The real estate industry continues to soar high, luring more and more individuals to join the endless possibility of gaining financial freedom and life fulfilling career. Whether you are on the process of shifting your career or been in the real estate marketplace as one of the top performing Central Florida real estate agents and plan to open a one-stop real estate business shop, there are many things you need to consider such as planning and implementation of the right actions. If you want to ensure this business venture leads to success, I suggest you carry on these top 10 steps in creating a successful real estate business.
Step #1 – Start with a business idea
Yes, this is vital in any business, there has to be an idea for you to get started with the planning. Since you want to explore the real estate industry, it would be best to list all ideas that could be useful for your business. It could be your previous experiences as a broker that has inspired you to set a real estate business such as flexibility of working hours unlike a traditional daytime job where you have to work from 9 to 5 or appealing commissions or positive comments coming from other real estate business owners.
Step #2 – Assess if your idea will hit the market
Now, that you have come up with a specific business idea, your next move is assess it carefully by asking the right questions such as:
- Will this business idea valuable?
- Who are my competitors in the marketplace?
- How can this business add value to existing rivals?
- Who will be my target customer?
- Hon can I connect with these prospects?
- Do I have enough funds to start this type of business?
All these questions are very crucial as you get to the bottom of your business plan. If you are totally confident with your answers and have no doubts of investing money, then, you are off to the next part of this business venture.
Step #3 – Draft your business plan
Even how small your start-up real estate business, you need to draft a business plan. You will need more time to dig deeper into the facts or answers you provided from the above questions such as the costs to set-up a real estate business, business structure as well as other details crucial to help you get on track. Here are some of the factors you need to include when creating a business plan:
- Structure of your business
This is a crucial part of any business plan, you need to decide whether you will go solo or seek other investors to form a general partnership like LLC. If you want to make sure you are properly guided, consult a financial expert like an accountant.
Budget plays a major role to your business plan. You will need to come up with a detailed forecast of your earnings including expenses like rent, taxes, technical support, phone as well as manpower.
- Internal structure
There are other concerns that you will also have to look into when running a real estate business like the commission structure of your affiliated real estate agents, advertising cost and referral incentives.
- Hiring strategy
This is also vital when creating a business plan, your hiring strategy. How and where you will get most of your salespeople?
The financial aspect is important when planning to start a real estate business. You need to have enough funds to cover all the costs of renting or buying a business space, office equipment, insurance, advertising and operating expenses that will help you survive during the lean months.
Step #4 – Seek help when needed
Don’t do everything on your own for it will leave you totally exhausted. It would be advisable to seek help when needed, particularly from the experts. For example, if you want to create a website for your real estate business, better hire a web developer who has solid track record in website development to save time, money and energy. Same applies to other concerns needed to keep your real estate business up and running smoothly like marketing, accounting and risk management. Besides, having experts on your side will give you more time to focus on more matters important to your business.
Step #5 – Establish a credible image
As early as now make an effort to establish a credible image, so that when you already launch this business, you have a good number of prospective clients waiting. You can do the following strategies to build a lasting impression to your target audience:
- Attend local events and gathering where you will have the opportunity to meet and mingle with people who can be part of your prospects in the coming months. Be sure when you attend these gatherings that you have with you business cards that you can give as part of your marketing campaign.
- Invest in a top performing website because this will be your instrument to tap the online community and establish a closer relationship. Besides having an impressive website gives the online user the impression of a stable business.
Step #6 – Employ only the best salespeople
If you really want to succeed on this business venture and see tremendous growth and expansion in the near future, employ only the best salespeople that you can find. I strongly suggest you make yourself available during the hiring process and come up with a list of qualifications that your suitable candidates for various positions will exhibit or possess.
Step #7 – Appreciate dedicated workers
One of the assets of your real estate business is your manpower. If you managed to hire only the best workers, do everything to retain them. You can show appreciation to any work done efficiently by giving words or phrases or giving rewards. For example, if one of your salespeople managed to close a deal with a picky customer, why not treat this person to a deserving meal. Giving rewards or incentives is just one way to show the real value of your worker to your business.
Step #8 – Get professional advice
Running your own real estate business can be tough, especially if you are compelled to make major decisions. Whenever you are in doubt with your decision making, get professional advice from a business coach with specialization in real estate. You can also join clubs and organizations that will allow you to meet established real estate business owners and seek their opinion on matters new to you.
Step #9 – Show clients you care
A successful real estate business must have a good number of loyal clients who are always willing to do repeat business or give referrals. As you start your real estate business, find ways to connect with your target clients and when you managed to win their trust show that you really care and value this relationship. You can send personalized cards on special occasions like birthdays, Christmas, Thanksgiving, Valentines and other occasions to show them that they are valued.
Step #10 – Make time for relaxation
No matter how busy your day has been at the office, don’t let the workload make you a dull person. Everyone deserves a break and as owner and boss of a real estate business, you too will need to make time for relaxation like a short trip to your favorite spa salon to enjoy a full body massage after working hard last few weeks. Remember, all work and no play will keep you mind and body low and when this happens it could affect how you run the business. When you need to recharge, take a timeout from your busy schedule and rest. For sure the next day you report to work, you feel revive and full of energy to explore all possibilities of finding good deals.