A real estate company can be very lucrative and many people attempt to start their own real estate business, but the chances of success is lower than you may expect. Stepping into the world of real estate with nothing but passion, while admirable, may lead to disappointment and financial failure in the end. If you combine that passion with a great business plan and some forethought, you will be able to conquer the local market. Here are some important aspects and a couple tips for developing a successful real estate business.
Who’s Gonna Do the Dirty Work?
First, decide whether you are interested in becoming a real estate broker, or you are going to hire one. This is crucial as the broker should be in charge of the real estate side of your business. Another question to ask yourself is whether you plan to be part of a franchise, or if you will be an independent real estate company. Starting up as an independant company requires more organization and planning, but may be more profitable in the end.
Location, Location, Location
Next, find a great location for your business. Look for someplace with good visibility on a major road. Know your budget and stick to it when you purchase your space, it’s easy to get behind right away by buying something that’s bigger or more expensive than you initially need. Square away all of your city permits and licenses, and then get to know the local real estate community to get you pointed in the right direction.
Contacts Will Get You Places
Finally, become a member of the local chamber of commerce. You will need to have contacts, and the chamber of commerce is good way to get your name and face out there. Speaking of getting your name out there, don’t forget about marketing. Marketing is crucial for your success, if people don’t know about you then it doesn’t matter how good you are. Utilize local advertising like local radio, newspaper and TV which can be very affordable. In today’s digital world, online exposure is critical as well. Use social media like Facebook, Twitter and LinkedIn to build a following amongst the local community. Not web savvy? Here’s a tips to get your feet on the right path:
- Make good use of web services
- Make ample use of social media
- Build an email list
- Invest in a real estate agent list portal
- Create a blog
Follow these few tips, and your real estate business will be booming in no time.