Understand How the Industry Works
The real estate industry does not stay the same. Instead, it is continuously fluctuating and can be quite volatile. The key to buying and maintaining a successful real estate business is to understand how the industry works and to keep on top of the fluctuations. This is done through research, observation, industry experience, networking and immersing yourself in real estate news.
Get the Correct Licenses
Knowing the ins and outs of the industry won’t get you anywhere if you don’t have the correct licenses to carry out business. Depending on the state you live in, you will need to have a Real Estate Agent License as well as the relevant operating licenses for your business. Your state may allow you to transfer the existing licenses from the business you wish to buy.
Real Estate Agent License
To work as an independent real estate agent you will need a Real Estate Agent License. The license requirements of each state are as follows:
In general these licenses remain valid for 1-3 years and will therefore need to be renewed when necessary. To be eligible for a Real Estate Agent License you generally need to have completed the required training units for your state and have at least 1 year of industry experience. For information about licensing courses for your state, follow the links below.
Depending on the services you wish to provide you may require other certificates such as an Auctioneer License or real estate valuer registration.
Some business licenses or registrations will be needed depending on the operations of the business. You will need to ensure that the business you wish to buy has these licenses and registrations in place. For information about the business licenses needed for your agency visit the Australian Business Licence and Information (ABLIS) website.
Maintain a Good Reputation
Reputation plays a huge part in the real estate industry. If you are buying an existing real estate business they may already have a good reputation, in which case you need to maintain it. To maintain a good reputation for your real estate business you will need to ensure professionalism and high quality service, get to know others in the industry and create a strong branding strategy.
In comparison to other businesses, barriers to entry in the real estate industry are low thanks to low entry costs and the availability of fast licensing and training courses. Is your dream of owning a real estate business looking closer now?