The world of estate agency can be very lucrative. If your passion lies in the property market, setting up your estate agents can be profitable. You may have worked for someone else for a number of years. If this is the case, you may be feeling disenfranchised with working for others. Whatever your motivation, you are sure to love setting up your estate agents and becoming master of your destiny.
Of course, the amount of choice that is available to you can be a little overwhelming. You may not know where to start. If this is the case, you are in the right place. Here is everything that you need to know about setting up your own estate agency.
Are you taking out a loan from the bank? Or will you be financing your own venture? If you are taking out a business loan, you need to ensure that you have a solid business plan in place. Make sure that you are in an excellent position to be accepted for your loan. The high street banks are still dubious about lending cash following the economic crisis. Take stock of your finances and ensure that you get the financial backing that you need.
Location is Imperative
Think about the location of your desired premises. You will need to rent a commercial building so that you can meet clients. Working from home is not an option with this kind of job. You will need to find suitable premises in a busy high street. Think about it logically. Your clients do not want to surf the net trying to find you. You need to stand out from the crowd. Think about the geographic location of your premises too. Do you want to be situated in an affluent part of town? You cannot sell luxury million pound mansions from a letting agents in Gorleston. Be realistic.
The Bare Necessities
Think about all aspects of financing your new venture. This should include taking a realistic account of what you need in order to make your business profitable:
- Printing Tools
Typically, you are going to need to make around £50,000 per year before you start to earn minimum wage. Does this prospect still sound appealing? Think with your head and not your head.
You will also need to factor in start-up costs:
- Printing materials
- Sign making
- Business cards
In short, you are going to need a lot of cash to start your estate agency. What is more, you are going to need to turnover a great deal of money just to ensure its longevity.
The World Wide Web
Once you have opened your award winning estate agency, you will need to ensure that you have a kick ass website at your disposal. Having a website is critical to your success in the digital age. Make sure that you list all current rental and purchase properties and make sure that your website is easy to use.