Advise/Tips for Opening RE Brokerage

[Zachary Crosby]

Hello BP Network,

I will be admitted to the NY bar soon, which means I can bypass most of the requirements for opening up a real estate brokerage. I am interested in doing so. However, I am in the very early stages of the business plan. Does anyone have any tips or suggestions that they wish they knew before they opened a brokerage? 

I appreciate any tips, comments, suggestions, etc. Thanks!

Zachary

[Abel Curiel]

Quote from @Zachary Crosby:

Hello BP Network,

I will be admitted to the NY bar soon, which means I can bypass most of the requirements for opening up a real estate brokerage. I am interested in doing so. However, I am in the very early stages of the business plan. Does anyone have any tips or suggestions that they wish they knew before they opened a brokerage? 

I appreciate any tips, comments, suggestions, etc. Thanks!

Zachary

 Hello Zachary and congratulations on this major career milestone!

While I don't own a brokerage, I have been managing a team of RE agents for over 5 years. 

Some things I wish I would've done sooner:
- Find out the requirements for each local MLS you intend to join. They each have different fees, applications, and processes for admitting new brokers
- Consider co-working spaces for office location (regus, wework, spaces, greendesk, etc). Gives you flexibility + exposure within a small community. Depending on your office location, co-working spaces may open you up to more 'walk-in' business than any storefront or traditional office space.
- Evaluate the best tech platforms to subscribe to. i.e. skiptracing, RE data sites, CRMs, etc.
- Create Standard Operating Procedures (w/video) for every repetitive task on the admin, sales, and marketing sides of the business. Loom is a great platform for adding all SOPs to video form - huge timesaver when it comes to onboarding, training, and familiarizing your staff with current systems
- Create a tiered compensation structure for agents to incentivize the high-performers

Hope this helps!