12 Easy Steps to Start Your Own Real Estate Business

There’s no secret recipe, just a few well-planned steps.

I often get asked all the time, but HOW did you do it? To be honest, a lot of things fell into place when I started my own business. I grew sustainably with referrals and it all worked out naturally. However, there was so much I didn’t know at the beginning of my journey that I wish someone was there to mentor me about. A big reason for creating The Inspiration Agency was not just to serve my own clients, but to help other entrepreneurs get their journey started as well. 

First off, starting a real estate business isn’t for everyone. Before you get started make sure this is something you are sure you want to do. I have always known from a young age I work better in the top position, I am great at managing, and I could never work a 9-5 at a cube in a large office. In my head the sky was the limit and while YES there were times of doubt, I pushed them aside. Seeing your ideas and hard work come to life is something special, so if you have any inkling that it’s time to start your own real estate business, do it! 

1. Think of a Real Estate business idea that excites you.

If you are anything like me, you probably have a huge list of ideas on your phone. Any entrepreneur can agree that their business is their baby. As business owners, we have the fortune of picking our baby, so we might as well make it something that makes you excited to jump out of bed and start working every morning. To help you narrow down, consider your past experience. While a lot you can learn on the fly, having background knowledge in real estate will be beyond helpful.

2. Do the research.

Do research online to ensure there is a profitable market for your business in this already busy real estate industry and use this research to figure out specifics. Some things to consider are the potential revenue, who the competition would be, and the multiple ways you can structure your business model. There are many ways to earn money in real estate, so find a model that best suits your strengths.

3. Finding a niche.

It is okay if your niche changes with time and evolves as your interests evolve. However, try and get it as narrow as possible as soon as you can. For example, I love providing real estate marketing for small to medium size B2C Real Estate Businesses. Does this mean I only have real estate clients? No, but I have an easier time landing them, and my job is easier since the bulk of my knowledge is on this subject

3. It needs a name.

Now that you’ve done the research for your real estate business it is time to come up with a name. There are multiple ways to go. The first is a name that would be highly searchable, for example, “Real Estate Investing.” Many people looking for a real estate investment company might search for those exact words which will help with visibility. 

You can also go the household name route like “Apple.” Or you can combine two short but simple words to create one striking name “Paypal”. Whatever your name is, this is extremely important to feel confident about before moving forward. While your business model might evolve with time, it is much harder to change the name. If you’re going this route, make sure it’s something unique! This will save you a lot of legal and marketing headaches down the line. 

5. Write a business plan.

This is something I didn’t do until 7 months into my real estate business and having written it first would have saved me a lot of time and money from silly mistakes I overlooked since I didn’t have a plan in place. The business plan can change, and it is advised that you update it constantly but it should be the blueprint for the future of your real estate business. It simply helps you stay on a clear path and keep your sights on the end goal. You’ll have a much easier time figuring out who you are marketing to, how you are going to do it, and how you are going to be profitable. Mapping everything out might also make you realize aspects of your business you might not have considered before.

6. Logistics.

Where are you going to work? Do you need money to get it started? What equipment do you need? Who do you need to hire? If there is inventory where are you going to store it? Are you starting a digital real estate business or an in person real estate business? These questions are all important when thinking about how to successfully create your real estate business.

7. Legality.

As I am not a lawyer I have no advice to give other than you need to do your due diligence on this. Each business is different but there are pros and cons to each different type of business you can set up. Make sure taxes and any other governing rules and regulations are addressed. Insurance may be something to research as well. If this is an area that you are really struggling with on your own, there are many professionals who focus on real estate specifically who will be able to advise you and your business. 

8. Get ahead on domain names and social media handles.

This is super important! You want to snag up these before they get taken by someone else. It is okay if your preferred social media handle is taken as there are ways around it. You can use The Inspiration Agency as an example. Our URL is www.theinspirationagency.com, the IG is @theinspiration.agency, and our FB is The Inspiration Agency - you get the point! They all have the same words so finding them is easy. If you run into issues you might need to change your name.

9. Create your website and build your social media presence for credibility.

This part in itself can be a whole blog post, but in general when first starting out these things are in place to build credibility in the real estate world. You want to make sure social media channels are addressed, however, it is important to focus your efforts on only certain channels and tighten up your lead generation funnels. Also, the type of business you start might determine where your social media time is best dedicated. Need help with any part of this? We specialize in content creation and can help you get your real estate marketing in working order.

10. Ask for help.

Finding a mentor is so important. And psst, here’s a little-known fact: a mentor doesn't even have to be someone that you speak to first hand. When I first started, I used Paige Brunton’s business model as a true inspiration. That woman is a powerhouse and I knew that with time and hard work I could one day build a company as profitable as hers. Mentors can be found through paid workshops, youtube videos, research, and social media like Facebook or LinkedIn groups. There also may be groups specific to real estate in your community - just do a little digging. The more you do to learn from others the better you will be. Information is all around you!

11. Keep track of your finances.

I created a monthly balance sheet that I regret not incorporating into my business from day 1. I started it 7 months in and if I had it from the beginning I would have been more profitable. Looking at the business in a pure numbers cashflow form is life-changing. You see exactly how much your real estate business made in profit each month instead of estimating.

11. Build a portfolio or test the market.

If you have a real estate business that offers services, it's crucial to establish credibility. To begin, offer your services to people in your network. Even if you don't have a lot of experience, you can still sell yourself based on your past experiences and personality traits that make you the perfect fit for your clients.

If your real estate business involves technology or a product, consider creating a small group of testers to try it out for free. This group of testers can provide you with valuable insights and feedback, which you can use to make any necessary adjustments before launching it to the masses.

Let’s get to it!

I hope these steps to start a real estate business were helpful for you - future business owner! If there’s anything you need elaboration on or would just like to chat about with me - don’t hesitate to reach out. We real estate entrepreneurs are all on this crazy journey together.