Report on the estate industry has it that house prices reached their greatest level in June 2021 since the Great Recession. Even though the industry like every other was greatly affected by covid-19, the estate industry has recovered at full speed. And a rise generally means it is a good market. Irrespective of the rise, the industry still have enough room for anyone who intends to explore the opportunities within its spheres. Do you intend to start an estate agency business? This article answers the question of how to start an estate business in the UK, how to start an online estate business as well as how to start an estate agency from home. It is a beginners guide on how to start an agency business.
How to Start an Estate Agency UK
The hallmark of success in any business is having a clear understanding of the rudiments that guides that field. Once the secret is known and understood, success is guaranteed irrespective of the challenges likely to arise. This is partly because knowledge helps you navigate through the industry. The same principle is applied to the estate industry and field. Before advertising your agency name or getting a base for your new business, there are things you should be familiar with. Some of these are what estate agents do, the skills required, the necessary qualifications, startup costs, types and so on
What does Estate Agency Do?
Estate agencies are businesses that sell and rent properties. Although some offer additional services such as surveying properties, valuation, developing lands amidst others, their major responsibility is simply buying, selling and renting lands and properties. The firm carries out its activities through its agents otherwise known as salespersons. The industry offers opportunities to anyone passionate and committed about what they do.
Basic Skills of Estate Agent
The basic skill of estate agents is likened to a salesperson. This is because an estate agent is indeed a salesperson in the business of convincing people to buy properties. Some of these skills include;
- Good communication
- Confidence
- Negotiation Skill
- Interpersonal skills
Steps to Setting Up Your Estate Agency
1. Prepare a business plan
2. Get a premise
3. Research your field and get relevant licences as well as qualifications
4. Advertise your agency
5. Get an insurance policy
6. Get good team players
How to Start an Online Estate Agency
The business world is now a global market thanks to the internet. Therefore anyone who desires to venture into this industry will likely consider extending their business base to start an online estate agency in the UK. How do you start an online estate agency in the UK?
#1.Research your ideas
The first step to creating an online business is identifying business ideas and focus. However, we skip this step because we already have a business focus in mind. Find out if you intend to run both residential and commercial properties. Also, research on these areas to understand the basic rules and regulations guiding these fields. If your online estate agency must be successful, then you must spend time researching this field.
needs as well as customers’ willingness to demand your products or services (ideas). You also research the regulations guiding your business.
#2. Register Your Business
Clients will generally trust you more when they know you are licence to affect your jobs. Registering your business with a relevant body is paramount to the success of your business. Also, ensure to register the business name as well.
#3. Create Your Business Plan
Your business plan contains your business name, purpose, vision, financial projection and the rest of it. It is a road map that keeps you focus and on track. It also helps you to get loans to finance your estate agency.
#4.Create Website
This is crucial if your business must be online, then you need a website. Taking your business online requires you to create and own a website.
#5. Market You Estate Agency
You have to put words out there. To do this, use both paid and unpaid means of advertisement.
Also, you can give value to people in exchange for their mail. Then keep sending newsletters to thor respective mail.
#6. Learn And Keep Improving
Keep an eye on the top brands in the industry. You will always learn a thing or two from them.
What a Website Does To Your Online Estate Agency
1. It stands your agency out from the crowd with its unique design
2. It enables clients to readily access you anywhere and at any time with their mobile. They can also read the testimonies of satisfied clients on your website.
3. 24/7 Accessibility
4. Access to online modes of payment.
5. Simple and clear navigation. Clients get to see more of the properties you have up for sale within a short time.
6. You also get to make more money by writing and optimizing content in relevant areas.
How to Start an Agency Business
No one starts an agency business without an idea of what the business focus is about. Most often, people who start agency business does so after working with a brand or freelancing for a while.
What is an Agency?
An agency is any group whose focus is providing services to individuals, firms or businesses. Starting an agency business means establishing a corporation that provides specialised services to other businesses.
Steps To Starting An Agency Business
If you intend to start an agency business soon, then consider the following steps;
1. Identify a business focus
The first step in launching your own agency is to figure out what kind of business you want to run. Identifying your business focus will enable you to have clarity on your business field, the services you will be providing, as well as your ideal clients and customers. Also, we advise you to try as much as possible to be knowledgeable in your agency focus.
2. Draw up a Business Plan
This will serve as a roadmap. It is the vision that points towards your direction. It also helps to get funds.
3. Choose a business model
your business model will take care of how bills will be paid, calculated and collected. For instance, a hiring agency may agree on a 40% payment to start up the job and the full payment is made after the job is done.
4. Decide On Agency Business Location
Several hiring agencies use onsite locations. Interested prospect sends their CV via mail and then go for the interview. However, you can run both online and onsite agency businesses. For instance, LinkedIn has provided jobs for several agencies and freelancers.
5. Get License And Qualification
Do not overlook this.
6. Look Out For Clients
Put up professional profiles on platforms like LinkedIn, Upwork and the rest of the social interactive platforms for businesses. Also, get satisfied clients to give their testimony.
How to Search For Clients in new Agency
- Use organic and inorganic advertising methods to source for client online.
- Use local advertising mediums such as TV and the local radio and newspaper in your locality.
- Build network both online and offline
7. Hire Management Team
Hire team players that understand your vision and are willing to help you build your agency.
How to Start an Estate agency From Home
Starting an estate agency from home is actually a simple exercise. How do you start an estate agency from home? Will running your estate agency from home give you an edge over agencies that have onsite premises? Let’s see the answers to this question.
Whether you decide to run an online home agency from home or use your home as an office for your agency business, having a laptop will greatly help you.
Steps to Starting a Home Estate Agency
- If you intend to use your home as an office, then make sure it is neatly arranged and have a office in it.
- Decide the kind of property agency you want to run.
- Gather as much information as possible in your focused field.
- Get a business name and prepare your business plan.
- Come up wih strategies on how to advertise your home agency
- If business i s online, consider adding others to your team members
- Get the necessay license as well as qualification
- Get words out there through advertisement
Final Thought
Establishing your own estate agency using these simple steps will help you compete with competitors as well as remain relevant in the property agency industry. What is more? They are simple steps that provide results.
How to Start An Estate Agency FAQs
Can you start an estate agency with no experience?
You usually don’t need any academic qualifications to become an Estate Agent and some large estates.
How much does a beginner estate agent make?
When you start as an estate agent in a commission-based role, you’ll typically receive a guaranteed salary for your first three months to cover you until you start to make sales and in turn, earn some commission. In those first three months, you can expect to earn between £15,000 – £25,000.
Do estate agents get commission?
Most estate agents charge between 1-3% of the agreed selling price of your property as their fee. According to a survey conducted a few years ago by Which, the national average was 1.8% plus VAT. Unlike online agents, traditional agents don’t have a fixed fee which means you can negotiate on the price.
What are the roles of an estate agent?
Estate agents work with home buyers and sellers during home sales and purchases, providing support and guidance and assisting with tasks including listing properties, visiting homes for sale, and connecting clients with legal and financial professionals.
