- Tuesday, 19 August 2014 00:00
- Cristina Falcione
So you've just got your broker license and you're ready to take the next step in your real estate career. Starting your own brokerage can be both an exciting and daunting undertaking but remember its your own successes that have brought you this far! Recognizing that running a brokerage is less of a hobby and more like running a real business is one thing, but actually implementing real business strategies is another. Use these tips to bring business savvy to your brokerage.
1. First things first: The Business Plan
There are many paths you can take to start out, requiring you to make decisions on a variety of factors. What systems and tools will you use to manage your business? Will you use the cloud and what will you need to set everything up? Will you have a physical office or go virtual? More importantly, who will be your target market and why? What are your strengths and weaknesses as an individual and how can you leverage them to build a team that will flesh out your weaknesses? All of these questions and more you will address when designing a business plan. It might seem like a chore, but you might find it to be a very helpful exercise to organize your goals and stick to them. Here is a great resource to get you started or give you ideas if you're at this step and struggling to move forward.
2. Determine Sales and Lead Management Tools
When deciding what firm to go with, agents are going to look for how a brokerage will help them develop and manage leads. What will you provide your team with? Often just finding the right software can be challenging. Check out Capterra - you can search and read reviews for software products including lead management and CRM systems so you're well informed before you buy/commit.
3. Provide Training and Education
Just like in life, there is always something new to learn. If you're bringing on new agents, remember that passing the agent license exam is only the first step to becoming successful. Empower your agents by giving them access to the tools and knowledge that will help them grow - it will only benefit you and the brokerage as a whole.
This process also involves open communication between you and your team. Be open about what your goals for the firm are so that the team can share in and feed off of your ambition. Also be open and ready to address any issues your agents are having so that you can help solve the problem and keep moving forward.
4. Evolve and Adapt
In the world of entrepreneurship, there is a theory of the 'lean start up' where businesses position themselves so that they can constantly change their product offering based on consumer feedback and industry trends. These lessons can also relate to the real estate world. Understanding the market you are in and how your brokerage can change to meet your customers' needs is an important skill. Stay tuned for our ebook coming soon with more insights and tips in this area!
5. Plan for the Future
Planning is key - plotting out milestones and goals will help your business grow at a rate that you can manage and keep everyone accountable. If you aren't thinking about the next 3-4 years you are already behind the competition.
Real Estate Ally's mission is to help brokerages manage their business better with personalized insights that make the numbers simple to understand and instantly actionable. We provide the information you need to make decisions, at your fingertips, wherever, whenever.
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