The real estate job market is fierce as numerous persons armed with real estate licenses compete for lucrative job offers. You are also licensed as a real estate agent in your State and that is the main reason you were able to land a job quickly. Although you are employed to a successful real estate company, you are getting impatient with the desire to start your own real estate practice. Here are a few considerations you need to be mindful of in setting up your company.
A Mass real estate license is a very crucial requirement in order for you to set up your own brokerage. Of course you would also need at least two years experience working with an established real estate brokerage to get started. To launch out on your own you would definitely need sufficient funds to get started. You will need to pay overhead costs like rent, office equipment and supplies, utilities, signage, marketing, staffing costs, and accounting services. Without sufficient funds for at least three months of operation you will not be able to successfully set up your brokerage. Your location is also an important consideration so make sure that it is free from zoning restrictions that could hurt your business. The size of your location that also enables ample parking for staff and clients is also important.
As a Massachusetts broker, for example, you will be able to offer real estate jobs in Massachusetts to other real estate agents who are licensed to practice in that State. Recruitment of agents usually occurs after you have set up your physical location and started your marketing presence through websites and online media. Even as you decide how many agents and support staff you need to recruit, your physical office should already be in place and ready for full occupancy. Marketing the brokerage through various media will also take a lot of your time and resources at this stage and your objective is to bring in as many clients as possible to keep business floating.
A vital step you will need to take is to purchase insurance to cover omissions and errors that agents may make. This is your protection against legal action that dissatisfied clients may take. You would have already determined your range of products and services for your brokerage, for example the sale of high end condominiums or apartments. Whatever your area of emphasis will be, the agents you recruit should be able to help your firm grow its clientele. Seasoned agents may immediately boost your brokerage with clients they already have, while new agents will require time to build their own client base. You will also need to train them in the areas that are of significance to your firm.
Setting up a brokerage is an exciting phase in the career of a real estate professional and this is a real demonstration of the independence that comes with experience. You have paid your dues and armed with both a state real estate license and experience in the field, you have determined that it is about time to go out on your own. Once you have taken the time to plan your strategy and have taken the various steps towards establishing your own brokerage, you will find that as time goes, your business will grow stronger as you develop and tweak it some more.
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Please note the content is not intended to be, legal or investment advice. You should consult a licensed attorney or realtor for advice regarding your individual situation.