Growth comes in many forms. When you started in real estate it was likely tied to a desire to make your own hours and be in control of your financial future.
Your real estate business likely started with working a sphere and building a network of buyers and sellers that you could help in their real estate transactions. As your capabilities in marketing and negotiating increased your business's production also grew.
Maybe you decided to start a team or hire a transaction coordinator to support the growth of your business.
So, how do you know it is time to take the next step in your business's growth? The owners of JPAR who decided to start a brokerage of their own fall into a couple of categories.
Some agents get their broker license and start a brokerage because they are tired of paying a split to someone else that is more than the value they receive for their partnership. Some are looking down the road and want to have a sellable asset to help fund their retirement. Others have watched friends and peers build an empire that ties together real estate sales with ancillary income to improve the financial return on their invested time and efforts.
Regardless of their reasons, they are ready to grow to the next level and the best owners have a heart and passion for developing people. Whether it is the agents they bring into their network, the staff they eventually hire to support the office or the consumer education they offer, they are leaders that care about the real estate experience and the communities where they live and work. Being able to control that experience and build lasting relationships is at the core of their desire to take that leap into building a next level business.
Here's what you need to know if you are exploring starting your own brokerage:
- Draft your business plan. Having a clear vision of what you are working for and toward will help with all the next steps.
- Determine your business legal structure. There are tax implications that need to be considered.
- Register your business name and get your tax ID number.
- Share your goals and plans with your support network.
- Get clear on what you love to do and who you should be looking for to help fill the gaps for things like bookkeeping or technology support.
To get started on building your business to a new level explore the business plan resources in this drive folder or set up a meeting with one of our advisors to talk about options for starting your brokerage.
