Build your own Real Estate Brokerage

Name: Build your own Real Estate Brokerage
Rating: 4.7 (21 reviews)

How to set up, build and scale a real estate brokerage

Created byKyle Williams

Last updated 9/2022

English

What you'll learn

How to best structure your brokerage for legal protection
The systems and tools you'll need to stay organized
How to identify, recruit and onboard agents in your marketplace
Understand the different compensation models and which would fit best for your business

Course content

2 sections • 22 lectures • 6h 23m total length

Introduction7:43
Welcome to the Build your Own Real Estate Brokerage course, designed to take you from aspiring brokerage owner to being in business and growing your brokerage! This video is a quick introduction to me, your host and a little about our brokerage journey.
Objectives7:04
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
Before you start on this journey...18:41
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.
Business Entity Type13:55
Business Banking16:44
A module on how best to approach your banking needs, items to consider and features to look for
State Requirements for Setting up a Brokerage6:09
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.
Getting set up in your MLS (Multiple Listing Service)6:32
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.
Errors & Omissions Insurance - What to look for10:44
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.
Staying Organized; The Back end of the brokerage11:12
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
How it all comes together9:16
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!

Selecting a Brokerage Model23:25
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.
Your Mission Statement - Defining who/what/why behind the Brokerage23:39
Defining who/what and why for your brokerage is an important step in growing your tribe!
Physical/Virtual Office for your Brokerage13:48
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.
Recruiting 101 - Where to find your first 3 agents43:46
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
A crucial hire - Office Manager25:35
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.
[Office Manager] Building the Agent "Life Cycle" Process26:48
[Office Manager] Internal Document Library - The essentials3:37
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.
[Office Manager] Internal Document Library - Policy Manual41:43
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.
[Office Manager] Internal Document Library - Independent Contractor Agreement30:45
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
[Office Manager] Internal Document Library - Commission Schedule16:58
[Office Manager] Internal Document Library - Agent "How To" Guide4:53
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.
[Office Manager] - Daily work flow20:24
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

Requirements

No requirements but most brokerage owners also run the day to day operations and so you'll need to be a real estate salesperson/broker first

Description

If you're a high performing real estate agent, who want to escape the sales cycle and build additional income streams without sacrificing their income (or their time!) then Build your Own Brokerage may be the course for you!

In this course you'll learn the following;

The #1 way to structure your brokerage for legal protection
An easy step by step program of setting up a profitable business within days of starting
Keys to developing a commission plan for maximum profit
How to demystify E&O insurance, compliance and tax reporting

In addition to the above, the course covers the back end systems you'll need to be successful, how to define your culture and brokerage commission plans and where to find your first 3 agents to affiliate with your brokerage. We'll also cover whether to have a physical office or not as well as the documentation needed for a solid foundation.

No prior experience is required, although all states will require someone with an active license to be responsible for the day to day operations of the company; most owners fill that role themselves to begin with but it's possible to start a company and employ/partner up with someone licensed to fulfill that position.

This course can be taken regardless of which state you live in, with resources directing you to State requirements where applicable as well as identifying the steps needed in your state to become licensed.

Who this course is for:

This course is for anyone looking to start a real estate brokerage and help other local agents increase their own business through affiliating with you

Build your own Real Estate Brokerage

What you'll learn

Explore related topics

Course content

Introduction10 lectures • 1hr 48min

Building the Brokerage12 lectures • 4hr 35min

Requirements

Description

Who this course is for: