To be successful in the real estate business, you have to be prepared to face any challenge. Finding instant success is rare within the sector, which means you’ve got to be in it for the long game, requiring a lot of patience. Starting a real estate business isn’t for the faint-hearted, but if you’re able to pull it off, you could soon have millions of pounds in revenue turnover.
If you want to take the plunge and start your own real estate business, there is a lot to consider! Below is a list of 6 quick tips for starting and becoming a success in the real estate sector when you have your own business. Remember, nothing comes handed to you on a plate. You have to work hard to reap the rewards.
Plan, plan, plan!
Planning to start any business is essential, especially when it comes to something like real estate. Not only should you devise an overall business plan, but you should also think about long- and short-term goals you want to achieve. If you fail to plan, then you ultimately plan to fail – it’s an old age saying that is very true. For many agents starting, real estate is their second or third income stream, which means it’s not their primary focus. While this is OK for those who are doing real estate in their spare time, if you’ve got a business to run, then it’s a lot more complicated.
It would help if you started thinking like a business owner and that means extensively planning your business idea. Doing so will ensure you’re heading in the right direction, but it will also mean that you know you’re going to succeed. Often enough, people think that they will instantly achieve success in the sector, but the reality is, it’s a little more complicated and complex than this.
Do extensive research
Anyone who has worked or been apart of the real estate industry before will know how much research goes into even just the simplest of roles. Doing extensive research around the industry and brushing up on knowledge will help when you speak to other industry professionals. Plus, it will also show that you know what you’re talking about.
If you’re unfamiliar with new concepts in the sector, there are hundreds of resources to utilise. RWinvest is a leading UK property company who have countless guides, blogs and reports on their website, detailing the UK property market with advice for investors. These are particularly helpful for both investors and agents going into their own business. It doesn’t matter whether you’re setting up a business due to a large number of properties you have within your portfolio, or you want to help people find their dream property, you need to know your field.
Work on building a brand (and marketing plan)
Once you’ve decided on your business name and set up a plan for the next five or ten years, the next thing you’ve got to do is start working on your brand. This includes creating a logo and tagline, along with marketing strategies. At this point, it might be worth speaking to a marketing specialist who can advise you on the best path to journey down. It may be that you’re wanting extravagant TV advertisements but haven’t actually considered that social media and the internet are the best ways to get your business values and brand out there. Reaching potential customers has never been easier than it is right now with the accessibility of Google and other search engines. Marketing your brand and getting out the message is also essential as people often trust those who have been around for a long time, and if you’re a new business in a crowded sector, you have to stand out and be the best you can.
Depending on where you are in your real estate career, you may have the financing available to set up the business without any help. However, if you want to ensure success, it’s always better to consider all your options before assuming you’re not entitled to anything.
There are hundreds of schemes out there to help small entrepreneurs to set up their businesses, whether that is a business grant or loan to help you get started. Being able to hire one or two people to help you get your business running may be the difference between succeeding and failing at your business idea, which is why funding is such a great idea.
Create an online presence
Nowadays, creating an online presence is at the top of every business owner’s priority list. Why? Simply because if you’re able to create an active presence online, customer acquisition is practically free, you’re only paying with time it takes to commute and build your business online. Smaller retail stores benefit from starting their online presence and building it up over time. However, if you have the funding or the money to reach thousands – paying for ads on social media is a great way to get your business in front of your target customer audience.
Once you’ve started implementing your business and marketing strategy, staying consistent will serve as the best way to be successful. Keep your branding and social media all the same colour and try to give your customers or clients the same advice consistently. If you’re hiring people to help you along the way, train them to talk to people how you do so there is consistency within the business no matter who someone is talking too. One of the biggest reasons that real estate businesses fail is because customers are getting inconsistent advice and support, which means they seek advice somewhere else.
Don’t worry if you still feel like a novice, starting a business is a huge decision, and it will take more than one article/blog to get you prepared. However, you’ve started researching, and you’re becoming familiar with the concept of starting an excellent, real estate business. Remember, it’s about research and being sure of yourself. The rest will come eventually.