So you want to start your own agency…
One of the best things about the real estate sector is it offers so many different forms of employment and ways to embrace a truly satisfying career.
For many successful agents, part of that career will see them aspire to open their own agency.
With the opportunity to forge your own path, instil your own values, and create your own brand, your own agency can ultimately enable you to live the lifestyle you desire.
If you have hopes, dreams and ambitions of opening the doors to your own brand, here are five things to consider.
Selling versus managing
Many excellent agents choose to pursue their own brand after a successful career selling. Ready for a new challenge, they step into the role of business ownership keen on sharing their success with other like minded staff.
The reality is, selling and managing are two very different propositions. Selling is all about independent results, while managing entails a whole different skillset. In the interim a successful sales agent turned business owner may find their attention taken from one of the core income-earning activities – selling property.
This is where a clear strategy is required, including processes for onboarding staff, procedures to achieve consistent results, and support to assist the business owner transition.
If there’s one inescapable truth about running your own business, it’s the sheer volume of paperwork involved. While some agents take to this naturally, for others it’s a detraction from the role they truly enjoy.
Before embracing your own brand, consider who will be responsible for the workload behind the scenes and find the right people to assist.
This encompasses all the little things, like PAYG, compliance, GST, and the inevitable documentation that comes with contracts, property management and real estate.
The tech landscape continues to rapidly evolve in real estate and its adoption can enhance or hamstring an organisation.
Meanwhile, sourcing and selecting the right technology for a new office can be demanding of the principal’s time. The right technology allows you to streamline your operation and improve efficiency, so it pays to investigate the systems you’re going to use in advance of going it alone.
The systems and procedures
All businesses rely on systems and procedures to ensure repeatable, scalable success. The best have these documented and implemented to meet the client expectation every single time.
Consider what systems and procedures your business will develop and adopt, and how they might evolve over time as you implement technology and the brand begins to grow.
The work/life balance is critical
One major challenge many agents turned business owners often reflect upon is the ever-elusive work/life balance. It’s no secret real estate can be all-consuming, that business owners find themselves always “on” and the work/life balance along with relationships can suffer as a result.
It doesn’t have to be this way but too often it is, and ultimately it’s up to the business owners to set the right parameters for themselves and their staff to tread that fine line.
How we can help
At Eview, we pride ourselves on supporting agents as they transition into their own business and their own brand.
We’re here to help with the backend of business – the tech, the systems, the support – that allows agents and operators to concentrate on what they know best – customer service, selling and satisfaction.
You can explore the Eview difference here or reach out to understand how our unique focus on you (the agent) as our customer can help propel your agency towards success.