Starting a Successful Real Estate Business: 5 Tips for Success
You’ve chosen to become a licensed real estate agent (congratulations!) but what now? Starting any new business can be overwhelming, but add to that the challenges that face many new realtors, and launching a successful business can feel downright impossible. Below we’ll share 5 tips (and 4 bonus tips) that can help you set your business up for success.
1: Get to know your local market.
Make an effort to become an expert on the local real estate market. This includes learning about current and historical property values, as well as understanding the local economy and any relevant regulations or laws.
2: Build a professional network
Connect with other real estate professionals in your area, including agents, brokers, and mortgage lenders. This can help you get your foot in the door and learn about new listings and opportunities.
3: Develop a marketing plan
Figure out how you plan to market yourself and your services to potential clients. This might include creating a professional website, using social media, or networking at local events.
4: Stay up-to-date on industry trends
Continuing education is important in the real estate industry because laws, regulations, and best practices are constantly changing. Make sure to stay current by taking relevant courses and seminars.
5: Focus on customer service
Providing excellent customer service to your clients will not only help you earn their trust and repeat business, but it will also help you stand out in a competitive market.
Bonus Tips for a Success Business in Any Industry
No matter what business you’re in, there are some foundational steps you should take to start your business off right. In particular, these are important actions to consider when starting a real estate business.
Choose a business structure
There are several options to consider when selecting a business structure, including a sole proprietorship, partnership, corporation, or limited liability company (LLC). Each type has its own benefits and drawbacks, so you should consider your business goals and needs when deciding which structure is right for you. Consider reaching out to an accountant or local small business development center if you’d like help choosing the structure best for you.
Create a business plan
A business plan can help you define your goals, target market, and marketing strategies. It can also be helpful when seeking financing or partnerships.
Set up a separate business bank account
It is a good idea to keep your personal and business finances separate by setting up a separate bank account for your business. This can make it easier to track your income and expenses, and it may also be required if you decide to form an LLC or corporation.
Consider hiring an accountant
An accountant can help you plan for tax payments and ensure that you are in compliance with tax laws. They can also help you with financial planning and budgeting for your business.
The Key Difference
Key Realty was founded on the premise that agents need training, tools, and technology as well as maximum take-home pay. Key Realty agents are better educated, have more resources to assist their clients and earn more money per transaction than agents at other brokerages.
Free Training, Tools, and Technology without any fees, plus a 100% commission structure is what we offer - and why we can say, “You’ll Do Better With Key!”