To be successful in the real estate industry, one has to be a go-getter. If you are going into the business, you probably are the type who has the makings of an entrepreneur. You love the idea of working for yourself and are not scared to talk to people you hadn’t met before.
If you are looking into starting your own real estate industry and making it big in the industry, here are some helpful tips you can use:
Do your homework.
Before diving into something, you need to know what to expect. This is the same with starting your own business where you will co-exist with others who have goals of succeeding like you. That said, it’s imperative to plan early on. When you have finally made up your mind that you want to have your own real estate company, reach out to other business owners so you can get pertinent information about running a business. Successful business people often love to share their stories. Just be mindful of your approach because you don’t want them to consider you a competitor trying to be a copy-cat and steal their ideas. Learn from their successes and failures. With sufficient time to plan and gather ideas, you will have a guide by the time you open your agency.
Write a business plan.
To ensure you are going to the right direction, documentation is important and a business plan is what you need. This will include important elements about starting your real estate agency, from coming up with the business name to the expansion of your business. Moreover, you can always go back to your business plan and fine-tune some details as you run your agency.
Business Name and Logo. The name you use for your business should be related to real estate industry so people will know the type of business you are in just from reading or hearing your company name. You might want to include the word “properties” or the phrase “real estate agency”. Conversely, for the logo, ask a graphics artist to do it for you. It should be professional-looking and formal. Moreover, the logo design and font of the company name should be readable even in business cards and letterheads.
Business Structure. You can choose among sole proprietorship, partnership and a corporation. A business consultant can help you out with selecting the appropriate form of business that will fit your needs.
Budget. Establishing a business requires start-up money for office set-up and overhead expenses. Consider how much you need to cover all the expenses as well as how you will get funding for it.
Staff. Will you be hiring a recruitment agency to get the salespeople you need? You will need to look for top caliber real estate agents who will work with you as a team. Aside from them, you also need other employees, such as a receptionist, messenger and those you can hire to give out flyers and brochures.
Build your network.
Being in the real estate industry means you have to be good at sales and have people skills to sell property. It’s utterly important to have connections in the industry and outside your business sector since people from different sectors look for houses and commercial spaces to invest in. Build your network by joining events and exhibits. You can also join real estate seminars to be in the loop.
Build your image.
Despite the popularity of minimalism and the practice of some self-entrepreneurs, like Mark Zuckerburg, who loves sneakers, jeans and shirts as office attire, the field you have chosen requires you to be in business attire to look more professional and formal. You represent your company and how your potential clients see you will have an impact on the image of your agency. Also, build your image via the design of your logo and your marketing strategy. Expand your reach through web listings, your own website and a mailing list. You can hire an advertising agency and marketing company to do these tasks for you.
Engage members of your team.
Your employees are the pillars of your business and it’s important that they are focused on their jobs and satisfied at work. Show your appreciation to hard-working members of your team so they can motivate other employees and also feel that their efforts are not ignored. Incentives need not be expensive. Simple rewards like free dinners, gift certificates and plaques are not costly but they are significant.
Take care of your clients.
The success of your business not only relies on how persevering you are to look for potential buyers but also through referrals and word-of-mouth. People who have done business with you will also be the ones who will be telling friends and family, looking for properties to buy, about your company. This is why it is imperative to thank them in different ways. Make them feel you have not forgotten them and that when they need your advice on properties, they can count on you. If your previous clients trust you and know you take care of them, they know you will also do the same with people they refer to you.