilities are endless, but it all comes down to how well you take advantage of your own skill set.
Start by asking yourself a series of questions like: “What are your ideal hours?” and “How much money do you want to make each day?” These questions can guide you toward how much work you’ll have to do daily in order to meet your goals.
Outline Your Business
Your real estate business needs a way to differentiate itself from the numerous realtors in your area. It needs a brand and a personality–this is when you’ll need to use your creativity. Figure out what your business will do better than anyone else, and that’s how you’ll stand out.
You should also start to consider who will be accomplishing what in your business. Consider whether you’ll need to hire real estate agents or an administrative assistant.
Research, Research, Research
You don’t want to set yourself up for failure. That’s why doing market research is a crucial step in starting a real estate business.
Even if you have confidence in your idea, it might not actually work. Market research can make it easier to find the right niche and can help you learn how to shine in your area.
Craft Your Marketing Strategy
How will anyone find out about your business without marketing? Simply waiting for referrals from friends and family isn’t enough.
You need clear strategies that will make your real estate business well-known and noteworthy. Knowing how to get started in real estate starts with marketing.
It’s best to choose yourself as your brand. That way, your real estate business seems more genuine and people-friendly. Real estate is more relationship-based than anything–if people like you and what your brand stands for, they’ll be more likely to buy.
Establish an Online Presence
Put yourself out there. Start a real estate business website and social media account so prospective clients can get to know you. Posting educational real estate videos onto social media can establish yourself as an authority, and also allows potential clients to interact with you.
Having a clean website is just as important as being prevalent on social media. When the majority of buyers nowadays research realtors online, a website can make or break your business.
Although you might have to spend some money on building and marketing your website, it’s worth it. Your website should be search engine optimization-based, and should also allow you to incorporate IDX listings.
Reaching out to former clients and to your sphere of influence is an effective strategy when it’s done consistently. Whether you choose to send out postcards, phone calls, or emails, it should all be done according to a consistent schedule.
Maintaining Your Business
After you’ve figured out how to run a real estate business and it’s finally up and running, you need to keep it that way. Keeping up with your goals will get new clients flowing in.
You have a lead that contacted you, but your day is especially busy. What should you do? The answer is to always follow-up with your leads.
Waiting around for leads to buy from you won’t get you anywhere. Emailing or calling leads back plays an important role in whether or not a lead will choose to buy from you.
As an experiment, try signing up your competition’s real estate websites, and give them your phone number. Do they call you back? If they don’t, it’s time to be the reliable real estate business that actually calls prospective clients back.
Time Management and Organization
If you find yourself working all day, you’re doing real estate wrong. Your business should always incorporate downtime.
When you’re always running around, it might seem impossible to find time to breathe. With the proper techniques, you’ll be able to do what you really love. That’s where real estate automation technology comes in.
A typical real estate broker markets a property to the clients in their network that seem like the right fit. They also consider where the property is, if the clients have any buying experience, and their current relationship with the client.
Real estate agents who stick with this method end up missing out on dozens of similar clients who aren’t in their network. Utilizing automation in marketing can help you reach out to other clients who are just as qualified.
In addition, automation software also allows brokers to avoid the time-consuming and tedious task of analyzing property data. This frees up more time for you to focus on your clients, or can even allow for some well-deserved relaxation time.
How to Start a Real Estate Business Made Easy
You’re ready to break off from the broker that you work for. Once you feel confident in knowing how to start a real estate business, there’s no point in waiting. Every day you work for brokers, you’re losing more hard-earned cash.
At BrokerBreakup, you won’t have to worry about missing out on extra pay. By signing up for sponsorship, you get to keep all of your commission and get to experience a ton of other benefits too. Check out our list of sponsorship plans, and sign up today.