How to open a real estate agency? Easily!

Looking from the top of the real estate Olympus at our past selves, we remember how difficult these first steps were. When you are just starting to break into the market, where besides you there are dozens of newcomers and more successful players, it is difficult not to get confused. Where to start on your path to success if you are just thinking about opening your own real estate agency? We are unlikely to be able to lead you by the hand, but it is easy to give practical advice and instructions!

6 steps to open a real estate agency

Recipes for our favorite dishes are often laid out with step-by-step instructions. We offer you a short step-by-step recipe for success in the real estate market.

1. Explore an area that is unfamiliar to you. Before making serious decisions about starting a company, you should study the market to understand what real estate segment it is worth choosing which services to focus on and which objects are considered presentable. Also worth evaluate prospectsto understand how relevant your work will be in a few years.
2. Determine the correct legal form to start your business. You have a choice of individual entrepreneurship (IP) and limited liability company (LLC). There is no significant difference that affects the further development of the company, so feel free to choose any form. Often preference is given to the first option, since it is simpler and cheaper to design. It would be a good idea to consult with a lawyer to determine exactly the form that suits your plans.
3. Don't forget to register your activity and complete all paperwork. Also think about tax reporting and bookkeeping. Many people turn to the services of freelance accountants for this. They will help you keep things in order and run your business responsibly.
4. Find a suitable workplace and acquire a set of furniture and equipment necessary at the starting stage of your activity. To begin with, you can opt for a modest premises or a remote work format. As for technology, you will need computers and special software to interact with clients and object databases.
5. While your agency has not yet acquired an extensive client base, you can cope with the entire flow of work yourself, but you will not last long. Gather your team and expand it as your business grows. The selection of employees must be approached extremely responsibly because one unqualified or rude expert can ruin the reputation of the entire agency.
6. In order for people to know about you, you need to tell about yourself. A huge part of development, especially at first, is advertising and marketing. You must introduce yourself to potential clients, show them professionalism and reliability before starting cooperation. First of all, create a website, but don’t forget about your presence on social networks. You should choose social networks based on audience analysis so that your content catches the eye of those who can really benefit from it.

Without a silver lining there is no good and vice versa: the pros and cons of a real estate agency

Let's start with the positive. Opening a real estate agency has a number of advantages compared to other businesses and startups. So, the main advantages of this type of activity are:

• in demand! We have already written several times about scammers, unscrupulous developers, and just sellerswho want to hide the shortcomings of their objects from you and do not disdain all sorts of tricks. There are risks when buying, selling and renting. Most investors owners and tenants have long recognized that greed will destroy them, so it is better to enlist the help of professionals once than to waste time and money in an attempt to save it;
• low entry threshold or simply minimal investment. You don't need to develop a product, buy expensive equipment and do all the rest. To get started, one presentable office will be enough, or you can even resort to a remote format. The main thing is not the outer cover, but the professionalism that is hidden behind it;
• You don't have to wait long to make a profit. The absence of a turnover period is an obvious advantage, which will allow you to earn money from the first day. Payment is made immediately upon conclusion of the contract.

Everything has a flip side, and a real estate agency is no exception. Business requires investment of money and time, but does not always guarantee the desired result. When opening your own company, you may encounter a number of difficulties, due to which the process of reaching a leading position may take a little longer:

• titles “Blagovest” and THE Capital has not been heard only by those who are not at all interested in real estate, but besides them there are dozens of small firms that, despite being less popular, still successfully conduct their business. On your first day you will face competition. No matter how expert you are in your business, it will not be easy to compete with existing businesses. And you can say this about any business, no matter what you start;
• The second point follows from the first - you will have to spend a lot of time and effort on promoting your agency. On average, this takes from 1 to 3 years, but in large cities such as Kyiv, the terms can reach up to 5 years. THE Capital agency began its activities back in 2018, but it was not from the first day that we began to reap the benefits and receive well-deserved recognition at the international level. Patience and work will grind everything down - do not forget about this unwritten everyday truth;
• When opening a real estate agency, you cannot rely only on yourself. Analysts and realtors are the basis on which the success of the entire business depends. THE Capital is confident in its team and has formed it throughout its entire formation. Only thanks to those people who work with you and provide high-quality service to customers, you can achieve success.

To make your path less thorny and your colleagues more reliable, we offer you our help - at our courses experienced experts and coaches share their cases and tell about the real estate market what can only be learned after years of work. We will be happy to share our knowledge with you so that your step to the next level will turn into a series of achievements and closed transactions.