Have you thought about stepping up from agent to business owner? An exciting and scary thought, right?! Here are 5 tips to help you on your way.
First, if you have been in the industry long enough to understand ‘what it takes’ to win listings and maintain excellent relationships with your clients, then you have what it takes. Don’t make the mistake of thinking you need years and years of experience.
Second, you need to be open to seeking advice from those who have ‘been there and done that’. An obvious way to do that is to join a brand. By joining an established brand, you’ll receive assistance to get set-up and running. This will allow you to focus on growing your business and maximising your profits. Hiring a business coach and a property management consultant are also smart ways to become a better, more successful principal.
Third, build a rent roll. A rent roll can become the foundation of your business. It provides consistent income, regardless of market conditions. Plus, a rent roll is a saleable asset. You’ll also benefit from the extra signage in your local market – more signs, more marketing and more exposure, thereby growing your brand.
Fourth, you need to remember the saying that One Agency founder and CEO Paul Davies has become famous for
“it’s not what you make, it’s what you keep that counts”.
Profits are far more important than revenue. Always look for ways to minimise your costs, especially your fixed costs. (One reason to choose One Agency is because you won‘t have to pay commissions to head office.)
Fifth, be sure you see relationships as a form of currency. The business of real estate is all about relationships, but they take time to build. The more people you get to know, and the more effort you invest in nurturing those relationships, the more clients and referrals you’ll attract.
These tips were provided by Andrew Reeves. He joined the real estate industry in 1999 and stepped up to business ownership in 2013; four years later, in 2017 it was named One Agency International Office of the Year. By the time he sold his business in 2020, he had two offices, 20 staff, 420 properties under management and annual GCI of $3 million.
Paul Davies is the founder and CEO of One Agency, which has more than 150 businesses throughout Australasia. During his 50-plus years in the industry, Paul’s biggest single insight is: it’s not what you make, it’s what you keep that counts.
If you love what you do but want to make a change – either to keep more of what you earn, shift to a more lifestyle focused operation and reduce running costs; I invite you to contact me at One Agency and discuss confidentially how our model, (less than $1000 + GST per month regardless of your GCI) may be just the answer to breathe new life into your career and future proof yourself.
"It’s not what you make, it’s what you keep that counts."
‒ Paul Davies, Founder and CEO
Revised edition: Written by our Founder and CEO Paul Davies with a foreword by leading real estate coach and trainer Tom Panos, ‘How To Profit In Real Estate Business Ownership’ is compulsive reading for established and aspiring agents looking for a way to achieve success and maximise fee retention.
As founder and CEO of the fastest growing real estate network across Australasia, I offer real estate professionals an opportunity to reap the financial rewards of going it alone with the security and clout of an established brand. Talk to me and my team about your options.
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One Agency is a revolution in real estate, empowering both individual real estate professionals and established agencies to take control of their future and bring an entirely new level of service to clients.
