The Best Advice a REALTOR® Needs to Start their Business
Starting a career as a real estate agent can be both exciting and challenging. With so many different strategies and tools available, it can be difficult to know where to start. In this article, we'll explore the foundational steps you need to take to start your real estate business and succeed in today's competitive market. Whether you're a new agent or a seasoned pro, these tips will help you build a solid foundation for your real estate career.
Start an LLC
One of the first things you should do when starting your real estate business is to establish your legal structure. Setting up a Limited Liability Company (LLC) is a popular option for real estate agents because it provides liability protection and tax benefits. An LLC also allows you to separate your personal and business finances, which is important for managing your finances and taxes. Best advice: Talk to your accountant to determine whether an LLC, Corporation, or Sub S Corporation is the best fit for you.
Don't Get Swindled by Lead Generation Software
As a new agent, you'll likely receive numerous emails and calls from lead generation software companies promising to provide you with leads for a fee. While these services can be helpful in some cases, they can also be expensive and ineffective. Before investing in any lead generation software or service, do your research and make sure you understand the costs and benefits. Many real estate agents find that networking and building relationships with other professionals and clients is a more effective way to generate leads and build their businesses.
Select a Niche Audience to Start
When starting your real estate business, it's important to focus on a specific niche audience. This will allow you to develop a deep understanding of your target audience's needs and preferences, and tailor your marketing and services to meet those needs. Some popular niche audiences for real estate agents include first-time homebuyers, investors, luxury homebuyers, and retirees.
To select your niche, consider your personal strengths and interests, as well as the local real estate market. If you have a background in finance, for example, you may be well-suited to working with investors. Alternatively, if you live in an area with a high concentration of retirees, you may want to focus on serving that demographic.
Real Estate Agent Consulting
If you're feeling overwhelmed or unsure about how to start your real estate business, hiring a real estate agent consultant can be helpful. A consultant can provide you with valuable insights, advice, and strategies for building your business and succeeding in the competitive real estate market.
When selecting a consultant, look for someone with experience in your local market and a track record of success. You may also want to consider their specific areas of expertise, such as marketing, lead generation, or negotiating skills.
Ask Marcy
Looking for guidance as you build your real estate business? Just ask Marcy! Marcy Imperi, a REALTOR® with decades of experience as an agent as well as Team Leader and brokerage manager, should be the first step for anyone with real estate questions. Because of her extensive experience in the industry, Marcy has a wealth of knowledge and expertise in all areas of real estate, from buying and selling homes to managing investment properties or corporate real estate holdings. Marcy has the skills and experience to provide valuable guidance and support. With Marcy on your side, you can feel confident that your real estate questions will be answered and your goals will be achieved.