How to Start a Real Estate Business?

Introduction to the Real Estate Sector:

One of the booming sunrise sectors in the world is undoubtedly Real Estate. Today, it has been recognized as one of the most lucrative investment alternatives. A good number of individuals irrespective of the demographic facets are seen considering real estate as a serious investment mainly because this is one such sector the value of which is sure to shoot up in the long run.

Moreover, this sector has ended up creating a win win situation for all the stakeholders who happen to hold direct or indirect interest in the same. This is one of the vital reasons that has contributed to the growth of real estate business in general, which is exactly why we see a number of real estate companies and agencies laying base in every nook and corner of the street.

There may be plenty of people out there who are keenly looking forward to establish their very own successful real estate companies. However, they are often confused as to where they should start from. In order to bring an end to the dilemma faced by all such people out there, we will be helping you with a brief blueprint that we believe may end up playing a crucial role in your real estate journey.

The Starting Point – Raise Your Start Up Capital:

One primary requirement for kick-starting a business is to begin by raising the much needed start up capital, the core role of which is to meet the various fixed and variable costs. This concept holds equally true in case of a real estate business. In order to give birth to your dream, you need to begin by locating and eventually investing in the office space, buying the necessary office equipment, designing logos and preparing other marketing material and of-course diverting funds towards insurance. Similarly, you will also require funds to meet the routine operating expenses in the days to come. Once the funds are in place, the first step can be easily met.

Meet Regulatory Requirements:

It is essential for you to note that you cannot really begin transacting in the real estate arena on any day at random. In most of the countries, you need to hold a valid license in order to be able to operate as a consultant. It is advisable for you to get on board a reliable legal counsel in order to better acquaint yourself with the rules and regulations that are prevalent in the real estate platform of your country. Once you have the necessary license in hand, you can begin your operations as a real estate consultant.

Get into Your Hiring Boots:

Next up you will be required to initiate the recruitment and selection processes in order to hire agents to your team. At this point, it is essential for you to draft an independent contractor agreement so as to maintain clarity and transparent communication between you as the employer and your individual agents. The agreement should necessarily house details regarding the ratio in which the commission would be distributed, code of ethics that need to be imbibed by the agents and of-course the general office related policies and procedures.

Fix in Your Mind – Customer is the Whole & Sole:

Once you are through with the above three steps, you need to proceed further in order to build a loyal customer base. In order to survive and succeed as a real estate entrepreneur, a stable clientele becomes a must. You can reap results in this area by investing towards direct and indirect advertising, integrated marketing communication models and of-course a tad bit of public relations. Similarly, you can also lay weightage on joining hands with a Search Engine Optimization company, which is believed to play a critical role in improving your visibility and presence in the market.

The Ultimate Add-on – A professional looking website:

The above elements are basically the preliminary droplets that would end up contributing to your wide ocean of real estate business. Apart from the above aspects, there is yet another component, which if added to your business initiation program is sure to benefit you in a massive way. The building block about which we are talking here is the need to develop and introduce a relevant, innovative and of-course distinct looking professional website for your business unit.

If we were to rely on the statistics, then we can easily come to the conclusion that in the recent times it has been found that over eighty percent of the individuals begin their home search online. This is exactly why a professional website is likely to come handy to your real estate unit. Similarly, a website can also help you survive the cut-throat competition by making your details available to the prospective clients at large.

However, one area that most of the companies end up giving a miss is with regards to the listings. Most of the real estate agents rely heavily on the Multiple Listing Service and fail to recognize the importance of listing out all the properties that come under their basket, on their respective websites. It is quite obvious that only when you offer a holistic listing on your website will you be able to hear your cash registers ringing, which is actually the end result of a wide number of sales.

Should You Get Into The Real Estate Business?

Various stories can be heard about the Real Estate Business. Some had been unfortunate enough to lost significant sums of money. On the other hand, those who have dealt with their cards wisely are now living comfortably, reaping the rewards of their company. So if you are thinking about a career in the Real Estate Business, you must understand that you will need more than just a set of good selling tactics. There are a lot of things you ought to learn to make it in the business.

Real Estate, or immovable property, is a legal term that defines a land and anything affixed to it. The properties can be classified as residential and commercial. Consequently, Residential Real Estate Business deals with homes, while the Commercial classification is involved with properties used for business purposes.

Although both types of Real Estate Businesses offer huge profits, one is riskier than the other. In Residential Real Estate, the clients basically want the same thing — a nice and comfortable home. Since you are also a homeowner, you would most likely have an idea of what your clients are looking for. You can then make use this fact to your advantage. This sense of predictability, however, is lacking in the Commercial Real Estate Business, as the field is more competitive and the demands are more diverse.

Relentless investigation is necessary to succeed in the Commercial Real Estate Business. It could involve leasing, owning or selling of any commercial property. Real Estates involved in this side of the business are commercial buildings, condominiums, apartment complexes, and other business-related establishments, either for industrial or agricultural purposes.

The company, therefore, thrives on the existence of other companies. Knowing what are currently in demand and weighing the pros and cons serve as preventative measures against pitfalls. Some companies have been driven to bankruptcy because of one major drawback. This aspect of the business is what makes it so perilous. Be that as it may, the compensation is worth all the risks.

Aside from the financial benefits, the Real Estate Business also provides other tempting incentives. First and foremost, you can be your own boss. In other words, you can make and follow your own schedule, and have absolute control over your company. You can also take a break whenever you like, and not worry about company policies on sabbaticals.

Having total authority over the company also holds you responsible for both its success and its failure. For that reason, having a reliable marketing strategy is important in the Real Estate Business. The talent of persuasion, combined with a good attitude and work ethics, can take your company to greater heights. On the contrary, one wrong move around a corner can drag your business down the drain. That is why it is essential to create contingency plans for every possible pitfall. It is one way of protecting your — and your clients’ — interests.

Establishing a career in Real Estate Business needs a lot of effort. Surviving in the industry is yet another story. Nevertheless, the key to success lies in your ability to adapt. If you are up for the challenge, then getting into the Real Estate Business may suit you well.

How to Get Your School-Age Children Involved in Your Real Estate Business

Are you a mommy real estate agent with kids in school? You already know how to maximize your real estate business work while the kids are out of the house. With all those hours to yourself, getting the nitty-gritty business stuff done is a cinch! After you get them off to school in the morning, you should have plenty of time to network with others in the business, make phone calls, develop your next marketing campaign and get all your office work done.

But what about when the kids are not in school? What about the holidays and in-service days? What about weekends and the after-school time when homework is done? Have you thought about making your real estate business a family affair? Your kids can be your own real estate assistants, helping you grow your real estate business and learning valuable lessons about life, teamwork and business.

As long as your child isn’t doing anything that your state deems work that should be done by a licensed real estate assistant, the sky’s the limit as to what your son or daughter can help with. That teenager who’s a whiz on the computer can help you develop your website. Your little artist can design your marketing materials. Kids can really be a help…and if you pay them a few bucks, there’s even more motivation to help Mom make her real estate business the best!

Just think of all the ways they can help you:

— Scan documents

— Make photocopies

— Fold letters, brochures, etc.

— Stuff and stamp envelopes

— Clean the car prior to a buyer appointment

— Take pictures of properties

— Develop marketing materials

— Filing paperwork

— Co-hosting Open Houses

There are many ways in which you can make your real estate business a lesson in teamwork. You get help to grow as a Mommy real estate agent and your children can feel like a part of your real estate business. It’s a win-win situation for kids and Mom!