How to Start a Real Estate Startup?

I am glad if you’re starting your real estate startup in 2021. The time is in your favour, especially if you’re living in Canada. The first three months of COVID-19 were very crucial for the real estate business. But then we recovered more than what we lost.

So, when you‘re new to this business, you need to be vigilant and smart to succeed in the long run and make the best out of this business.

This post is a guide to start a real estate startup. It would help you begin smartly instead of aimlessly.

Let’s begin.

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Establishing Your Own Real Estate Startup

Is it really for you?

While this question might sound customary, it’s vital to answer it. Questions like this develop a curiosity that helps boost our efficiency.

So why do you want to start your own real estate business?

• Is it the money you see?
• Or do you love helping people buy and live in a house that makes them happy?

I won’t choose option one if I want to grow in the long run. That leaves me with option two. And I know when there’s passion, there’s hard work, and where there’s hard work, there’s good money.

So, do point out all the factors you want when starting this real estate business.

Don’t enter now; learn first!

That phrase goes for anything you’re about to start. Be it a job or a business, you have to learn as much as possible before you begin your journey. And this learning would even continue even after you have started whatever you intended.

There are different ways to learn about the real estate business:

• Read blogs and reports,
• Meet real estate professionals and raise your questions and concern,
• Register with a professional body to become an authorized agent.

Before entering this venture, you should answer questions like how’s the housing market doing? Or what are the prices of condos for sale in Oakville or bungalows for sale in Brampton today? Such information is easily available on the internet and should be at your fingertips.

Then you also want to meet and connect with real estate professionals. Join local real estate communities if there are some. You also could find some friendly real estate professionals on social groups like Reddit. Ask questions and gain to smooth your pathway to becoming a real estate professional.

In some parts of Canada (most probably other countries), there’s a special diploma or certification for real estate professionals. If you’re just lining up, you might have to register for a real estate course for agents. Or, if you’re already a professional and want to grow, you might have to register for a more advanced course.

That was the easy part of starting your own real estate business. Now it’s time to get professional.

Get a CRM

It’s vital to have some tools besides having proper certifications/diplomas. For this, we suggest having a good CRM for your new venture. A CRM (Customer Relationship Management) system helps in organizing your contacts with actionable insights. A CRM greatly helps in generating leads and managing them in an orderly form.

A CRM system is incredibly useful in a real estate business to reduce paperwork and manage leads efficiently among the agents.

Have a business plan

Having a business plan always help you stay on the right path, track your performance, and identify the problems found through the way.

Create a business plan defining your short-term and long-term goals. Your short-term plan would generally focus on a three-to-six-month time frame, setting your revenue and profitability targets for the period. In comparison, the long-term plans can include goals, such as five-year income forecasts, expansion plans, hiring goals, etc.

According to a study, businesses with business plans perform 2.5 times better than those without a plan. 

If you want to learn to write a business plan, here is a quick guide for you: How to Write a Business Plan (2021)?

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Create an online brand

Much like your physical business presence, you also need to have an online presence. Get a website for this. No need to go shiny. Get ideas from your local real estate brokers’ websites and create a new one.

Create an effective marketing plan

Besides having a business plan, you must have a marketing plan.

We all know technology is taking over businesses. Real estate is no exception to this. So when we talk of marketing and technology, the first thing that comes to our minds is digital marketing. Believe me, most homebuyers today use search engines to find their next home and their potential realtor. So to rank above those already existing in the market, you need to do SEO (search engine optimization) for your company’s website. You would need a professional for this job.

Then comes social media marketing – make your presence on social media websites like Facebook, Instagram, and LinkedIn.

Last but not least, hire a content writer or write your own website content and blogs.

Note: digital marketing is a whole other topic and can’t be covered here. But it vital for almost every business, and you need to have a professional team to do this job. 

Prospecting

Every business needs to have regular interactions with their prospects, even when they don’t buy. Justin Seeby, the co-founder of Graham Seeby Group, tells an incident when he sent a postcard to one of his age-old clients he hadn’t spoken to them for over 13 years. And that ended up in another business deal. He sold their $800,000 house and got them a new $1.2 million house.

Staying in touch isn’t that hard and pays you well. You could send regular emails to your prospects, give them a phone call (if they don’t mind it), or send them postcards.

Keep it rolling

The last thing to mark is to keep rolling in an upward direction, never losing hope. To become a successful realtor, you must keep reiterating the steps mentioned above; learn, use technology to organize yourself, plan, market, and improvise when and where necessary. With proper steps, it gets easy to start anything and keep it moving.