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Starting your own brokerage? Follow these eight steps for a smooth transition. You’re a registered real estate agent with ambitious plans to open your own brokerage and a nest egg that you’ve saved to cover the startup cost. Now what?

We’ve distilled the many tasks and responsibilities required of a new brokerage owner into eight simple steps you can follow to get your business on track.

#1. Brokerage Application and Registration Paperwork

In addition to filling out forms with your local real estate council and real estate board, you will also be responsible for paperwork such as a police background check, transfer forms, bank account setup and signature cards, etc.

#2. Incorporation and Business Registration Process

This process will require the help of experienced lawyers and accountants. These professionals will assist in some of your biggest business decisions, such as naming your brokerage, in coordination with your brokerage application and registration.

#3. Create Systems and Processes

In order to run a successful brokerage, you need efficient processes in place, such as transaction processes, a funds disbursement process, trade record sheet processes and a recruitment process.

#4. Develop an Independent Contractor Agreement

In addition to creating systems and processes, you’ll need an independent contractor agreement that details a code of ethics and includes provisions for commission splits with the individual agents who will work with you.

#5. Search for Office Space and Essentials

First, determine where you want to open your doors. If you’re opening an independent brokerage, you’ll have more freedom. If you’re opening a brokerage associated with an established franchise brand, your options will likely be restricted. After you determine the general area where you want to open your office, determine what type of property you want, the amount of space you’ll need and the parking access you’ll need.

#6. Hire Administrative Staff

Before any business can happen at your new brokerage, hire an administrative assistant who can help answer your phone calls and handle other administrative responsibilities while you focus on growing your new brokerage.

#7. Set Up a Website

Approximately 80 percent of home shoppers begin their home search online. Before you open your doors, you’ll need a professional website that displays your listings and information about your new brokerage.

#8. Recruit Agents

Lastly, you’ll need to focus on recruiting agents as your brokerage grows. Remember, if you’re recruiting new agents, they will need attention and extensive training.

AgentEDU® is a platform where agents at every level can come to watch 10-minute video courses for the many situations that successful agents must master. From essential to advanced level and everything in between, AgentEDU® courses help agents become top producers with increased earnings and a plan for continued growth.

AgentEDU® is an Agent Publishing brand. For nearly two decades, Agent Publishing has been committed to providing residential real estate professionals with the information and training required to build successful and meaningful careers in their local markets. Agent Publishing’s influence extends to every career stage and reaches agents across print, digital, events and online learning.

#1. Broker’s Open House

Broker’s open houses provide an opportunity to gain exposure to a number of an agent’s clients – people who might be interested in your home. Agents who attend a broker’s open have the opportunity to view the listing and decide whether it could be a fit for any of their own clients. It also is a great opportunity to get professional feedback on how well the listing shows.

#3. Music

Whether it’s a DJ, harpist or your iPhone playing from iTunes or Pandora, music adds an element of warmth, comfort and entertainment to an open house. While playing music from your phone is the cheapest option, if you have the budget to hire a professional musician, so do. Spending the extra money will “wow” attendees and catch their attention – live music probably isn’t what they’re expecting.

#4. Catered Food

All luxury open houses should have something for guests to munch on while touring the listing. Whether it’s finger sandwiches, cheese and wine or a fruit-and-veggie platter, hire a catering service to prepare and serve treats for attendees to enjoy. These small offerings can go a long way toward making your listing and open house warm and inviting. For a luxury listing, the more opulent the offerings, the better.

#5. Make It an Event

Turning your open house into a themed event is a great way to increase attendance. You can lightly decorate the home and select music and food that fit the theme. Another event option is to team up with a non-profit and raise money by accepting donations at your open house. This is a great way to support a cause you or your seller client is passionate about and bring awareness to your listing.

8 Steps to Opening Your Own Brokerage