Why Real Estate Agents Shouldn’t Be Afraid of Going Solo
“You can’t afford to go it alone. You barely make ends meet as it is. How will you attract new clients? Do you know everything about being in business for yourself?”
Statements and questions like these commonly keep agents from going solo. You shouldn’t let these little criticisms get you down. The real estate field is lucrative if you work smart and hard. You’ve already shown that you know how to make the most of the industry. Going from here into the solo scene will take some finesse. Consider the following:
Financing the Solo Move
It’s best to start any business with as little debt as possible. Of course, you can’t really get away from all debt. There will always be expenses, and you’ll need to put out a hefty sum of money just to start your business. You can make the whole process smoother for yourself and avoid sleepless nights by planning for a major investment right now.
Financing the solo move from your savings and checking accounts is best. Of course, you don’t want to pay for everything out of pocket. You’ll need a cushion for your personal finances, in case things go south. It might be a good idea to fund only a portion of your company, and apply for a loan to get your bank to put up the rest of the cash.
Small business loans have the most flexibility for your needs. Obtaining advances on small businesses isn’t easy. You’ll need to have all of your finances organized to better your chances of being approved. If you’re going for a really small firm, you can always just apply for a personal loan. If you find that you have smaller expenses along the way, then a short-term installment loan could help you make the transition or cover unexpected expenses.
You aren’t one of those people who believes in stealing business from others. There’s nothing wrong, though, with telling your clients that you’re venturing out on your own. Word-of-mouth still carries a lot of weight these days. You might find that the easiest way to track down your next batch of clients is through your old clients. They can spread the word for you, pro bono. Remember, that it is more likely someone will sell their house quicker using a realtor than doing it themselves. This gives you, as the realtor, some leverage in finding clients.
It could also be a good idea to look for new clients on the internet. Social media sites such as Facebook, Instagram, and Twitter are excellent platforms for building your business. You can reach dozens of people in your area and beyond just by establishing yourself online and using posts to share some of your expertise.
You can’t believe everything that you hear. Ignore the naysayers who claim that going solo isn’t a wise move. No one understands your vision like you, which is why you should further your career in real estate in the way that works best for you.
With over 30 years in the real estate industry, Eileen Blocker of Magnolia Properties knows what it’s like to start up a solo career. Check with our team about how you can accelerate your career and make it sustainable.