Tips for Starting Your Own Real Estate Brokerage
Are you currently enrolled in a real estate broker license course? If so, you’re likely wondering what the next step is going to be. For those curious about starting their own Utah-based brokerage, being armed with some research is key. The Institute of Real Estate Education has given hundreds the necessary tools to strike out on their own and start a brokerage, some of which they’ve collected for you below.
Here are some of the steps to take after completing a real estate broker license course.
Obtain Your Broker License
After completing your real estate broker license course, you’ll need to obtain your license before opening a brokerage. To obtain a broker license in the state of Utah you need to first have at least three years of real estate experience, at least 120 hours of training and documentation that you’ve completed it from your training institute. There is also some paperwork involved, such as obtaining a signed a notarized Broker Experience Documentation Form and Broker Transaction Log.
A Proven Track Record
One of the ways that you can give your brokerage a name for itself is by having a proven track record as a real estate agent. Before opening a brokerage, be sure that you’ve developed a name for yourself locally by producing quality sales. This experience will also help you understand the industry and housing trends in your area, which pays off when striking new deals and expanding your brokerage.
Create a Financial Plan
Starting a brokerage is going to take an initial investment, so creating a detailed budget outlining startup expenses, ongoing and long-term expenses is recommended. Be sure you’re thorough from the outset, including everything from website construction to content marketing campaigns. There are several funding sources available to new real estate brokers, such as developing a partnership or obtaining a small business loan.
Build Up Your Business
After completing your real estate broker license course, building up your business will help ensure long-term success. You can expand and add to your brokerage by developing a clear corporate structure for staff and adding new personnel as you grow. Even if you start out with a small team, designating clear roles ensures positive growth and morale. Then you can begin recruiting agents and expanding your services.
Consider a Coaching Program
Check out these suggestions for some great coaching opportunities for you or your agents:
Guide to the Top 30 Real Estate Coaching Programs: How to Choose the One for You
Obtain your real estate broker license from Institute of Real Estate Education
The Institute of Real Estate Education offers real estate broker license courses, continuing education services, and sales agent pre-licensing courses. Call today to learn more or visit us online for a complete list of services.