Thursday, February 21, 2019

Random thoughts on running a real estate brokerage

Today I had to manage some lingering business from my real estate brokerage that I plan to officially close when my license expires later this year. I started thinking about what I would've done differently if I had to do it again. I would definitely be a solo-practitioner and not have any agents. And here's what else I'd do:
  • Run a flat-free brokerage. This is what I started doing just before deciding to leave the business, and it was the least-headache way to run a real estate brokerage. Collecting a listing fee upfront and letting the seller handle all the details is easy-peasy.
  • Don't work with buyers. Buyers are simply too much hassle. Refer them to good agents instead and collect a referral fee.
  • Run the brokerage virtually. Buy a cheap unlimited cellphone plan and turn it off when I'm done for the day. Set a definite work cutoff time every day. 
  • Rent the cheapest coworking space possible in case I have to meet clients in person.
  • Setup automated weekly updates for seller clients.
  • Setup regular prospecting mailings for expireds, shortsales and FSBO. By far the easiest way to generate new business.
  • Setup regular prospecting emails and mailings to past clients. The easiest way to generate repeat business.
  • Use virtual assistants to enter listings, do prospecting and manage closings.
I think I'm done with real estate brokerage for now. But if I ever get back into it, this is the only way I'll do it.

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