So, starting a business like real estate is a task full of efforts and for most of the time, if the efforts towards it are true, perfect and on spot, then success tends to get a little easier, Opines Hirav Shah, The Most Trusted Real Estate Astrologer and Strategist.
Interested to know how you can set up your real estate business and grow it exponentially using technology and strategy by beating the current issues in real estate?
Starting a real estate business ain’t for the faint of heart. It’s a common adage that 3 out of 4 real estate agents fail within the first five years. But for those who have what it takes, starting your own real estate business can absolutely give you the seven-figure job of your dreams.
11 Steps To Get Into The Real Estate Business
1. Registration of business
To start a business in real estate as an agent, the first step to follow is to decide whether you’re going to work as an individual agent or form a company, partnership etc. For formation of a company or working as anything other than an individual, you would have to register the business with the correct Authority.
2. Budgeting / Financing
Financing a business may prove to be one of the most exhausting steps. The right kind of financing is very important for the future. If you’re an individual, you might start by capitalizing on your own but, if you’ve decided to work as other than the individual, then you will require additional finance. You might consider taking a loan but do keep in mind that bad loans may spoil your business in future.
3. Joining the National Association of Realtors (NAR)
Do you know that many problems with real estate agents can be countered?
Through NAR membership.
A membership with the National Association of Realtors (NAR) does come with additional benefits. The title you will earn would be REALTOR rather than real estate agent. Also, you will be held to a realtor code of ethics. The membership can increase your earning potential, plus it comes with its benefits and perks like access to the Multiple Listing Service (MLS) and the REALTOR benefits program.
4. Making a business plan
Success in the real estate industry won’t happen overnight, and it definitely won’t happen without proper planning or implementation. For entrepreneurs, a real estate development business plan can serve as a road map to all of your business operations. Simply put, a real estate business plan will serve an essential role in forming your real estate career.
Investors will need to strategize several key elements to create a successful business plan. These include future goals, company values, financing strategies, and more. Once complete, a business plan can create the foundation for smooth operations and outline a future with unlimited potential for your career.
5. Developing a Real Estate Marketing Plan
It is a guide for investors to promote themselves and their business. It explains what they’re going to do, how they’re going to do it, and who will be doing it—and it’s the single biggest reason people succeed in this industry; it’s also the primary manufacturer of real estate leads.
More often than not, leads are generated by word-of-mouth marketing, otherwise known as real estate referrals. The majority of today’s most successful real estate investors find their leads from referrals, as their past success stories precede many of them. A real estate agent, for example, receives roughly 75 percent of their business from satisfied clients.
Your marketing foundation establishes credibility for your business. That foundation compels other people to take you seriously—especially when you are new to real estate investing. As your marketing presence continues to grow, it will also generate referral leads from other real estate professionals.
The two most important qualities for generating leads as an investor are presence and credibility, which a marketing plan aims to establish. For investors, a marketing presence opens their name and business to the public, helping spread the word. Credibility, on the other hand, serves as the backbone for trust and establishing relationships. New investors should think long and hard about their business goals before drafting a real estate marketing plan. Like most endeavors, the key to success starts with a plan, and your real estate marketing plan is no exception. Assessing goals before drafting a marketing plan will better refine investors’ approach moving forward, including developing a roadmap to a successful real estate marketing campaign.
6. Building your online presence
An online presence is vital for prospective clients to find you. Consider making your own website where you can share listings using IDX, or build a profile on an existing real estate website.
And don’t forget to write a real estate agent bio that reflects your professional experience, education, and skills. Using a website will help you attract and engage with online leads and share your listings.
7. Choose your specialty
Now, when you have attained a certain amount of knowledge, the next step to proceed in Real Estate is to decide your forte, whether you’re going to work in the residential brokerage or commercial brokerage, or even both.
8. Finding a mentor
Finding a real estate well-rounded mentor is imperative in this business. Seek for them and build a strong relationship with them.Offer to help them with their business, and they’ll be more willing to share their knowledge and provide you with practical, positive and constructive feedback.
9. Organising open houses
To spread the word about your listing and real estate business, open houses are a low-cost strategy. Conversations and networking with potential leads is possible through these open houses and you will also be aware of the neighborhood you are working in.
10. Building and Maintaining Contacts
As you’re now set to begin your successful run in the real estate market, know that the most important part of it is contacts. Your value in this business is determined by your portfolio, or the people you’re connected to. Work with the best people in the industry and you’re surely going to be one of the best soon. As per a survey, 39% of sellers found their real estate agent through a referral by family or friends. And 24% of these sellers used the agent they previously worked with again, to either buy or sell a home.
Once you’ve built up your client base, it’s crucial to maintain the relationship you developed. A simple gesture like giving the client a closing gift or sending a postcard at the end of a home sale leaves your client with positive memories of your working relationship. And this translates to business later.
11. Continuing to learn
Learning never stops. It is important to your success as a realtor, and it will aid you to further enhance your skills. Real estate industry news, blogs and podcasts are the sources from which you can learn new selling strategies and marketing ideas.
The sooner you follow the above-mentioned steps, the faster your growth and prosperity can be, in the real estate business.
You need to STRATEGIZE. You need the TIMING to be right, aside of everything else.
A one-on-one discussion with Hirav Shah and his guidance & advice, will enlighten you about the aspects that are specific to your project.
“A well guided move will not only make success easier, but also CERTAIN…!”