How to Start a Real Estate Business: 14 Essential Tips

How to Start a Real Estate Business: 14 Essential Tips

Starting a real estate business ain’t for the faint of heart. What other industry requires you to cold call dozens of leads every day — only to close approximately five deals in your first year (if you’re lucky)?

By most estimates, 87% of real estate agents fail within the first five years. But for those who have what it takes, starting your own real estate business can absolutely give you the seven-figure job of your dreams.

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Here’s a candid look at how to start a real estate business, plus our best advice for avoiding mistakes that hijack momentum as you grow.

Plan Like a Boss

You know the old adage about failing to plan, right?

The vast majority of real estate agents find it much easier to work in their business, as opposed to on it.

For many new agents, real estate is their second, third, or even fourth career. You loved the idea of “being your own boss” while making more than you did at your last job. But freedom has a very different meaning for an employee versus a business owner.

The question is, which are you?

The first thing you need to know about starting a real estate business is that, yes, this is a business. Whether you’re a solo agent or new to a team, if you have dreams of outperforming the average Realtor salary $45,990 per year or roughly $25 per hour at last check), you need to start thinking like a business owner — and that means planning.