When it comes to advancing your career in real estate, one of the biggest moves you can make is to form your own real estate company. Like all business ventures, this one comes with a certain degree of risk. Still, there are some things you can do to set yourself up for success from the beginning.
Obtain Your LLC Brokers License
This one is probably a no-brainer, but it’s worth mentioning if only because you can’t legally run a brokerage without a license. Beyond that, obtaining your LLC brokers license will take some work on your part. Start by creating your LLC. Next, get a Certificate of Good Standing from the Texas Comptroller’s office. From there, you’ll need a $1,000,000 Errors and Omissions insurance policy for the company. Then fill out the application for your LLC Brokers license and send in the documentation with the application fee. If everything is in order, you should have your new license in about a month.
Hire Agents
You may start out as a brokerage of one, but you aren’t going to want to stay that way. One of the main purposes of starting your own business is to make more money. That works best when you have other agents working under you and bringing money into your business. You’ll need to organize your business in a way that makes it attractive to work under. Think carefully about your commission structure, the technology and software you offer, incentives, and the culture you want to cultivate. All of that will have a role to play in the agents you’re able to attract.
Market Your Business
In order to be successful and build your business, you need to be able to attract clients and generate leads. Sure, some of that will be done by the agents you have working with you, but it never hurts to be generating leads of your own. Marketing your brokerage on social media, optimizing your website, leveraging ad space, and finetuning your lead funnels can all help you attract clients that can generate income for your business.
Choosing to take the next step in your real estate career and build your own company can be an exciting time. It takes time and effort, but being able to build a successful company makes it all worth it. Once you’re set up and ready to go, you’ll be the one calling the shots. Now that’s a compelling reason to make your move.
Ready to take the plunge? Contact us to see how we can help you form your own LLC company.