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Starting a Real Estate Brokerage

I think it happens to all Real Estate Agents after being in the business for a while. We start asking ourselves “Should I be Starting a Real Estate Brokerage? How hard could it really be?”

Well, it can be hard! A lot of people underestimate the cost and time involved in running a professional Real Estate Brokerage.

Also, it takes a series of different skills to run an office, that can be quite different than what is required to be a good commissioned salesperson.

Many sales agents are not necessarily detail-oriented workers. If you are not a detail oriented worker, it is crucial to have staff that is. Your concern will shift from focusing on closings to focusing on liabilities.

First, you have to decide if you are truly up to the task. It is a commitment, and if you are a successful agent, you might be putting your pending commissions at risk.  Then when you start your Brokerage, you might find a lot of tasks take you away from closing sales.  

Alternatively, it can be very smart to go out on your own.

It is important to schedule meetings with some Brokers that run their own companies as well, to see what they are willing to share with you.  Even just making some calls and discussing with Agents that 

Here is some useful website when considering Starting a Real Estate Brokerage:

The SBA, the US Small Business Administration
Score Association
Entrepreneur

Articles specific to starting a Real Estate Company:

Boutique—Today’s real estate brokerage business model
, (Realty Times, Sept. 20, 2013).
Business Planning, (The Sociable Agent, Nov. 12, 2012).
The evolving brokerage model, (REALTOR® Magazine, Nov. 2012).
From Realtor to Broker: determining the model, (AGBeat, Mar. 5, 2012).
Your 21-point business plan (RealTrends, Aug. 13, 2012)
Creating your business plan blueprint for 2013 success (RISMedia, 2012)
16 steps to your best business plan (REALTOR® Magazine, Dec. 2011)

Decide if you want to open a Franchise or an Independent Office:

Field Guide to Compensation Plans for Real Estate Agents
Field Guide to Family Firms
Field Guide to Franchises vs. Independents

Creating an Office Policy:
Field Guide to Real Estate Office Policy Manuals

 

 

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it takes a series of different skills to run an office, that can be quite different than what is required to be a good commissioned salesperson.

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