How to Open a Real Estate Brokerage

You might be interested in learning how to open a real estate brokerage if you have an affinity for real estate, a sound knowledge of business and are comfortable brokering deals that involve large sums of money. A real estate brokerage brings sellers and buyers of real estate together and, for a percentage of the deal, negotiates their transactions. Although the real estate market can fluctuate widely--depending on economic conditions--starting a real estate brokerage can be a profitable next step for any real estate agent with sufficient financial resources and contacts.

Things you will need
Contact list
Real estate and broker's licenses
Business plan
Investment capital
Venue, website or both
Office equipment
Broker trust accounts
Catalog
Determine what type of real estate brokerage you want to open. You first need to know what your specialty is. There are brokers who specialize in residential real estate, commercial real estate, national real estate, international real estate or a combination.
2
Make a list of your contacts in real estate that includes people and businesses that can alert you to sellers and buyers.
3
Find out who the competition is in your area and determine what type of real estate they broker and how they reach their customers.
4
Obtain all required licenses. The requirements may vary, depending on where you live. In some states and countries, you can get your real estate agent's and broker's licenses at the same time, while elsewhere you may have to be a licensed agent for at least a year before applying for your broker's license.
5
Write a detailed business plan that includes the cost of your startup, taxes, equipment, employees and marketing as well as employees' salaries. Remember to include your business strategy and expected income.
6
Request funding from private investors or a bank.
The costs of your venue will determine the amount of money you'll need for your start up. You need to decide if you're renting an office, working from your home or starting an online real estate brokerage.
7
Buy your office equipment, including computer, fax, printer and other office supplies.
8
Open broker trust accounts at your bank. All real estate brokers are legally required to use broker trust accounts to deposit the money they receive from clients while brokering a deal.
9
Hire qualified agents who are local and can bring in more business.
10
Develop a marketing plan and put it to work by running real estate ads in the local newspaper and advertising online.
11
Open your real estate brokerage.

Tips
1. Always be prepared to work evenings and weekends, as this is when many working clients will want to view real estate.
2. Always join a national or international brokers' association to stay on top of industry developments and establish new business contacts.
However, for further training and mentoring you can call Lanre on 08031955044.

Your comment will be highly appreciated

Your comment highly welcome

IS OND IN ESTATE MANAGEMENT ENOUGH TO JOIN OR BECOME REAL ESTATE BROKER?

yeap

Can you kindly let us know if you own a real estate brokerage? what is its name and where is it located? so that when we need further advise from you we can contact you, thank you

debollini:
Can you kindly let us know if you own a real estate brokerage? what is its name and where is it located? so that when we need further advise from you we can contact you, thank you

Yeah, I pratice under name and style of Signature properties an affliate to Constance O' Ventures, duly registered in Nigeria and my operating office is in Lagos Nigeria for details call 08031955044 or mail lanrefabiyi@gmail.com. Thank you

Thank U sir and God Bless U for Sharing this.