5.46 million existing homes are projected to sell in 2020 which should outpace the last two years. That growth is music to real estate agent's ears.
After all, the more property that changes hands, the more commission money that agents get to put into their pockets.
If you've ever considered a career in real estate and have ambitions to become the next big agency on the block, you've come to the right place.
In this article, we take a unique angle on the typical "how to build a real estate career" blog post by focusing on not only how to build a career in real estate but how to start a real estate agency.
These 4 steps should give you some insight into how you should direct your efforts.
1. Write Out Your Long-Term Vision
If you don't have a clear vision of where it is that you want to go, you'll never get there. And by the way, saying that you have all of your ambitions stored in your head doesn't cut it when it comes to "clarity".
In order to achieve true clarity, you've got to get your ideas out of your head and out on paper.
Grab a notebook and start charting out what it is that you want out of your how to start a real estate agency ambitions.
Do you want to work 8 hours per day? Do you want your agency to operate on auto-pilot?
Be as specific with your goals as possible so you know what to work towards.
2. Get a Real Estate License
In order to be a realtor, you need to be licensed. Fortunately, getting a license is simple and shouldn't take up too much of your time.
There is a licensing fee that you'll need to pay and you'll also need to pay for access to the MLS (multiple listings service) which allows you to see properties that are on the market across multiple territories.
A typical licensing program is 60 to 90 hours of work.
3. Build Your Brand
With your license in hand, it's time to start building your real estate brand which you'll eventually evolve into an agency.
Pick a brand name and start marketing yourself as "Jane Doe of XYZ Real Estate". Then, start closing deals.
The more real estate forecast fluent that you become and deals that you're able to close under your brand name, the more people are going to start taking notice. That brand recognition is going to be important to our next step.
4. Start Hiring Other Agents
An agency is a real estate company that's made up of multiple agents. Agencies help agents get client leads and in return, take a portion of their agent's commissions.
Once your brand is having no problems bringing in business, start hiring agents to work under your agency's flag and keep growing from there!
Wrapping Up How to Start a Real Estate Agency
If it's your ambition to own a real estate brand that's so big that you have agents working for you, our how to start a real estate agency tips should be right up your alley!
Have fun implementing them and best of luck to you as you crush all of your larger than life ambitions.
To enjoy more excellent business advice, continue reading the content that we publish daily on our digital publication!