If you’re already in the real estate business, chances are good that you have an entrepreneurial streak. Even when you work with a team, your success is still mostly on your shoulders. You can set your own hours, decide your own style, and generally enjoy most of the benefits of being your own boss. But you’re not yet a true real estate entrepreneur.
Not until you take the big leap of becoming the head of your own brokerage.
It’s a big step, but it can be done! If you start with a strong foundation (excuse the real estate pun) and build from there, it can be a rewarding and exciting evolution of your career. But how do you get started? Read on to find out!
Start Thinking Now
Even if this step is a long way in your future, it doesn’t hurt to start thinking about it now. Gather ideas, create a vision board (Pinterest is great for that), and talk to more experienced folks in the industry.
Test Your Ideas
When your ideas start to form into a full-fledged plan, it’s time to do your homework. Understand the market in your target area, and ensure that your brokerage will meet a particular need of a client base that’s not currently being served.
Craft a Business Plan
Those ideas are now ready to become a business plan. You can find templates for a basic business plan online, if you’re new to the process. This step will involve hard data and numbers to prove the viability of your idea.
Consider Branding
Branding makes a huge difference, especially in the real estate industry. Invest in a professional logo and integrate that design as the cornerstone of your marketing efforts. A unified brand for your website, business cards, fliers, and other marketing pieces is essential.
Find a Mentor
Are you feeling overwhelmed yet? That’s totally understandable. You’re not the first person to make this journey, so find yourself a mentor (or two) to help ease your way. People are often willing to share their wisdom—and someday, you can return the favor to an up-and-coming agent.
Build a Team
To succeed, you need good people on your side. Your sales force should ideally be a united team that shares the same values as your business. Retain top talent by rewarding good performance and mentoring anyone who struggles.
Stand Out
What makes a brokerage a success? A good reputation. You need to go the extra mile every time and make your clients feel like they can trust you completely. Prompt communication is absolutely essential, but you might also brainstorm fun ways to make your clients (and potential clients) feel important. This is a relationships business, and your main goal should be fostering those connections.
Enjoy the Journey
Phew! That’s a lot to take in. As you work your way through these steps, don’t forget to take breaks, relax, and enjoy the ride. You can very quickly burn yourself out otherwise. Take the time to celebrate your successes and—more importantly—learn from your failures. And maybe take up a hobby that has nothing to do with real estate.
