Starting a successful real estate business takes plenty of passion. But along with personal drive, there are also practical essentials that will help you get your business off to the right start. Here's what you need to know to take your first steps in a new market.
These factors will make all the difference.
Across Australia, each state has their own particular regulations for people who want to set up a real estate business, which means research should be your very first step. You'll also need to spend time learning your state's particular real estate laws.
While it is possible to gain the certification you need to work as an agent very quickly, the success of your business will ultimately be built on knowledge. The expertise you share with clients builds trust on both sides of the transaction.
Costs and time considerations
Along with the cost of certification and training, you'll also need to factor in a range of other start-up costs as you establish your business. These will include renting and branding your premises, promoting your business in the community and investing in the technology you need to run your office efficiently.
But the biggest investment at this early stage is time. It's about putting in the hours to find leads, meet new potential clients and build your reputation as an agent buyers and sellers can rely on.
Creating a support network
Along with a strong network of clients and leads, one of the biggest success factors for new real estate agents is the people they turn to when facing those inevitable challenges.
This is where the support of a semi-franchise business model can make a huge difference. At Eview, we call this model Your Brand, Your Business. Our agents draw on the support of a wider network while maintaining the freedom to run their business in a way that aligns with their values.
If you're ready to move away from a role at a real estate franchise, or you're keen to try your hand as an agent for the first time, don't hesitate to get in touch.
"The 60 Second Entrepreneur"
"The 60 Second Entrepreneur" is an important book for any person who dreams of creating a successful business. Many of Manos's examples are taken from his Real Estate experience, but also draws upon over 30 years of being self employed and the lessons he teaches are fundamental business truths which anyone can profit from.