Welcome to The Real Classroom! I'm Kristen Walter. Today, I'm going to share the exact steps I took to start my own successful real estate brokerage. Stay tuned because I'm revealing what the big brokerages don't want you to know.
Steps to Start Your Real Estate Company
Starting your own real estate company is easier than you think. Follow these eight steps to transform from a real estate agent to a broker and agency owner.
Step 1: Make the Decision
Weigh the pros and cons carefully and make a firm decision. Trust your intuition alongside logical analysis. Consider creating a chart to compare your gut feelings and logical reasoning. Getting your thoughts on paper can clarify your decision-making process.
Step 2: Plan Your Transition
Decide when and how to break the news to your current broker or team leader. Consider the legal requirements, who owns your listings, and how to handle the transition. Prepare a proposal and muster the courage to present it.
Step 3: Fulfill Educational Requirements
Research the educational requirements for your area. Enroll in state or province-approved classes and plan your learning schedule. Beware of fake schools online; always verify with government sources.
Step 4: Create a Business Plan
Develop a comprehensive business plan, including a budget and necessary tools. If you don’t have a business plan for your current real estate work, pause this video and create one using our 5-day business plan challenge linked below. A solid plan is crucial for your brokerage’s success.
Step 5: Establish Your Business Entity
Choose the right business structure (sole proprietorship, partnership, LLC). Seek expert advice to ensure legal and financial protection. Think long-term to avoid complications with taxes, loans, or legal issues.
Step 6: Develop a Marketing Plan
Implement your marketing plan in stages. Don’t stress over budget constraints initially; focus on getting started. Upgrades can come later once you’re profitable.
Step 7: Set Up Systems and Procedures
Establish clear procedures for interviews, contracts, and accounting. Document what works and follow those procedures consistently. Effective systems will streamline your operations and prepare you for hiring agents.
Step 8: Hire Agents
Ensure steps 1 through 7 are fully implemented before hiring agents. Offer value to attract loyal and productive agents. Create a fair commission structure and a supportive work environment.
Additional Resources
If you're serious about starting your own real estate brokerage, check out my TurnKey course, "Brokerage in a Box." This comprehensive course includes all the forms, systems, and documents you need to start your real estate company in 90 days or less. Click the link below to learn more.
Final Thoughts
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