- \n
- You can choose your business branding, allowing you to stand out from the competition and build your reputation in the market.<\/li>\n<\/ul>\n<\/td>\n
\n - \n
- You\u2019ll need to ensure your business and agents comply with real estate laws and regulations.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n \n - \n
- You decide how your business will run, including commission structure and company culture.<\/li>\n<\/ul>\n<\/td>\n
\n - \n
- Recruiting and retaining agents is a large part of starting a profitable brokerage. You\u2019ll need a solid recruiting and training plan, which can be time-consuming.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n \n - \n
- Make a portion of the commissions generated by sales, potentially leading to higher overall and passive income.<\/li>\n<\/ul>\n<\/td>\n
\n - \n
- There is a higher financial risk since you will be responsible for all business expenses, including marketing, licensing fees, and staff salaries.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
<\/p>\n
Step 2: Evaluate Your Goals<\/h2>\n
\n![\"The](\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\")
<\/figure>\n<\/div>\nTo be successful at any difficult task, it’s important to set clear goals. It’s easy to daydream about what your ideal brokerage would look like, but figuring out what it takes to get there and making a solid plan will help make that dream a reality. Aside from the startup costs of opening a brokerage, consider the following factors:<\/p>\n
\n\n- \n
- Location of the brokerage <\/li>\n
- The amount of market share you aspire to <\/li>\n
- The number of producing agents you need<\/li>\n
- The commissions you anticipate generating within the first year<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n<\/span>\n<\/div>\n\n
Pro Tip: <\/strong>Take some time to put together a statement that outlines your mission (why you’re doing this), vision (what success looks like), and values (the principles you’ll stick to). It might feel like a small thing, but it\u2019s super important for building a successful business. Every decision you make, every person you bring on board, and how others see your brokerage should all reflect the quality of that statement.<\/p>\n<\/div>\n<\/div>\n
Step 3: Understand the Full Financial Picture <\/h2>\n
The expenses associated with starting your own independent brokerage<\/a> can fluctuate. So, check your state’s specific rules and fees for starting a business, as these can differ significantly. Here are some typical expenses when forming a brokerage.<\/p>\n
- There is a higher financial risk since you will be responsible for all business expenses, including marketing, licensing fees, and staff salaries.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
- Make a portion of the commissions generated by sales, potentially leading to higher overall and passive income.<\/li>\n<\/ul>\n<\/td>\n
- Recruiting and retaining agents is a large part of starting a profitable brokerage. You\u2019ll need a solid recruiting and training plan, which can be time-consuming.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
- You decide how your business will run, including commission structure and company culture.<\/li>\n<\/ul>\n<\/td>\n
- You\u2019ll need to ensure your business and agents comply with real estate laws and regulations.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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