5 Lies that Restrict Real Estate Agents from Going Solo
Going solo is a very appealing venture for many real estate agents currently under the umbrella of a bigger broker or firm, but it’s also surrounded by a lot of stigma within the industry.
However, there is much to be gained by leaving a company and deciding to make it on your own, like newfound freedom, independence, and yes—even higher salaries. Many of the cases against going it on your own are perpetuated by five lies:
1. “You can’t afford the operation costs.”
Starting your own real estate business does have certain costs, but with proper planning, operating costs should not extend past general start up costs. On average, start up costs can run about $1,500-$2,000 for necessities like licensing and insurance. However, if you operate your business from the home, rent an office cubicle or meeting rooms as needed, operating costs can be as low as $50-$100 per month.
2. “You won’t be able to have a brick and mortar presence.”
Even if you don’t have a permanent physical location for your business, you can still create the appearance of a brick and mortar presence. With a virtual office space, you can have a professional business address to use on your websites and business cards, mail forwarding services, and lobby directory listings. If you need to meet with a client, you can meet at the very same address in any of the variety of meeting spaces available.
3. “You won’t have access to the best technology.”
Going solo doesn’t necessarily mean that you won’t have access to the same technology offered by another company, neither does it mean you should purchase next generation tech and devices out of pocket. When presenting or meeting with a client, either in person or through audio/video conferencing, you can use available high-tech presentation tools included with virtual office solutions, such as meeting room rentals and virtual receptionist services.
4. “You won’t make as much as you would under a brand.”
Another misconception about going solo as a real estate agent is that your potential for a higher salary will decrease. Reports actually show that the annual salary of real estates that leave larger firms and companies to work alone can increase by as much as $100,000. This is largely due to the fact that compensation would no longer need to be shared among multiple business partners. You keep every penny you have earned.
5. “You’ll have to do everything on your own.”
While it is true that going solo will, indeed, involve extra work, you do not have to do everything on your own. Many real estate agents find that though they want to do everything themselves, they quickly burn out and lose productivity. If at any point you feel overwhelmed, you may need to ask yourself if you need to hire a virtual receptionist. Virtual receptionist services can assist with call forwarding/screening, appointment scheduling, and a wide variety of other administrative tasks so you have more time available to work on higher priority business.
If you are at a firm and thinking about going solo, don’t be afraid to make the leap. While it is a challenging enterprise, the rewards are immense. Not only will you have more independence, you will also have the potential for a larger percentage of commission and the ability to recruit partners as you see fit when it is time for your firm to expand. Until then, virtual office solutions can help you maximize productivity and cut costs along the way.