Even though you might think there are multiple real estate businesses in Florida, there’s actually more room for growth even in such a competitive market. With a proper business plan and an optimistic, hard-working attitude, you can create a successful business that will become bigger than you expected. However, the preparation step is something you should take very seriously, as some stats show that 43 out of 4 real estate businesses fail very soon after they start. Here are some tips on how to beat the statistics and start a real estate business in Orlando, FL that’s built for success.
1. Have the right attitude
Being a real estate agent takes a lot of courage and hard work. Being your own boss sounds great, and that’s the reason why so many people decide to switch careers. Unfortunately, not everyone succeeds in doing so. Apart from the current circumstances and the factor of luck, the major part of the success in real estate comes from dedication, clean work ethic, being resourceful and able to step out of your comfort zone. Once you set your mind right, you’ll be able to reach your goals with ease.
2. Do extensive research on the local market
Orlando, Florida is not a market you should underestimate. It’s quite competitive, prices are slowly going up and it’s mainly a seller’s market. However, these are only the basics. When starting a real estate business in Orlando, Fl, you need to dig deeper and do extensive research on the local market. This includes median home prices, local market trends, types of homes that are more popular among buyers, competition and other factors that might affect your business. The more you know about Orlando’s market, the more prepared you’ll be to accept the opportunities that come your way. Preparation is the job half done, so never underestimate the power of thorough research when starting any kind of business, particularly related to real estate.
3. Have someone to help you out
When you’ve got an experienced mentor by your side, someone who can answer all your beginner questions – starting a new business can be less confusing and overwhelming. A local expert who knows Orlando market well, but who is also doing the same thing you want to do – someone who is not afraid of competition, but sure about their skills and knowledge. Be sure to ask all the questions you need, to ensure you get the best advice that will help you get off to a good start. A good mentor can be very valuable when starting a real estate business in Orlando, Florida, so try to find one to learn from.
4. Get a license
You can’t do much if you’re unlicensed – that’s why getting certified is one of the first things you should as a beginner in the real estate business. The process depends on the state, but in Florida, the license is issued by the Florida Real Estate Commission. You need to complete a 72-hour course, submit an application and pass an exam. It usually takes a couple of months to get a license in the Sunshine State, so be sure to begin the process on time.
5. Join NAR
Certified realtors are only the ones who join the NAR – the National Association of Realtors. Even though this isn’t a cheap step, it comes with several benefits. Joining the association will welcome you to the community, give access to MLS listings, many discounts and other benefits. It’s surely an investment that pays off in the real estate world and you shouldn’t underestimate it. The REALTOR® trademark is particularly helpful for beginners, as it helps with building credibility and respect in this niche.
6. Look for the right brokerage
A brokerage is an agency where real estate agents work, and they can be local boutique brokerages as well as national franchises. These all vary in style, commission and field of work, so be sure to pick the one that suits your goals. This step can either speed up or slow down your success, so be sure to explore brokerages around Orlando and pick the one that consists of people who are able to help you out and support your growth.
7. Know your target customer
The reason there are plenty of real estate professionals, and the fact they all have customers tells you one thing – there’s a target customer for everyone. You need to know who’s an ideal customer for your business, so you can adapt your approach and offers to their needs and preferences. Working with first-time buyers, second-home buyers, downsizing retirees – all of these services will be different. After you choose an ideal customer, you can work on polishing your services and perspective according to them and making sure more of such people contact you for help. Gathering more information on your target customers will also help you adapt your marketing strategy and therefore help you get better results.
Finally, you need to be closer to your customers, which means you should be present in Orlando. Starting a business that is easily discoverable and accessible to customers is one of the top factors, so don’t forget the power of location. Look for an office that will make it easier for you to find and retain customers, but also find a team that will help you with the project of moving in. Commerical moves can be tricky, so be sure to trust experts with you inventory and connect with reliable Orlando locals with a lot of experience.
Starting a real estate business in Orlando, Fl will depend on a couple of factors, for sure. However, consistency and dedication make the most important steps to success. Set your goals and find out what is the best way you can reach them, and don’t be afraid to take the first step.