You’ve gone that extra mile from getting your real estate license to becoming a broker. As a broker, you’re the boss. You’re no longer legally required to work under someone like when you were a real estate agent. So, now you’ve taken it even further by starting your own real estate brokerage or maybe you’re thinking about it. Opening your own firm can lead to greater prestige and financial opportunity; however, like any business endeavor, starting a company from the ground up is no easy task and starting a brokerage firm comes with its own unique challenges. But, as they say: Nothing ventured, nothing gained. Here’s a few tips to consider when starting your own brokerage firm:
Get It Together
Before launching your new business, make sure you have everything together from your website and social media pages to marketing collateral…from introducing yourself and your team to securing new listings. It’s true: You never get a second chance to make a first impression and having a smooth launch will help solidify a good first impression and set the reputation and tone of your new business.
Quality Over Quantity
Don’t get in a rush to recruit a bunch of new agents and office workers without taking the time to ensure the quality of your applicants. Hiring the right people on your team whose goals, talent, integrity and work ethic are in line with yours will pay off in the long run. Building your business and hitting your sales goals will naturally take some time. Remember: It can take years to build a good, solid reputation but just minutes to ruin it.
Keep in mind, you’re now at the helm of this ship. However, as someone who has already had success in real estate, your instinct might be to “do everything yourself.” But, with a brokerage firm, you’re going to have to learn to delegate or the tedious, day-to-day tasks of running a business will quickly suck up all your time. Learn to delegate these tasks to your staff and you’ll have more time to focus on the real growth of your business.
Build A Brand
When growing a brokerage firm, remember to never lose focus of your client. Building a solid brand reputation is key in the early stages of any business but particularly in the highly competitive world of today’s real estate markets. You and your agents should be prepared to offer the best possible customer service in the home buying/selling experience. Your market share will grow and referrals and repeat business will be constant.
Starting your own brokerage firm requires major capital and intense time commitment. Ten to twelve hour workdays are not uncommon. The first few years of your business, you may not get to bring home any of your own commissions and you will have less time to do deals. A willingness to make these types of sacrifices early on, shows a true commitment to your business.
If you’re ready to step up your real estate game and become a broker, check out broker classes at: LicenseClassroom.com