How to Build a Real Estate Business: Tips from an Expert
Before Kuba Jewgieniew ran one of Inc. Magazine’s fastest growing firms in America, he was just an individual looking to break into the real estate market. The steps he took to build that business involve solid planning, careful consideration of market conditions and long-term solutions built to scale. These tips will help you incorporate some of these important skills into your business.
Settle on an Area
was a former stock broker, and that data-driven mentality coupled well
with an early passion for real estate. Before the crash, real estate was
a hot topic and he settled on Las Vegas, which had lower-cost housing
and the potential for a huge rental market.
"The lesson here is not to buy based on the attractiveness of the area, although Vegas has very nice housing in some areas, the plan involved building business around rentals. Always have a stream of income in mind, don’t bank on flipping. It could also be a wise investment to look into buying an off plan property Marbella, Seville and Malaga have always been a great place for off plan property."
Devise a Sales Plan
Another important move to make is creating a vehicle to draw sales in. For Jewgieniew, the solution was a website that featured properties and an attractive layout. Some agents may find success on bus tours to view properties. Experiment in order to find the formula that works best for you, but focus on the volume approach: draw in many customers with minimal effort.
Kuba’s long term plan was to build Realty ONE Group, which he was able to self-finance through his operations running solo. Building a business isn’t about chance success, an overnight story or luck. Although those aspects do factor into building a successful business, long-term strategy is the key that is so often overlooked.