Kickstarting a career in property management is a bold move but a potentially lucrative one. From cold calls to last-minute deals, real estate promises a career that might feel thrilling one minute, then frustrating the next – yet reveals opportunities when you least expect them.
If you get it right, you could join the likes of London estate agents earning £800,000 commissions on top of their salaries. However, getting to grips with the market is no easy task, so it’s always worth knowing how to set off on the right foot with some proper organisation and top industry tips.
Four essential tips for start-up estate agents
Before you open your doors, it’s essential to make sure that your new real estate firm is registered accordingly. In the UK, this usually entails registering with HM Revenue & Customs for tax and VAT purposes, in addition to forming a limited company with the Companies House.
Market analysis and financial projections should be core focus areas for your real estate vision. Once you’ve formulated a solid business plan and operational strategy, you’ll need to ensure that all legalities are considered. Consulting experts who can undertake a thorough and professional business audit is the most effective way to guarantee peace of mind.
Understanding the nuances of your local area will be key to your agency’s long-term success. Knowing which type of property will be more likely to be let quickly, and at the highest price possible, will ensure that you can turn around deals without delay.
When it comes to sales, you should know your buyers too. Conduct market research to find out whether new homes in your area are typically sold to families, professionals, or investors. In some areas, a lack of designated retirement accommodation could point to a gap in the market – but that’s not always the case. Know your facts before making offers.
In challenging economic times, the housing market can throw various curveballs. Demand, via enquiries for available homes to rent, continues to outweigh the supply of homes per agent. In turn, your business needs to adapt and find new ways to secure deals when the supply is scarce.
If smaller agencies can prove consistency and success, they make attractive targets to larger firms with goals to create a network of estate agencies. Keeping an open mind towards acquisition has proved invaluable for UK estate agents who choose to consolidate and share a wider pool of properties available on a local market.
Lastly, don’t neglect your online presence and marketing strategies. In the digital age, these tactics not only help your brand to reach a wider audience but play an integral role in shaping the reputation of your company. Through social media and review platforms, your customers can interact with your team (and other customers) before and after they use your service.
You can also use your platform to share informative and educational resources about the property market, which helps to reassure prospective buyers and partners that you’re serious and knowledgeable about what you do. Over time, you’ll secure your foundations as an expert.
Through your online presence, legal compliance and a comprehensive understanding of the local market and demographic, your real estate agency could thrive. As with any business venture, it takes consistency and commitment to see results, so try not to feel frustrated if there’s no immediate growth.