7 Tips on How to Get Started in Real Estate
Did you know that 83% of buyers purchase their home through a real estate agent? And, 88% of sellers were helped by an agent in their transaction?
The facts don’t lie! Real estate is a great business.
If you are here, you might consider this business but don’t know where to start.
Don’t worry! We have you covered.
Ready to learn how to get started in real estate?
The Truth About Real Estate
Before we give you some tips on starting a real estate business, we’ll tell you why starting your own real estate company might be the best decision of your life.
Did you know that 5.51 million of existing homes were sold in 2017? Imagine what it would mean for your business if you helped some of the sellers or buyers of those homes.
7 Tips on How to Get Started in Real Estate
The possibilities are endless when starting a real estate company but, only if it’s done the smart way. The way to do it is by sticking to the basics and keeping your eye on where you want to take your business.
Here are 7 tips on how to start your own real estate business:
1. Create an A to Z Business Plan
If you’re thinking about establishing your own business, you must’ve heard a thousand times that business plans are what make businesses successful. Of course, you might be thinking that there are people who didn’t create a business plan and are very successful.
While that’s true, it’s been proven repeatedly that planning is key to business success. So for your best chance at starting a real, successful estate business, you’ve to create an A to Z plan.
Before getting your feet wet, write a business plan that thinks about everything. Some of the things you should consider are budget, business structure, recruiting, marketing, commission structure, among others.
This might seem like a lot, but there are many resources online that may point you in the right direction.
2. You Can’t Do It All
Like they say, “Rome wasn’t built in a day.” this applies to establishing your business as well. So, yes, your own business is going to be your baby. But, don’t think that you’ll be able to do it all on your own.
Startup costs may be pretty steep, but many times hiring an expert in an area will be the best option. For example, if you aren’t great at web design or accounting, you’ll be better off hiring a web designer or an accountant.
Wearing too many hats can be stressful and stop you from keeping your eye on the ball. Also, these experts will help you focus on what you’re good at while making everything flow faster.
3. Invest in Your Branding
You might be thinking, why are you talking about branding? I want to sell houses and establish my business. But, in today’s fast-moving world, branding is what wins the long game.
When you establish a business, you want to create something that lasts years and keeps growing. The only way to do this is by investing in your branding. The internet provides us with a great way to get clients through our door.
But, only if we use it to our advantage by making ourselves available. Tell these prospective clients why you should be your agent. Now we see that many real estate businesses like this company have their own website and market their brand.
Using your website is a great way to win the marketing game against the big guys. We recommend you invest in effective marketing materials that tell your story.
4. Look for Ways to Reach Your Niche
When it comes to reaching your market, you’ll be surprised that the best approach isn’t firing all your guns. Maybe you’re thinking that cold calling, emailing, or marketing mail are the answer.
While those approaches might work for some real estate agents, we recommend you develop an approach that fits your market. For example, are you thinking about only working in commercial real estate?
If the answer is yes, you might consider advertising yourself to small and large businesses.
This way, you start getting your name out, and maybe they won’t need your services immediately. But yet, they might know someone who is looking for a real estate agent.
5. Recruit the Best Talent for Your Company
Like in any sports team, you need to hire the best talent you can. When you are in the process of hiring, recruit only players that bring value to your company.
Be mindful that some of your recruits will be a work in progress. One way to look at it is an opportunity of developing a sort of trainee or apprenticeship system in your company.
At the same time that these players are bringing value to your company, you’re giving back to them.
This will help to retain this talent. One important thing that you should emphasize when recruiting is that your company isn’t rigid like the big companies. Many of these professionals are looking for a philosophy different to their current employer.
6. Reward Your Team
Like in any business, real estate is driven by sales results. So after you recruit your team, keep them focused, motivated and happy. You might be thinking that’s easier said than done.
There are many ways to keep your team motivated and happy. It can be as simple as a quick team lunch when they achieve their goals. Maybe you can set a friendly competition system, where you give a gift card to the team member with the most sales at the end of every month.
7. Be Memorable
People will always remember how you made them feel. So when it comes to sales, we know the importance of referrals. One way to make sure you get them is by providing a memorable customer experience.
Today many companies focus only on making the sale without providing personalized service to their customers. This can be just a simple thank you note for using their services. You can even set up a referral program and host an event for these clients.
Also, make sure your team is on the same page with you on customer experience. Again, your team will be key for this strategy to be successful.
When a new client comes in, ask them how they heard about you. You might be surprised by what you hear.
Wrapping It Up
Now that you know the basics of how to get started in real estate, starting your real estate company should be easy for you.
Remember that your planning will be key to taking your business to the next focus. If you focus on your business plan, recruiting the right team, marketing, and customer service, you’ll get ahead of the big guys in no time.
Did you get into the real estate game but haven’t gotten great results from your marketing strategy?
Check our blog post on how to pursue a career in Real Estate.