Many of us dream to start our own real estate business, as it is often thought of as a high-income profession, however, most of us don’t have the first clue where to start. Maybe we have recently sold our own property and paid huge fees, and thought I fancy a piece of that market, or maybe you are at a crossroads in your career and fancy changing to a high paced world that offers the potential for high earning?. Whatever your motivation, here we are going to take a look at how to successfully start your own real estate business.
Create a Business Plan
There is no point in starting any business unless you have a clear plan, otherwise, your chance of succeeding is virtually zero. The real estate market is huge so you must know what sector you wish to enter. Do you want to focus on a certain demographic or geographical area instead? What is the competition like in your chosen field? Perhaps you want to focus on rental properties or short term lets? Before you start you must do your research and come up with a compelling argument about why you can offer better services than already exist, or at least why there is space for the new market you wish to create. Only then will you set off on the right foot to succeed in the real estate world.
Your website will be one of your key marketing tools as it will showcase your branding and also the sector of the market that you wish to enter. In your early days, you want prospective clients to visit this website and see plenty of testimonials to prove how happy your previous clients have been and you want to make it as clear as possible so anyone can contact you at the drop of a hat. It is also important to make use of analytical tools so that you can see who is visiting. Are they your intended demographic, and if not why not? Take advantage of the tools out there to understand your business as quickly as possible.
Create a Brand
Creating a brand is vital because not only does it give you the opportunity to showcase your skills, but more importantly it conveys the message that you want to deliver to the public. It will take time but if you start with a strong ethos focusing on ethical factors then this can catch the imagination of the public and will help to increase your reputation. Maybe you could come up with a tagline or a colour scheme that you can develop so that it becomes synonymous with your brand? Do you want to be the public face, or would you rather be anonymous? All of these questions need to be answered before you enter the market.
When you first enter the market you may not know many of the big players so networking is key. You may not enjoy going to that 6 am breakfast meeting, but if all of your competitors are there then it makes sense to go and talk to them and glean what you can about the market. You may find different avenues to market your firm, or you can learn some tricks of the trade. You may even pick up a mentor who can give you guidance in the early years and can help you avoid the pitfalls that so many new businesses make.
Your final step to setting up a successful real estate business is to get licensed. There are two types, a real estate license, and a broker license. Your first step will be to take and pass your real estate exams and then you have a decision to make as you can either hire a broker to work for you or you can do your brokering exams yourself. If you are new to the market it makes sense to hire a broker for two reasons; it will save you time as studying can be onerous, and more importantly, you can learn from them whilst they are doing their job.
In order to be successful in the real estate business, it is vital to be organized from the start, you must have a clear plan as to what sector you want to enter and how to implement those plans. Networking will help you introduce yourself to the key players in the market, and creating a strong brand and a clear website will help you stand out from the crowd. Finally, you need to get yourself licensed and then you are ready to start earning money for real! Good luck!