The popularity of the real estate industry in the U.S. is skyrocketing with approximately 17,000 people in the country googling “how to become a real estate agent” each month. If you’re a person who has an entrepreneurial spirit and drive, an incredible work ethic and has completed the 75-hour pre-licensing education requirement, you might be a perfect candidate to open your real estate agency.
If you’re able to bring out the best in real estate agents and have great social skills, you can thrive in a fast-paced and crowded place like New York and achieve incredible success. However, to achieve that goal, there are certain steps you need to take to get your business started the right way.
Below, you can read how to start a real estate agency in New York and enjoy an exciting, fast-moving career.
Prepare a Business Plan
Something that you might not have heard about real estate is that although you might be busy running around all day long with clients, this doesn’t necessarily mean that you’re making money. This is why writing a well-defined business plan and determining a clear strategy gives you the best odds of success. A business plan allows you to define the overall business and financial goals, detail what you are planning to do, and how you’ll push towards the objectives with a clear direction.
If you need help drafting this documented road map for your real estate business, find a real estate business plan template to help you break your goals out into long and short-term categories, convey your strategies and tactics, potential problems, roles and responsibilities, and SWOT analysis.
The template will have all the essentials you’ll need to set your agency up for success and get your efforts all moving in the right direction.
Choose a Company Name
The name you choose for your business will be at the forefront of your brand and it will be the thing that creates the first impression to prospective clients, which may impact their decision between your agency and your competitors.
Being recognized is extremely important, especially when running a business in a competitive industry. When choosing your agency’s name, you must first check with the County Recorder’s Office, especially if you’re to use a DBA (Doing Business As). Make sure to pick a memorable name that is relatable to real estate.
When brainstorming a name for your agency, you might end up feeling tired and uninspired. To spark your creativity, you can use a real estate agency name generator as a thought-starter and come up with interesting ideas.
Hire a Strong Team
When you open a real estate agency, you want to be surrounded by a great team that will move things forward and help you grow your company. You won’t be able to do all of the work, such as training, accounting, operations, administrative duties, and so on, by yourself. Because of this, make sure to look for talented people who will have the right qualification and experience for handling job assignments and projects.
If you’re looking to compete in the real estate market in Manhattan, it’s also wise to hire some of the best Manhattan real estate law firm to consult, review contracts, settle disputes, and meet important document deadlines. The real estate in Manhattan is fiercely competitive and you may get lost without the proper legal advice and guidance.
Choose an Office Location
As a real estate agency owner in New York, your will need to give your agents and other staff members the options to work in a pleasant environment where they can feel safe, be productive, and excel. When it comes to the office location, your options are a physical office or a virtual setting, with your agents working remotely from home.
If you go with the first option, you must decide how large the space should be and consider other expenses like furniture, office supplies, phone systems, computers which all combined can be quite costly. However, this will make a serious and professional impression on potential clients.
A virtual setting can be a more affordable option, but costs for computers and phone systems should be considered if your agents work from home. Whatever you choose, make sure to equip the office space with up-to-date technology to ensure operations run smoothly and efficiently.
Create Marketing Strategy
Once you determine the name and the location, you must work on your marketing plan and use social media platforms like Facebook, Instagram, and LinkedIn to start creating excitement about your new real estate agency.
Work on building a professional website, print unique-looking business cards, place real estate signs, and promote your agency as best as you can.
In addition, check on your competition and analyze what other real estate agents are doing in your area. Create email campaigns to reach your target audience, generate leads and drive traffic to your website.
Like any other business, opening a real estate agency in NY requires a lot of dedication, a solid business plan, and a great passion for the job. By following this simple guide, you can set yourself up for success as a real estate agency owner in one of the best places on earth.