Running your own business is a demanding job, but one that has the potential to be very rewarding. Are you an entrepreneur at heart? Has the idea of being your own boss, leading a team and building a brand always appealed to you? Starting your own brokerage could be a next step for you. Determine if you are ready to pursue this ambitious goal, by evaluating your current resources and experience.
Do You Have a Broker License? Completing real estate licensing classes and getting a broker license is necessary for anyone who wants to have agents working under them. Getting your license involves two years of full-time work as an agent, the minimum before working independently. You will start by brokering deals on your own and then find agents to manage.
Are You Financially Prepared for this Investment? From renting property to building a website and waiting for your first commissions to come through, running a brokerage company requires more than spending money on real estate licensing classes. It means having savings at your fingertips. Evaluate your upfront costs, eligibility for a loan and long-term expenses before you start down this path.
Do You Have a Proven Record of Producing Success? Understanding the trends in your field and how to broker deals in your area is just the tip if the iceberg for running a brokerage. You will need to know how to find leads and listings, so that you have properties and clients for the agents in your business. The better you are at closing deals, the better you will be able to lead others who are newer to real estate.