Starting your new career in real estate can be one of the most rewarding and lucrative decisions in your life. More and more people are now entering the sphere of real estate due to the flexibility and fantastic work-life balance that it offers. If you’re ready to leave your 9-5 job for something that offers more financial freedom, rewards and stability then real estate just may be your saving grace. In today’s article, we look at the 6 essentials of starting your own real estate agency, so read on to find out more!
1. Get The Right Qualifications
Like most skilled based jobs, getting the right qualifications is essential if you’re looking to start up a successful and long-lasting career in real estate. Step 1 is enrolling yourself in the Real Estate Agent Licence Course which you can do at numerous institutes that exist all around Australia. Once you have acquired your qualifications, you will then be able to apply to the office of fair trading to become a licensed real estate agent. We also recommend looking into options for conveyancing in Melbourne which will come in handy when the time comes for you to assist clients in conveyancing transactions!
2. Research Your Market Area and Target Audience
It goes without saying, a successful real estate agent is one that truly understands their market area and target audience. Doing your homework and due diligence when it comes to the market area you are entering is critical if you’re looking to succeed. A huge part of understanding your market area also includes looking into your target audience as well as competitors in the area that will help you make strategic decisions and customise your brand in order to suit your clients’ needs the best.
3. Organise Your Finances
Like any start-up business, ensuring that you have adequate funds to sustain your business especially in its early years is crucial. Chances are, when you approach a lender, they will require you to provide your credit and financial history in order to approve your loan. Depending on your investment strategy, financing options will differ. You could go the traditional route of getting a government loan or even think outside of the box and opt for private money lenders, business partnerships or crowdfunding. You don’t have to settle on one particular method but it is important that you do your homework in order to ensure that you are able to attain the funds necessary to run your new business!
4. Select Your Business Model
Since real estate is such a flexible industry, one of the benefits of starting your own agency is that you get to choose the business model that works best for you. When it comes to selecting the best model, there are a few things to consider. Will you operate from a physical storefront or exclusively virtually? Are you going to specialise in a particular service or just offer sales and property management? Whatever you decide on, it is always recommended that you make your decision based on your personal expertise, finances, resources and growth plans.
5. Plan Your Marketing Strategy
Even the best business will go bust without a solid marketing strategy which is why planning yours is so essential. Part of your marketing strategy should include branding, core mission and values and of course your various marketing channels which may include social media, websites, direct mail and networking. Thanks to the beauty of social media, you don’t even have to spend an exorbitant amount of money on your marketing strategy. Things such as newsletters, social media platforms and online networking allow you to spread awareness of your brand for as little as just a few dollars!
6. Gather A Trusted Team
No person is an island when starting up a real estate business, which is why choosing your team members strategically is so important. We recommend employing people who have had at least a few years of experience in the field, along with ambitious go-getters who are willing to learn, adapt and thrive in an ever-changing property market. It is also important that you prioritise continuous learning once you have your team gathered to ensure that everyone is at their top of the game at all times.
Starting your own real estate business may just be one of the best things you could do for yourself, your community and those around you. We hope that this article has given you valuable insight into the steps you need to take in order to start a successful and long-lasting business of your own. Best of luck!