The real estate industry provides excellent financial opportunities. In 2021, the global real estate market was valued at USD3.69 trillion. Forecasts say the market will continue to grow steadily at about 5.2 percent through 2030. Individuals who are passionate about real estate and willing to work hard can succeed in building a real estate marketing agency.
Here are some tips for starting a real estate marketing agency.
Determine Your Budget
You can start a real estate marketing agency for the cost of obtaining your license and local permits. However, you’re more likely to succeed if you invest a little more. You’ll want a website, business cards, and social media. You’ll also likely want to invest in software, such as a CRM system to help you nurture leads and access to multiple listings.
Another aspect of determining your budget is deciding whether you need an office and, if so, what type. For example, would a serviced office in a shared building meet your needs? Or do you need a freestanding office?
You’ll also need to decide how to handle your bookkeeping, too. You can do it yourself using handwritten ledgers. However, investing in software or outsourcing bookkeeping is probably a better value in the long run because you’ll have more time to follow up on sales leads.
Determine Your Personal Goals
You’ll be your own boss, which means you can determine your own hours and working habits. You can decide how many hours a week you want to work and which hours you’d like them to be. You can also determine your own goals. Do you want to build wealth? Do you want to earn enough money for a sound retirement? Or is real estate a second income that allows you to afford luxuries?
Once you’ve determined how much you want to work and how much you want to earn, determine whether your earnings projection is realistic based on your desired work schedule. If not, you’ll make adjustments. You might decide that you can achieve both your revenue and time goals if you outsource some of your administrative work to a real estate virtual assistant, for example. If that’s the case, you’ll add outsourcing to your budget.
Develop a Business Plan
Develop your business plan. The plan will include your personal revenue goals, the number of hours you’ll work, and your budget information. It will also include those things that will set you apart from other real estate marketing agencies. To discover these things, ask yourself several questions.
- What attracts you to real estate in the first place?
- Do you have a particular interest, such as commercial property or first-time home buyers?
- Will you specialize in a specific type of property?
- What values and principles will drive how you conduct your business?
- How are your specialties, principles, passions, and specialties different from other businesses in your community?
Your business plan also includes a marketing plan. To be effective, marketing must be consistent. Even if you begin to get leads, you can’t let up. You must constantly market to keep a pipeline of leads going.
A good marketing plan will include an SEO-based website, a networking plan, and social media. Many real estate leads take months or years before they result in a sale. So, your marketing plan will include a strategy for nurturing leads, perhaps through as many as 12 contacts.
As part of your business plan, consider how you will manage your time to maximize the revenue without exceeding the number of hours you want to work. Several tools can help you manage your time better, including automation software that will send out emails automatically to targeted potential customers. Outsourcing can also help you manage your time better.
Choose Your Business Structure
Depending on the country you do business in, you’ll have several legal structure choices for your business. The options will depend on tax advantages and how much personal liability you want to take on. Talking with an attorney can help you decide the best business structure for you.
The Bottom Line
Starting a real estate marketing agency is challenging. You’ll make several decisions at the beginning that will help determine the direction and, ultimately, your agency’s success. A reasonable attorney and tax accountant can help you make many decisions.
At ShoreAgents, we understand what is required to run a successful real estate marketing agency. Our director ran several real estate businesses before he founded ShoreAgents.
ShoreAgents provides offshore staffing solutions for real estate businesses. Our real estate virtual assistants are well trained and specialize in the real estate industry. They can provide administrative, marketing, or accounting help so that you can manage your time effectively. Because our real estate virtual assistants are based in the Philippines, they represent a good value. They are well-educated, hard-working professionals available at a fraction of the price of workers in many other countries.
Contact us today to see how ShoreAgents can help you create the real estate marketing agency of your dreams.