Nibletz Staff
Starting any company is one that requires hard work, determination and a whole lot of investment capital behind it. But what about if you are starting a business that deals with properties, such as an estate agent or a letting agency? In many ways, the fundamentals are the same as running a business. You have the product (the home), you have the customer (the tenant), and you have the same occurrences that arise with dealing with customers. When it comes to the basics, there are a few things you need to have in stock.
The Tech
When it comes to dealing with customers and clients, you need to be sure that you have the relevant systems and software in place to ensure a smoothly run operation. Having the right Property management software will cover your general day-to-day running of the business. From your admin tasks to lease management. Financial reporting to accounting. These all need to be accounted for to keep everything in check. In any small business, the systems will give the organization its structure, and this is no different. Having the best CRM software in place will act as a healthy database for clients and customers alike. And it will keep the back-office functions working steadily.
The Papers
To trade as a real estate agency, it requires the passing of state and national exams. In addition to this, you may have to provide a criminal background check. Between the courses, exam and license fees, you can expect to pay at least $200 or more. Although prices vary depending on where you are.
When you start to trade, you need to choose a real estate brokerage. This is the agency or office from which real estate agents and brokers work. Working with a broker is a requirement to practice. You will need to contact a broker before graduating from your training course. Brokers have at least three years additional real estate training. They can guide you through questions you have when it comes to working in the field, as well as listing and selling homes.
The Staff
Again, much like a small business, your staff will be the asset you need to make a connection with your customers. Having staff that is skilled in customer service or from a customer service background will serve your business well. A common complaint with real estate agents can be that the staff is not the friendliest of people as the common goal is getting a fast buck. Having your employees establish that bond with the customer is a skill that will go a long way. Especially as a relationship needs to be cemented.
The Marketing
It’s not just about having a snazzy website! You need to be networking, and to build your portfolio of clients to get your name out there. The best way to build your portfolio is in two ways. Either get a mentor or use your personal network. If you find a mentor in the real estate agency, you can choose who guides you towards buyer or seller contacts and splits commission. You’ll learn the profession from them while gaining your first commission checks.
