Build your own Real Estate Brokerage

By the end of this chapter, you'll be able to

• Form an entity ready to do business

• Become licensed in your state as a brokerage

• Have access to the forms and tools needed to conduct business

• Have everything in place with a clear plan to partner with agents

There are plenty of reasons to start your own brokerage, but equally, plenty of reasons to not start one! This sections covers the good, the bad and the ugly of being your own brokerage.

A module on how best to approach your banking needs, items to consider and features to look for

Every state will have it's own requirements to be in business as a brokerage; ranging from qualifications to be the managing broker (a role you'll likely fill to begin with), requirements for your business to be licensed and finally requirements of the brokerage (physical space, trust/escrow account). This module covers those variables and resources for your specific state are posted below in the downloads section.

You'll be familiar with the Multiple Listing Service or MLS in your area as a subscriber, but what about as a Participant? What you need to know about setting up your firm as a member of the MLS.

One of the aspects of protecting your business (and giving agents the security to affiliate with you) is having Errors and Omissions insurance coverage. In this vide, I discuss with HMS how the E&O world works, what factors increase your risk and what to look out for when comparing coverage.

Running the brokerage should become methodical, organized and systematic.....missing a commission check or having an agent frustrated when conducting deals will lead to poor retention.  Here we cover some essential elements of what you need in the "back end" of the brokerage

Time to put it all together! Here's a walk through of a sketch map of our business in terms of systems/flow and processes!

There's plenty of options for how to choose a brokerage model out there; we cover the different types, pros and cons and also the "what to consider" when coming up with the plan.

Defining who/what and why for your brokerage is an important step in growing your tribe!

What are all the different options for your brokerage when it comes to physical space?In this video, we explore the main options and cover the pros/cons of each.

Now you've got your entity, banking, firm license and back end system set up, it's time to find your tribe! This section covers value proposition, lead generation, interviews, objections and making that decision on who to hire

Just as the best hire for an agent increasing in production is an administrative assistant, your best hire will be an Office Manager; in this section we'll dive into why it's such a crucial hire, what roles they can fill for you and where to find great candidates.

Getting together these essential internal documents for onboarding agents is critical to having an organized, professional start to an agents affiliation and protecting your company from liability.

This section covers the policy manual; lots in here so feel free to download the sample and pause as you go along and review each section.

A crucial document in any brokerage is the Independent Contractor Agreement; you should ensure you have a signed copy as part of your onboarding process before you affiliate anyone with your company. There's some key things to make sure you include, which we cover in the video.

Link to IRS site regarding Safe Harbor for Real Estate Agents: IRS site

A great way to leverage your knowledge and time is to produce How To guides for common questions/processes that you will encounter at your firm. This video gives an example and a sample to download too.

Once you're up and running, it's good to have a workflow so you stay on task during the day and make sure that the important functions of the brokerage are covered; here's my work flow to use as an example