Many estate agents get tired of working for big corporates. They get weary of the low commissions and the difficult bosses who always know best and they decide that they want to go it on their own. It is very understandable and it is quite a common practice – especially amongst realtors who have a good network and plenty of experience in a specific area or suburb. But setting up solo can be tricky. As much as the reward is great, so too is the risk, as there are plenty of additional start-up and running costs that will need to be considered. But if this is the route that you are looking to walk, here are a few key decisions that you will need to make.
One of the easiest ways to sell property in the modern era is online. The old-days of property advertisements in newspapers are a thing of the past. Now, prospective buyers trawl websites looking for properties that catch their attention. So, you need to find a real estate web agency to help you develop your website. An outfit who are experts in this field; people who know how to optimise your SEO and make sure that your content can be picked up by the major property aggregation sites. Property websites are a specialist type of platform and the last thing that you want to do is risk such a crucial component of your business by farming it out to cousin Larry and his friends to do a favour for you.
Know your USP
Anyone who runs a business needs to have a unique selling point and if you are going to start your own real estate agency then you need to have one. Will it be the commissions you charge or your local knowledge? Are you partnered with a law firm that can give better rates? In short, you need to know why you are the best so that you can tell your prospective clients why you are. Simply needing the money or being a nice person is not going to be enough to cut it.
It is one thing to be an expert in a specific area, but if you want to sell you need to have reached. And this is where alliances come in. You might be an expert in a specific suburb or area in Perth, but if you want to be able to sell outside the area, to Sydney or Melbourne or even internationally, then you need to partner with a company that has agents in those areas. So, when it comes to setting up your local operation, be strategic and find the right partners – this doesn’t necessarily mean giving up equity to anyone, it simply means partnering smartly.
Rental is a good angle
Rental deals should not be frowned at and there is nothing wrong with adding rental to the bouquet of services that you are offering. It is a little bit more high-maintenance and low value than sales, but it does translate into a more regular and bankable revenue stream. And cash flow is important when you are starting out a business. It takes the pressure off. The rental industry provides this and you should not shy away from it.