Ditch Your Job and Start Your Own Agency - Here’s How in 4 Steps

O*NO! You’re sick of being told what to do, tired of making your boss rich and want to build an asset for your future but aren’t sure where to start.

Rather than getting overwhelmed by all the options out there, let’s break it down into a few simple steps for you.

1.        Joining Forces

One of the first things to think about is whether you want to go it alone, or team up with others. There are many ways you can join forces and it will depend on what you want out of agency ownership as to which way you go.

Do you want full control and autonomy? Are you prepared to wear all the risk (and to get all the reward)? If so, starting an agency solo may be a great fit for you.

Do you want to feel like you belong to something bigger than yourself - part of a larger family and brand? If yes, then joining a franchise or a licensing model might sound right to you. There are so many different real estate models out there and you will likely find one that aligns with what you are wanting to achieve.

Or do you want a business partner so you can go hunting and take on the world together, operating under your own brand?

Once you have answered this big-ticket question, you can launch into your future.

2.        Operations & Structure

Once you know who you want in your business, you need to think about how to run your agency. Start with your business plan. A business without a plan is like a traveller without a map. Consultants may charge you thousands to help out with this, but it can be as simple as a one pager that sets out your targets, budget and tasks. I use a one-page strategic plan for each quarter – if I had a huge document I would probably never look at it. Keep it simple and you will stay on track.

Operationally, you’ll have an idea on the systems and CRM that you’d like to use. Again, keep it simple and work out what you actually NEED to start with, rather than getting blinded with all the shiny objects out there that you THINK you need.

3.        Licensing & Legals

Triple check the licensing requirements for your state or territory before jumping ship. If you don’t already have your full licence, make sure you are eligible for it and know the steps you need to take to get it.

When it comes to running your trust account, find someone that knows what they are doing and has done it before to help you out as this is an area that a lot of start-ups get caught out with.

For asset protection and tax reasons you may look at setting up a company to run your agency through. From there you will register for an ABN, TFN and GST and sort out your insurances. Your lawyer and accountant can help with this

Our biggest legal tip here - before spending a heap on branding, make sure you do your searches to make sure the name is available and you are able to use it. It can be heartbreaking when you fall in love with your brand and spend heaps on branding, only to find out it’s taken.

4.        Relationships

Relationships are the biggest part of real estate life. We need to future proof our relationships with our staff, business partners and clients.

When putting staff on, make sure your employment agreements protect you properly. This will include getting their award classification right, setting up their commission structures and protecting your intellectually property and client database.

If you do join forces with others, be clear from the start  what your expectations are and talk regularly about this to keep you both on track. If you are joining a franchise group, make the most of it – use their support and systems to launch your new agency into the future.

Most importantly, engage with your clients but make sure you protect yourself in the process by having the right agreements in place. Not just one you have  pasted from someone else -one that reflects you, your brand and how you do things.

Key Takeaways:

To take the leap and ditch your job, make sure you:

• Find the right business partner, franchise group or team that aligns with what you want to achieve.

• Set up your operations and structure right from the start.

• Get help to nail the legals and licensing.

• Future proof your relationships to ensure long term success.

Your next steps

Starting up your own agency doesn’t mean you have to do it alone - tag in our legal experts to guide you through the legals of your new business. Click here to book in your FREE 10 minute chat to get started with out team of real estate agency lawyers.

Not quite ready for the leap? Download our FREE Real Estate Agency Start-Up Checklist today.

Boring legal stuff: This article is general information only and cannot be regarded as legal, financial or accounting advice as it does not take into account your personal circumstances. For tailored advice, please contact us. PS - congratulations if you have read this far, you must love legal disclaimers or are a sucker for punishment.