Opening your own real estate brokerage has tremendous upsides. When you know the business and already have the experience in closing home sales and connecting buyers with sellers you have the knowledge to succeed. You have the real estate aspect of a brokerage firm down. Now you need to learn the business side of it. As is the case with opening any business there is a learning curve, but as with your skill set you’re on the right track. Plus, when you discover how to open a real estate brokerage firm you’ll have the ability to keep more of the rewards and make your own decisions as to the kind of clients you take and work with. However, before you move forward with the process, here is what you need to know regarding how to open a real estate brokerage (and how to be successful at it).
Is Owning Your Own Brokerage The Right Decision?
Adding “Owner” to your job description sure is a great feeling. But is the added stress and responsibility worth it? You might already have a good thing going at your current real estate firm. So you need to take a long and hard look at whether this is the right move.
When you work for another brokerage it likely isn’t up to you to craft marketing material, run a website and openly seek out new clients. When you work for an established firm all of this is handled for you. But when you open your own real estate brokerage you’ll be forced to handle most, if not all of these tasks yourself. Are you comfortable doing that? If you’re still up for it than continue on. If this doesn’t sound like something you’d want to do there’s nothing wrong with that. It just means working in another brokerage might be better than starting your own.
Give Yourself Time (But Set a Date)
When you know you want to start a brokerage it is important to establish a clear cut date for when it will open. Write this down in your calendar and do everything you can to open up by this date. Having an established date in mind will help keep you on schedule. If you never have a date picked out you might drag your feet on the process. The longer you drag your feet the longer it will likely take to open up the brokerage (and the less likely you’ll actually do it). Having a picked out date gives you accountability.
Now, it doesn’t mean you’ll always have everything finished by the time your date hits. Often times when starting up a new business, even when in an industry you already know, you’ll run into some roadblocks that end up taking longer than you’d like. There are some licenses and other legal requirements that you’ll need to wait on and you can’t do much about how long you wait. So do what you can to hit that target date, but understand some delays may be unavoidable.
Get Your Marketing Ducks In A Row
There are a number of marketing requirements you need to check off your list. First, decide on a company name. It needs to be catchy and easy to remember. Write out a number of options and talk it over with friends and family. Receive their input and go from there.
Once you have a name make sure to register it. This way, only you can use your brokerage name and when you become successful you won’t have competitors looking to siphon off clients by opening up similar named firms.
From there you’ll want to create a website and consider posting a number of landing pages, with each landing page based on different clients (having a different landing page for varying demographics, price points, buyers and sellers, and so on will improve your client capture rate). If you’re not sure how to do this you should hire a professional website designer.
You will also need to make up business cards, signs to place out in front of the properties, and also have any swag you might want to give out to clients or at networking events. Whether the swag is in the form of golf balls, windbreakers, water bottles, or other items you hand out, these items are often more beneficial than actual business cards. Whatever you decide to go with, make sure you have everything made up prior to going live with your business.
Have A Goal
Make sure to have a clear-cut goal for not only your new real estate brokerage, but also everyone who works for you. This way you can track your goals and adjust accordingly.
Give Yourself A Leg Up
When looking at how to open a real estate brokerage you will be starting out, for the most part, free of any clients. While you might be able to take your client list with you from your previous real estate job many of these individuals will likely already have a recently purchased home and may not be on the market for a new property anytime soon. That is why you need to give yourself a leg up on the competition by signing up with RealProcity.
RealProcity is offering a money saving opportunity to new clients just like you. The company provides city to city referrals, which helps connect you with hundreds, if not thousands of current home buyers and sellers, all of which are looking for an agent. As you build your personal client base and look for ways to connect with the local community, RealProcity has the perfect opportunity for you. So check out the service and sign up today. Your brand new real estate brokerage will thank you for it.