Starting My Own Real Estate Company

[Victor Webster]

Hey everyone! I've been investing in real estate for years and recently decided to get my real estate license. A friend has contacted me about starting a company with him. He has a BIC that wants to be a part of it so we have that covered. My question is, how would an independent agency compete with all the big, national agencies that are dominating our local areas? I am in South Carolina. I am ok with offering smaller commission fees if that's the answer. Real estate is not my primary business. I am just looking for a little advice from some seasoned real estate folks that have felt the frustration of going up against the big time agencies.

Thanks!

[Shane Hedeen]

@Victor Webster, 

A lot of great advise already to your forum post. I agree 100% with @Shawn Torsitano, @Bryan Hedges, @Troy Gandee and @Collin Smith. Relationships matter to your clients far more than the company. 

I would waive a flag of caution about your comment to go the whole "we will charge less fees" than the big guys. Without talking commissions as that's illegal and unethical, in my opinion the moment you start trying to undercut the other guys you simultaneously de-value yourself, your company and your worth. I don't actually believe that gives you any leg up. That is a hotly debated idea, but that's my two cents and opinion. 

What got you in the door most likely were the three biggest things that get you business: someone who likes you, someone who trusts you and someone who knows you. Your ability to convert someone you do not know to those three feelings of a customer will drive your success, I firmly believe that. 

If you go into it with the right reasons to treat people with a high level of care and effort, the success will follow in terms of transactions. Not enough agents in the world understand that, and are just chasing their next check instead of building their business slowly the right way towards real wealth.