Whether it’s the result of your boss not listening to you, you wanting a bigger slice of the pie, or simply more control over what you do on a day-to-day basis, the thought of starting an agency is one that’s crossed many real estate agent’s minds.
However, knowing whether it’s the right time to make the jump is a different story altogether. It’s a difficult decision to make, but there are a couple of tell-tale signs that running your own agency might be a good fit for you. Read on to find out more.
1) You Like Healthy Competition
When you start working for an agency, you adopt some of that agency’s brand trust and industry reputation. When you start your own agency, you’re wiping the slate clean and going at it from scratch. That means you’re going to be playing the underdog for a while and going at it against your competition.
This might be intimidating at first, but if you like the sense of having to fight for your piece of the market, it could be right for you. Additionally, you’ve got to remember – people don’t always list because of a brand – they list because of the agent they’re speaking with.
2) You’ve Got Some Savings
There are no two ways about it – if you want to start your own agency, you’re going to need money, as the first few years of a new business are often strenuous on the cashflow.
So, if you’ve got enough savings to last you for a year or two, it could be the right time to make the jump.
3) You’ve Got Access to the Right Talent
It comes down to the old story of building your house on sand. If you want to give your agency the best chance of being successful, you need to find the best talent.
Finding talented agents who are ready to jump ship and join a start-up isn’t always easy, but if you’ve got the right people in mind and know they’d be interested in either partnering with you or working under you, go for it.
4) You’ve Got a Robust Client Base
Without sufficient clients in the first few years, new agencies struggle. As a result, a strong client base is one of your most important assets. Before starting your own agency, you should focus on building a long list of contacts that you’ve either worked with before, or whom would be interested in working with you in future.
If you’ve worked in the same area for a considerable length of time, you might have already achieved this. However, if you’re finding it hard to get consistent work in your current position, it might not be the right time to move.
5) You’re Ready for a Challenge
Real estate can be fiercely competitive, but if you’ve already made it to one of the top positions in your current agency, you might be looking for a fresh challenge.
Starting your own agency will present just that. Not only will you have to bring in new business, if you choose to operate in the same area you’ll also be directly competing with your previous agency. This is a challenge that not all agents are ready for, but if you think it’s time and you can handle the pressure, go for it.
If you’re starting a new agency or going out on your own, our team can help you with a new website & a CRM & Property Uploader – contact us to find out more.