OyeMarketor’s Ultimate guide for How to Start Real Estate Business?

Real estate is a business of lions’ hearts and not for faint hearts. What other industry demands you to cold call lots of clients every day but only to close approximately a few deals in your first year, if you are smart enough.

It is so common that an average of 3 out of 4 real estate companies fail within the initial years. But those who stand, starting their own real estate business can experience the seven-figure job of your dreams.

For many, real estate is a second or third choice as a career, but providing or searching dream homes for others while being your boss and helping others, still making enough money from the beginning is a very big thing! Now, the main question is... which one are you?

By following the given steps, you must understand how it works and how you can start…

Step 1: Make a Basic Plan

If you are willing to start a company or a small vada pav stall or a rocket manufacturing company, it’s better to have a basic plan. A well-written business plan gives you confidence for being successful and prosperous. Making a business plan includes your basic work to critical work, the number of employees to their salary, and other expenses. Additionally, saving for bad times because any business takes some time to settle down, so it’s better to have figured out a plan for any situation.

Step 2: Research on Market

Do you know people’s choices? What they like and what they don’t? What are the preferences they choose? Did you choose the right market? Are you going to do good here? A lot of questions and the answer is simple: “MARKET RESEARCH.” The more questions, the more answers found in the initial market research phase. By doing both primary and secondary market research, you give yourself a wide idea of whether or not the target you’ve picked is valuable enough to pursue.

Step 3: Different Branding Ideas

You can start any business. “Branding” is the most crucial aspect of any business. If you’ve got an established brand, then it is easier to build credibility. But if you look bigger than that, you attract customers, and in general, be the first company people think of.

According to branding experts, "Although you can introduce your brand through designed logos, massive ad campaigns, handcrafted press releases as well as super-friendly service, ultimately, your brand is what the outside world says about it." So make sure you do proper research for your branding and make it boom!

Step 4: Clearing all Legalities

Real estate is a business full of legalities. So make sure you follow all the rules and regulations regarding the project. Many companies try to tackle shortcuts in the path of success by applying wrong decisions and forging wrong information to the client. They think once they get paid, they are not answerable to anyone. But this is not true nor ethically right. If someone is entrusting you with his life’s savings to buy a home, it is our duty that he gets the best of the best. Our constitution and the government of India have implemented strict laws against these kinds of matters. So it is better to be on the safer side and clear all our documentation with the company, builder, and client as well.

Step 5: Getting Financed

One of the most important things about getting started in real estate is that having a huge amount of money on hand is always necessary but not all the time.

We can say that it is a business that you can start part-time while you’re still holding down a day job. But it is better to get financed. It’s always handy at rough times, so prepare yourself to make a proper professional presentation of your idea. There are many financiers who are ready to put their money on a really potential idea/plan.

Step 6: Setting up your Head Office

At the beginning of any business, a head office or just an office is a very important aspect where you can sit with the team and discuss the planning for the future and the current projects. An office is a place where you can professionally visit the company; basically, it is the face of your company. In Real Estate, the company office plays a vital role in attracting customers. Generally, clients judge the agency by its head office and then the number of projects it did in the past, so make sure you set up your office. We don’t recommend a lavish one at the beginning; a basic office where customers can visit and have a quality conversation is enough.

Step 7: Marketing and Launching

You can ask any real estate agent how they manage to market their business, and we bet that you’ll find that “SEO” and “a good internet presence” are common answers. Beyond the much-needed networking, you’ll need to do is maintain your online presence in your real estate is key to your success.

If you don’t have any clients, a good place to start is to reach out to people in your network. Tell them about what you’re trying to do... “Ask if they know anyone to whom you can provide value. If you’re new and starting out, you need to put yourself in situations that push you to make new connections, meet a new bunch of people, and provide value just by being yourself. Once people start liking you, they’ll definitely pass on your name with ‘real estate’ when they themselves or in their network if they want to buy or sell a house.”