Top Tips for Real Estate Start-up Companies
Life for people brave enough to start-up a business in the real estate world can be tumultuous to say the least. The rewards are huge but the dedication needs to be steadfast, and it’s important to ensure you know exactly what needs to be done to become a well-established company in the competitive real estate sector. Having good communication skills and an in-depth knowledge of the industry are just the base points of being a good real estate agent, and learning how to ensure sales go through quickly and efficiently will be the key to your success.
Understand the Rules & Regulations
You will need to have an in-depth knowledge of tenant laws and planning laws, and learn about financial and legal implications of different agreements. You can use various industry associations designed to keep new start-up owners up to date with new legislations.
Know your Competition
Knowing what real estate companies in the area are successful and identifying why is important. It is easy to find examples of successful real estate companies and you should read testimonials and reviews to see what makes them popular and follow their lead, but make sure you stand out by adding unique touches to your services.
• Send out a welcome package to entice customers into using your services after your initial meeting
• Give them a reason to remember you, such as handing them a chocolate with your business card
• Make your meeting personal by taking them to lunch rather than just your office
It’s important to ensure you have your own brand identity, and keeping up with your competition is about standing out from them by offering something they don’t.
Calculate your Costs
As with any new business, it’s vital to ensure you only spend within your means, so you will need to set up a budget to be sure you know how much you can afford to invest.
Here are some costs that need to be taken into consideration:
1. Office rent in a prominent location
Making phone calls, driving, mailing and printing property information for clients are costs that will have to be budgeted for on a regular basis.
Location, Location, Location…
Being a strong estate agent means finding an office that abides by the first rule of real estate – having a good location.
You will need to make contact with a wide range of professionals in order for you to do your job efficiently including:
By acting as an overall contact point for outside sources, you will become a trustworthy and stress-reducing resource to your clients, which will guarantee you success in real estate.
Alex Christo is a real estate agent by day, and spends his spare time blogging and keeping up to date with the industry by using various websites, while relaxing with a good cup of coffee. Find him at http://www.baselets.co.uk/