Setting up your own real estate agency.

Do you want to free yourself from the shackles of a nine-to-five job? Do you crave financial freedom? Do you dream of being your own boss? If you answered yes to any of these questions it’s time to consider starting a real estate business. The benefits of investing in real estate are endless, the value of real estate has historically appreciated, which gives many investors a sense of security that their investments will produce positive cash flow over time. Also real estate business owners are rewarded with significant tax deductions. But arguably the greatest benefit of being a real estate entrepreneur is the control that comes with the job, you call the shots, you manage your time and you are the CEO of your company. Yes, it takes hard work, determination and dedication to own a successful real estate business but if you’re up for the challenge, this article is going to teach you how to get started. 

The first step of starting a real estate investment business is to identify your personal goals. Ask yourself questions like do I want to invest part-time or full-time? Am I financially ready to start investing? Do I have a support system? and what is my motivation? Your answers will help determine your initial strategy and business plan. Once you’ve identified your goals it’s time to dive head first into the research phase, this includes making a decision about your specific exit strategy whether that be wholesaling, fix and flip or rental properties, an in-depth analysis of your local market and a review of your biggest competitors. After studying those external factors, begin to examine the internal factors, this means pinpointing your strengths and weaknesses, as well as deciding on how to differentiate yourself from the competition. The next step is to craft your business strategy. After you’ve conducted sufficient research you should be able to formulate several ideas on exactly what will help your business succeed, if you lack liquid capital you may consider real estate wholesaling, if your aim is to build wealth over time buy and hold properties are a smart strategy. Whichever niche you choose, it should be highlighted in your business plan as well as with resources and tools you plan to leverage. Once you’ve put your business plan in writing, it’s time to choose a business name and set up an LLC. When picking a name for your new venture be sure that it’s memorable, creative, catchy and accurately describes your business, you can draw from inspiration but be sure to do your research in advance. Only after you’ve named your business should you start an LLC. An LLC will protect you and your business from future liabilities as well as reward you with additional tax benefits. A web presence is a must for any business owner especially those in the real estate world, because many potential leads will come from online. For this reason your next action plan is to build a website, but don’t feel overwhelmed. There are plenty of free or low cost website builders online designed for beginners, another option is to hire a professional web developer. 

After you’ve created your online presence it’s time to establish a marketing strategy. There’s social media marketing, email marketing, direct mail, bandit signs and a myriad of other tactics. Each strategy has its own set of pros and cons, so choose wisely. Start by identifying what it is that makes you and your business uniquely valuable, answering this will help drive your marketing campaigns. Once you’ve chosen a marketing strategy, move forward by launching your first campaign, whether this means sending your first email, buying your first facebook ad, or creating your first flier. Be sure you’re consistent in representing your brand across all marketing channels, so pay attention because this next step is of the utmost importance. Follow up with each and every lead. The worst thing a real estate business owner can do is launch several marketing campaigns all at once, only to ignore the increased stream of incoming leads. Just because a lead may not result in a lucrative opportunity right away, doesn’t mean that the lead won’t turn into something valuable in the future. When it comes to lead generation, make it your goal to build a genuine relationship with every potential client.

Last but not least, build a support system. investors treat this tip as an ongoing exercise more so than a final step, this is because the importance of building a solid network and support team is unparalleled if you want to succeed. In fact, many leads and deals in real estate will likely come from your personal network, so be sure to invest time in cultivating relationships with anyone from colleagues, to clients, to mentors and watch your business grow. This is pretty much what it takes to start a real estate business, keep in mind getting any business up and running won’t happen overnight. Entrepreneurs spend countless hours educating themselves, conducting industry research and tweaking their business strategies, but if you follow this action plan and work hard you’ll be one step closer to attaining your biggest real estate goals.