Starting your own real estate brokerage is an exciting move. It can be invigorating to take all of your experience and knowledge and build a company you are proud of. It also can be a challenge to turn an idea into reality. While there are resources out there to help you grow your business, from guides to coaches, nothing is as powerful as real-world experience. I want to share five lessons I’ve learned after starting a brokerage and building up a real estate business.
Focus On Your Real Estate Agents
The real estate agents who join your brokerage are vital to building your company. Understand that many who get into this industry have little training and are often not skilled marketers. This is why my company has implemented coaching, training, and even created our own automated marketing software to help agents have the resources they need, so they can focus on their strengths. Create programs and systems with your agents being top of mind.
You’ll Be a Jack of All Trades
Get ready to take out the trash, literally. When I started my real estate business, I didn’t realize that I would not only be president but serve as a janitor as well. As an entrepreneur, you perform dozens of different roles. From the accountant to the receptionist, you’ll be the one doing all of the above. The good news is that eventually, you will grow, and then you have to delegate some of the day-to-day responsibilities. Remember, this will take time.
Circles Will Change
Your friends today may not be your circle in a year from now. As our goals and beliefs evolve, so do our circle of friends. When circumstances aligned, and I became a professor at 22-years-old, I was teaching a finance class that many of my friends were taking. Months earlier, we attended parties together. In order for me to keep my job, I could no longer have the friendships I once had and needed to switch into the role of student and teacher. It’s important your circle is supportive of your career endeavors.
Progress Can Be Pricey
Starting a real estate brokerage can be expensive. You may have a groundbreaking idea, but without capital, you’re stuck with just an idea. Small businesses do not have the same resources that large companies have so know going in that starting a business requires a lot of work and dedication.
Burnout Is Real
While hard work and dedication are key to building a brokerage, if you never allow yourself a break, you will burn out. Yake vacations, spend time with family and friends and carve out time for exercise and meditation. Focus on your business, but also make time to enjoy your journey, and celebrate your accomplishments.
Joshua Lybolt is a serial entrepreneur, life hacker, and inspirational speaker focused on personal growth. He has recruited over 500 agents to his brokerage Lifstyl Real Estate and through his three real estate companies have achieved more than $220 million in annual sales.