- Set Up Business Plan
Just like any other kinds of business, when you attempt to establish estate agency, you need to have clear business plan. A good business plan should be able to explain what it is going to do, how it grows and how it will succeed. You should also include your business target for both short term and long term.
This is a good way to consider the whole circumstances including how you will compete with other agency and how you fill your own niche. After business plan, you should also decide the legal structure of your business. It is ordinarily required when you register your corporate to legal firm.
- Search Your Premises
When you are trying to find premises for your estate agency, you may prefer to a prime location since it has high value. A location where it has crowd visits near public facilities will obviously have higher rental costs. Moreover, it will be easy to be advertised and attract many prospective tenant.
Make sure you have done your homework of researching each potential properties before contacting the owner. You also need to work on the average rent with different types of properties in one area. Afterward, you can start to compare all calculations and define which premises you can afford. Remember to consider about your resources and running costs when deciding the premises.
Some estate agencies even start their business from home with a laptop, internet connection, cellphone and vehicle for easy visits and viewings. This way can effectively press the startup expenses low. However, you shouldn’t underestimate them since they actually can magnificently reach success.
The online estate agency features innovative technology and unique offering which give them special value. In this matter, you should also think how you will engage technology into generating money. Exploit the internet as much as you can or you will be left behind.
- Mark Your Name in the Market
There are some ways you can do to build strong presence in the local community for selling, buying, or renting properties on behalf of your clients. But first, you should think deeply about your brand. People have tendency to judge the image first before they decide to ask your services.
The brand will also play mainly on the niche you will get. I suggest you highlight the unique selling point of your business have and make it remarkable. Second, you can start to advertise your properties through various media including leaflets, newspapers, and websites.
For a startup company, sending leaflets door to door maybe effective since it is low cost with high possibility of response. Another effective way to advertise your business is though internet. You need to work on online marketing by establishing company’s website and have SEO strategy. You should keep in your mind that it’s not just an advertising of properties, it is also how you represent your brand to the potential clients.
Insurance is ultimately needed on this field. You need to prepare some protections in case of some complicated problems arise. This will also allow you to keep your clients trust which is very crucial for business sake.
Learn that there are some different insurances regarding to estate agency. Certain insurance will help you to counter compensation claims while other will protect you from faulty advice charge. There is also insurance that will help you cover the buildings as well.