Starting a real estate agency is a big decision. With a lot to think about, the prospect of going out on your own can be daunting at first but with the right preparation, you can ensure that your agency is a success. In order to succeed, you will need to set yourself up for success from the very beginning with the right tools and processes to ensure that you can deliver the best possible service to your clients. 

To protect your business, you should speak to a business insurance broker to help you choose the most appropriate insurance for your needs. They will be able to advise you as to what cover you need to ensure that your business can cope with any uncertainties down the line. With your business protected, you can go about getting your new real estate agency off the ground with more peace of mind. 

Let’s take a look at some of the steps you need to follow in order to start a real estate agency in Australia.

Get Qualified

Before you can begin to think about starting your own real estate agency, you will need to ensure that you have the right qualifications. To apply to the Office of Fair trading to become a licensed real estate agent, you will need to complete the Real Estate Agent License course to have the authority to start your own agency. 

Create A Business Plan

As with starting a business, you will need to create a robust business plan to help get your real estate business off to the best possible start. Your business plan should include your goals, strategies, plans for growth and the capital you will require. With a well-written business plan, you will be able to secure funding for your business from financial institutions and investors with greater ease. 

Conduct Market Research

Take some time to study the market to identify where your real estate agency can operate successfully. You need to ensure that there is enough demand for your services in order to succeed in your area and that the market is not already saturated. You may be able to offer a unique service or focus on a particular aspect of real estate to make your business more specialist, creating more demand for your services. 

Choose A Business Model 

Typically, real estate agencies will either focus on selling property, property management or, in some instances, a combination of both, You need to choose whether you will specialize in one service over the other or if you will offer the whole package. It’s also important to consider whether you will operate independently or as part of a franchise. Choosing the right business model from the beginning will ensure that you can focus on the right goals going forward. 

Prepare A Marketing Plan

To spread the word about your new real estate agency, you need to market your business. You can choose traditional print mediums, you can market online or you can use a combination of both. However you choose to market your business, you need to ensure that your branding is consistent across all of your marketing communications and that your message is well-received by your target demographic. With the right marketing strategy in place, you will soon have more clients getting in touch to utilise your services.

Get Your Real Estate Agency Off To The Right Start

Starting a new real estate agency can be daunting. However, with the right approach and a positive mindset, you can ensure that your new venture is a success. Be sure to put a plan in place from the very beginning, analyse the marketplace and to implement an effective marketing strategy to increase your visibility in the local market. Taking the time to set your real estate business up correctly from the outset will ensure that your new venture is a success moving forward.