estate agent business plan template uk

ESTATE AGENT BUSINESS PLAN: How to Write an Estate Agent Business Plan

• by Kenechukwu Muoghalu
• August 11, 2023
• No comments
• 6 minute read

Table of Contents Hide

What is a real estate agent business plan, why do you need a business plan, #1. executive summary, #2. company’s corporate structure, #3. analyze your target market, #4. analyze your local competition, #5. establish your sales and marketing strategy, #6. financial plan, #7. appendix, #8. follow up, estate agent business plan template, are you having difficulties writing your real estate agent business plan, conclusion , how long should a real estate business plan be, how do i become a successful estate agent, do estate agents make good money uk.

If you are thinking of being a real estate agent in 2023, then you should consider starting with a business plan. It’s no secret that the real estate market is highly competitive, and to scale off as an agent, you need to come up armed with a business plan. A business plan can guarantee your business a great chance of success and also help you track your activities to detect when a change needs to be made. This article will further buttress the benefits of having a business plan and also guide you on how to write a plan for your real estate agent business. As a bonus, you will also be getting a current 2023 real estate agent business plan template checklist.

If this process feels overwhelming already, you can stick to our pre-made real estate agent business plan and start that business today. 

When a business plan is involved, you will get to understand that it is a document that covers the “what,” “why”, and “how” of your business. What do you want to do with this business? Why do you want to do it? How do you plan to achieve it? These questions, in general, are called “business plans.”

A proper business plan should cover your niche, business goals, target audience, and market research, among others. That is why you need to learn how to write a business plan for your real estate agent company. Understanding how it works will help you capture the strengths and shortcomings of your company so that you can set achievable and measurable goals. Starting a real estate agent business this 2023 without a plan is something you should avoid. 

Aside from helping you identify your strengths and weaknesses, a business plan will also give you an overview of where you stand in the industry and how you can make amendments. If you’re also looking to secure finance for your estate agent business in 2023, then you’ll need a robust business plan. This is because your lenders would like to analyze what your business is all about and determine if they can benefit from investing in it. 

A business plan will serve as a companion and a road map that can easily help you reach your destination. Learning how to write a plan for your real estate agent business with this tough competition will also give you an edge over other brands. With a business plan, you will be able to set goals and attain them.

How to Write a Business Plan for a Real Estate Agent

Writing a professional business plan requires some level of procedure before your goals can be achieved. For a business plan to be complete, you will need to include a detailed outline of some essential sections. 

An executive summary is the first component of a business plan. In summary, this section should contain who you are, the services you offer, who you serve, and where you currently work from. While writing, you need to start with an introduction to your business plan and its outline. 

Although this section should be the first to appear in your plan, it is advised that you complete it at the end. When you apply this method, you will find that it’s easier to draft this section after dissecting the whole plan. 

As a real estate agent, you should have a management team that you work with. In this section, you will need to make a list of all the members of your team. While doing this, they include their personal information, skills, education, experience, and different roles. If you have any extra skills that you think might improve the growth of your business, then you should mention them as well.

The essence of a target market is to begin your branding process from their perspective. And to achieve this, you will need to identify your target audience by doing in-depth research on who they are and how best to attract them. Understanding your market niche will help you decide how best to attract them with your branding and how to serve them.

Once you have an idea of what services your company would provide, identify your real estate clients. While on this, do not try to appeal to all property sellers and buyers because it will be hard to stand out from the crowd. With smaller potential customers, you will have less competition and a greater chance of making tremendous sales. 

In this section, you will research your competitors , identify your primary competition, and study what they are doing. Learning about their weaknesses and strengths will help you identify the gaps in the market so that you can set yourself apart and outperform them in the industry. 

Your next move is to actualize what your sales and marketing strategy is going to be. Marketing your business will help attract potential customers, which will lead to sales. To achieve this, you need to make a list of the real estate marketing strategies to use. You can choose to open a website, run social media ads, and engage in referrals and content marketing, among others. 

Read Also: ESTATE AGENT INSURANCE: Coverages, Quotes & General Requirements

This is the most critical part of your real estate agent business plan. You will need to assess your start-up and recurring financial requirements to create a budget. This section should include your cash flow statement, income statement, and balance sheet. Remember, you also need a financial reserve to cover unexpected future costs. 

This should include any additional legal documents that your readers might request. It can be a financial document or even a legal qualification. You can also show off your license and permits here.

A real estate agent’s business plan is a living and not a static document. Being a living document requires that you review it regularly and alter changes if needed. As you keep experiencing growth in your business, you should also update your plan. 

Once you have written your solid estate agent business plan, you will also need to make use of a template. A template will help keep your activities in check while reminding you of some actions that are yet to be achieved. To make full use of this estate agent business plan template, it is best to follow this guide accordingly to reach the desired result. 

• Formulate a plan
• Brand building
• Getting insurance
• Legal qualifications
• Reviewing financials
• Marketing and advertisement
• Team building 

If you have spent hours trying to compose a business plan, then you should curb the stress and try out our professional pre-made Real Estate Agent business plan .

Creating a business plan can be a fun but hard task, especially when you are a first-timer. At BusinessYield Consult, we have succeeded in creating professional business plans for startup entrepreneurs like you. Rather than wasting hours and days trying to write a business plan, you can easily get this ready-made plan here and spice up those ideas. 

The real estate agent market in the UK is highly competitive and disruptive and starting up a business comes with its challenges. However, with the right attitude and support of a business plan, any new estate agent can stand out from the crowd and be successful. It is also important to note that for a business plan to spice up your business ideas, it needs to be well-written and planned. If you know you are not capable of creating a plan that will meet these standards, you should go for this premade real estate agent business plan . 

A business plan does not have a specific number of words or length of content because most of the time, the length can vary from one another. The only common ground in a real estate business plan is that they are generally outlined between one and five years. It is from this factor that you will be able to detect the length that works for any year. 

Before you start on this new venture of yours, there are some basic skills you must have. You should have marketing, communication, and negotiating skills. You should also start with a growth mindset while understanding that your business requires hard work. Always put your customers first by getting sellers the best deal and funding buyers a perfect home. 

A normal trainee estate agent earns £14,000 to £20,000, while an estate agent with experience can earn up to £25,000 to £60,000 plus commission. A well-experienced and successful agent can earn up to £50,000 to £100,000. Considering these values an average estate agent will earn £42,392. 

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Kenechukwu Muoghalu

Kenny, an accomplished business writer with a decade of experience, excels in translating intricate industry insights into engaging articles. Her passion revolves around distilling the latest trends, offering actionable advice, and nurturing a comprehensive understanding of the business landscape. With a proven track record of delivering insightful content, Kenny is dedicated to empowering her readers with the knowledge needed to thrive in the dynamic and ever-evolving world of business.

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Estate and Letting Agent Business Plan

Here’s exactly how you, too, can quickly and easily complete your estate agent business plan to raise finance and maximise your financial results

A robust business plan is essential to raise finance and maximise profits. But creating a business plan that achieves those goals can seem a daunting and arduous task. However,  every business needs a business plan , and here’s why:

Unlock The Full Profit Potential of Your Estate Agent Business

Are you starting an estate agent business.

Before starting a new estate agent business, it’s essential to have a well-defined business plan in place. This plan will help guide your decisions and actions, ensuring you have a solid foundation for your business.

Get the knowledge you have down on paper, and you’ll be able to see what it takes to maximise your financial results.

Does Your Estate Agent Business Need Finance?

Every bank requires a business plan before they even entertain the idea of lending finance. What if you could go to your bank with your business plan already written?

You’ll be confident of your financial projections, and inspire your bank manager with your business acumen. You’re more likely to receive funding if you prepare in advance.

Are You a Frustrated Estate Agent Business Owner?

If your estate agent business is not performing to your high expectations then re-planning your business objectives and plans may help improve your results.

This method highlights new customer and market opportunities from providing renewed focus on generating additional profits. We’ve made this an easy and straightforward task for you with our business plan package.

Are You An Experienced Estate Agent Business Owner?

It doesn’t matter how many years you have been in business, once you’ve gone through this Estate Agent Business Plan and learned how to improve customer targeting, you’ll be able to improve your profits and build your business even further.

The Six Key Problems With Most Business Plans (and how to eliminate them)

Here are some of the common mistakes people make when completing their business plans:

• Mistake 1:  Incomplete financials.  Finance is perhaps the most important section of any business plan. Lenders want to know when they will have their loans repaid and assess the risk. You need to produce commercial accounts that accountants will endorse without question.
• Mistake 2:  Over-ambitious projections.  Everyone thinks their business will grow exponentially in the first 12 months but in reality, this is rarely the case. Your business plan must show a realistic path to profitability that proves your actual revenues and profits are comparable to your written plan.
• Mistake 3:  Leaving something out.  Every business plan follows a defined structure. Lenders and professional readers look for 3 or 4 aspects of your project. You need to ensure you have these elements correctly written in the right area of your business plan.
• Mistake 4:  Incorrect format.  Your readers do not expect a 100-page novel nor a 1-page overview. Getting this fundamental area wrong will show your readers just how inexperienced you are.
• Mistake 5:  Poor understanding of marketing.  Communicating your products to your prospects is a critical success factor for every business owner. You need to show you understand your target customers, what their needs are, why they will buy from you and how you will communicate with them.
• Mistake 6:  An inability to sell your plan.  Having an accountant prepare your plan may save you a headache, but it’s you who needs to explain to your lender or investors every question they have about your business. You need to understand everything that your plan contains.

How To Ensure You Don't Make Those Mistakes By Using This Estate Agent Business Plan

You can now complete your estate agent business plan in the knowledge that you won’t make any of the mistakes above. You can download a fully completed estate agent business plan right now and simply tailor it for your own business.

By using this already completed plan you can:

• Save time and money  because you can start your own plan right now based directly on an industry standard and completed business plan.
• Immediately see the exact contents  required in your own business plan.
• Accurately present your plan  in the correct format banks prefer for loan and overdraft applications.
• Quickly prepare accountant endorsed  financial forecasts and plans, and eliminate potential errors.
• Learn profit improving strategies  specifically developed for a real estate agent business.
• Start your business plan immediately  because you can access this plan online right now.

“I Completed My Business Plan In Less Than 24 Hours” “I needed to put together a business plan quickly. The plan was specific to my industry, so it was easy for me to edit and personalise. Your product saved me time and meant I could get the plan in front of my lenders within 24 hours.” – James Squires

Written By A Leading Business Plan Writer

This Estate Agent Business Plan has been written exclusively for Teneric Business Plans by Peter Hale, one of the UK’s leading business plan experts.

Peter has been writing successful business plans for over 30 years and is the former Global Business Planning & Strategy Director for DHL.

He has written this plan  specifically  for an Estate Agent Business to raise finance and forecast the business for the next three years. This plan, together with his professional business planning wizard tools, can be downloaded online right now.

Everything You Need Is Already Completed In This Estate Agent Business Plan

• Industry Specific
• Table of Contents
• Description of Business
• Product Summary
• Business strategy
• Financial Summary
• Market Trends
• External Research
• Market Estimates
• Management Team
• Business Location
• Business Organisation
• SWOT Analysis
• Competitive Analysis
• Target Customer Groups
• Customer Demographics
• Sales Strategy
• Pricing and Positioning
• In-depth Marketing Plan
• Advertising and Promotion
• Next 12 Month’s Action Plans
• Resource Allocation
• Budget Allocation
• Staffing and Employees
• Startup Budget
• Forecast Profit & Loss Account
• Forecast Balance Sheet
• Forecast Cashflow
• Sales & Profit Forecasts
• Sales Charts & Graphs
• Monthly cash flow Analysis
• Monthly Profit and Loss Analysis
• Monthly Sales by Product
• Monthly Costs and Margins by Product
• Monthly Balance Sheet
• Bank Preferred Format
• Instant Download
• 100% Editable
• Suitable For PC and Mac

“I Received Funding Straight Away” “I haven’t had a chance to let you know how I got along with your business plan. I’m delighted to tell you that I got the funding from my bank straight away. They said it was one of the best plans they had seen for years. Before using your business plan format, I was turned down by four different lenders. This time round I had four offers – all unsecured!” – Trevor Lightburn

“My Loan Was Approved” “I wanted ideas for the type of information that needed covering in a business plan, and this gave me a template for the document I submitted to the bank. The business loan we were after was approved. If you have never written a business plan before, then I would recommend your product.” – Gordon Mitchell

Download Today, And Receive Five Free Gifts

We’ll also include a comprehensive  Bonus ‘Toolbox’ of FIVE additional business planning products  free of charge for the next 100 people who download the Estate Agent Business Plan. Here’s what you receive:

BONUS 1 – Fast-track Business Plan Guide

Our business plan guide comes highly recommended from small business owners and has won praise from the UK Government’s business advice service.

• Proven step-by-step business plan guide
• Over 250 examples you can use in your plan
• Marketing plan guide
• Develop your action plans

BONUS 2 – Business Plan Template Wizard

So you can produce your plan in the correct format we provide you with an  interactive planning template that you just fill in your data and print off your completed plan. It comes complete with charts, graphs, ready-made cash flow, profit and loss, and balance sheet statements.

BONUS 3 – Financial Planning Wizard

The easy to use financial planning wizard forecasts your business for three years on a monthly basis. It manages your sales, costs and profits for up to 12 products or services (more if required) and fully accounts for all your tax payments.

From your basic information, the wizard  automatically produces  your Cashflow, Profit and Loss and Balance Sheet. You can keep updating the spreadsheet until your forecast profits are right for you.

BONUS 4 – 25 Proven Marketing Campaigns

To successfully launch and develop any business you’ll need an effective marketing plan. We have detailed the  25 most effective marketing campaigns  that you can implement for free to get more customers and  more profits.

>BONUS 5 – Business Start-up Guide

We have the essential guide to everything you need to know to start your own business that includes:

• Financing your business
• Finding and securing premises
• Registering your business
• Taking on staff
• Tax regulations

How Much Is a Winning Business Plan Worth To You?

By using the Estate Agent Business Plan on your business, you can benefit from  30 years  proven experience of perfecting business plans that always secure finance and improve business performance.

To get access to all this crucial information and the benefit of years of research and experience would  normally cost hundreds of pounds.

An accountant will charge upwards of £750 because that’s what people will pay for specialised knowledge and instruction. That’s why the Estate Agent Business Plan Package is such an affordable investment in your business for just £49.95.

Special Anniversary Offer

We have just completed our 22nd year of trading on the internet; and to celebrate this achievement, we’re offering the complete Estate Agent Business Plan Package for a low discounted price on a stepped scale as follows:

• The first 25 people get the package for just  £25.95  –  Sold Out
• The next 50 people get the package for  just £29.95
• The next 50 people get the package for just £33.95
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• The next 50 people get the package for just £42.95

Once these discounts have expired, the price reverts to £49.95.

100% No-Risk, One-Year Money-back Guarantee

Order and download the Estate Agent Business Plan today completely risk-free and start using it on your business. Then, if for whatever reason you can not raise any finance or improve your business results, simply send your plan to us, and we’ll give you a full refund – no questions asked.

Use the Estate Agent Business Plan for a week or try it for a month.

Try it up to one whole year

We know it can take time to close a finance deal or to put plans into action. That’s why we give you a whole year, just in case you need it.

Download the Software

The Estate Agent Business Plan and all bonus products can be downloaded online right now.

Special offer: Only £29.95

Customer Testimonials

“I needed to put together a long-term business plan to cover all aspects of my new venture. I read a lot of books and attended courses, but I was struggling. Then I came across Teneric and suddenly it was all there in a format I could use and in terminology I could understand. After that, it was plain sailing to the Business Department at my local HSBC Bank”

Jill Shilcock, Managing Director, SEAS Education Advisory Service Limited.

“I wanted ideas for the type of information that needed covering in a business plan, and this gave me a template for the document I submitted to the bank. The business loan we were after was approved. If you have never written a business plan before, then I would recommend your product. It was very straightforward and offered some good advice.”

Gordon Mitchell, UK

“I needed a business plan quickly. The template was easy to use, just fill in the blanks on the wizard and refer to the help guide if I wasn't sure. Your system is good value, and I would recommend them to everyone needing a plan. Attached is the basic plan I threw together in a day for the bank. They specifically wanted cash flow projections, and the Excel spreadsheets were really what I was after from your product.”

John Waterhouse, UK

Real Estate Agent Business Plan Template

Written by Dave Lavinsky

Real Estate Agent Business Plan

Over the past 20+ years, we have helped over 10,000 entrepreneurs and business owners create business plans to start and grow their real estate agencies. On this page, we will first give you some relevant information with regard to the importance of real estate business planning. We will then go through a real estate agent business plan template step-by-step so you can create your plan today.

Download our Ultimate Real Estate Agent Business Plan Template here >

What Is a Business Plan?

A business plan is a living document that provides a snapshot of your real estate agency as it stands today and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan

A business plan can help you stay up-to-date on market trends, stay ahead of your competitors, and helps you set measurable goals But most importantly, it will force you to think through every step of starting and growing your real estate agency so that you can avoid potential roadblocks along the way. This also helps you monitor the effectiveness of the campaign over a given period.

If you’re looking to become a realtor or grow your existing real estate agency business you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your real estate agency in order to improve your chances of success. Update your business plan regularly as your agency grows and changes.

Sources of Funding for Real Estate Agencies

With regard to funding, the main sources of funding for a real estate business are personal savings, credit cards, and bank loans. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable. But they will want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.

Finish Your Business Plan Today!

How to write a business plan for a real estate agency.

Below is an example of a real estate plan template:

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal is to quickly engage the reader. Explain to them the type of real estate agency you are operating and the status; for example, are you a startup, do you have a real estate agency that you would like to grow, or are you operating a chain of real estate agencies?

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the real estate agent industry. Discuss the type of real estate agency you are operating. Detail your direct competitors. Give an overview of your target market. Provide a snapshot of your marketing strategy. Identify the key members of your team. And offer an overview of your financial plan.  

Company Analysis

In your company analysis, you will detail the type of real estate agency you are operating.

For example, you might operate one of the following types:

• Residential Sales and Rentals : this type of real estate agent specializes in serving the private residential market.
• Commercial Sales and Rentals : this type of real estate agent specializes in commercial, industrial, medical, etc. properties

In addition to explaining the type of real estate agent you operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to questions such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include sales goals you’ve reached, new contracts, etc.
• Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the real estate business.

While this may seem unnecessary, it serves multiple purposes.

First, researching the real estate industry educates you. It helps you understand the niche market or focus area in which you are operating.

Secondly, market research can improve your strategy particularly if your research identifies market trends. For example, if there was a trend towards aerial videos of the listed property, it would be helpful to ensure your plan calls for a drone or drone operator.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section:

• How big is the real estate business (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• How much growth is expected for the industry over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential market for your agency? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your realtor business plan must detail the prospective clients you serve and/or expect to serve.

The following are examples of customer segments: residential, office space, retail space, etc.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of real estate agency you operate. Clearly, homeowners would want different services and would respond to different marketing promotions than manufacturers.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations, and income levels of the customers you seek to serve. Because most real estate agents primarily serve customers living in the same city or town, such demographic information is easy to find on government websites.

Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other real estate agents.

Indirect competitors are other options customers have that aren’t direct competitors. This includes For-Sale-By-Owner and similar DIYers. You need to mention such competition to show you understand that not everyone who sells or purchases property uses the services of a realtor.

With regards to direct competition, you want to detail the other real estate agents with which you compete. Most likely, your direct competitors will be agents who cover the same target market.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses or analyze using a SWOT Analysis. Unless you once worked on other real estate teams, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

• What types of customers do they serve?
• What services do they offer?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regard to the last two questions, think about your answers from the customers’ perspective.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide superior services?
• Will you provide services that your competitors don’t offer?
• Will you make it easier or faster for customers to engage your services?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a real estate agency, your marketing plan should include the following:

In the product section, you should reiterate the type of real estate agency that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to listing properties, will you offer home staging on those property listings?

Document the prices you will offer and how they compare to your competitors. Essentially in the product and price subsections, you are presenting the services you offer and their prices.

Place refers to the location of your agency. Document your location and mention how the location will impact your success. For example, is your real estate agent located next to a heavily populated office building, gym, etc? Discuss how your location might provide a steady stream of prospective clients.

The final part is the promotions section. Here you will document how you will drive customers to your location(s). The following are some marketing efforts you might consider:

• Cold calling
• Direct mail and flyers
• Making your real estate agent’s storefront extra appealing to attract passing customers
• Social media marketing
• Advertising in local papers, magazines, and websites
• Reaching out to local bloggers and websites
• Local radio advertising
• Banner ads at local venues

Developing a marketing strategy and implementing it helps you identify and locate your current value proposition in the real estate market with specific time frames to execute. This strategy will be included in your business strategy and plan as well as establishing your overall objectives. It can also involve referral marketing strategies, retention strategies, and ways of gaining new clients.

Operations Plan

While the earlier sections of your realtor business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two key elements as follows.

Everyday short-term processes include all of the tasks involved in running your real estate agency such as prospecting for new customers, advertising listings, going on showings, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to sell your 100th house, or when you hope to reach $X in average sales price. It could also be when you expect to hire your Xth employee or launch a new location.

Management Team

To demonstrate your agency’s ability to succeed as a business, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in the real estate business. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in real estate agencies and/or successfully running small businesses.

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

While balance sheets include much information, to simplify them to the key items you need to know about, balance sheets show your assets and liabilities. For instance, if you spend $100,000 on building out your real estate agency, that will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $100,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a real estate agent:

• Location build-out including design fees, construction, etc.
• Cost of equipment like signs, software, etc.
• Cost of advertising materials and maintaining an adequate amount of office supplies
• Payroll or salaries paid to staff
• Business insurance
• Taxes and permits
• Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your location lease.

Putting together a business plan for your real estate agency is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the real estate business, your local competition, and your potential clients. You will have developed a marketing strategy and will really understand what it takes to launch and grow a successful real estate agency.

Real Estate Business Plan FAQs

What is the easiest way to complete my real estate business plan.

Growthink's Ultimate Real Estate Business Plan Template  allows you to quickly and easily complete your Real Estate  Business Plan.

What Are Some Common Lead Generation Strategies For a Real Estate Agency?

Lead generation strategies can increase sales and increase the customer base. Lead generation can be conducted through organic and paid marketing campaigns to reach potential customers.

A successful lead generation program will help an agent generate leads, nurture leads through the process, and renew contacts in order to maximize potential. It can take several steps for leads to be cultivated using multiple-pronged approaches. Using organic strategies includes organizing a meeting or networking event in your field or interacting with people.

How Can I Write a Mission Statement For My Real Estate Agency?

All real estate business plans must include the mission statement. It will help you realize your business goals. When you have crafted an influential mission statement, all other components of your realtor marketing efforts should fulfill this statement. You should list the target audience, the products/ services you offer, and the uniqueness of your own business. Typically, if your mission statement is short and simple it should summarize a business objective.

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10 Tips for Writing an Estate Agency Business Plan that actually wins

• By Art Division
• Updated On: 11th August 2023
• Category: Digital Marketing

A guest post by Simon Whale from  Kerfuffle

Creating an estate agency business plan doesn’t have to be difficult or tedious, and it doesn’t have to take days or weeks, either. 

By using the tips in this article, you can create a comprehensive business plan that gets your plan off on the right foot by giving you a clear idea of what your target market is and identifying your strengths and weaknesses, as well as opportunities and threats that may affect your business.

And all this will help you meet your goals faster than ever before! So don’t delay! 

Read this guide to learn 10 tips for writing an estate agency business plan that actually wins.

1. introduction

If you're thinking about starting an estate agency , the first step is to write a business plan. This may seem like a daunting task, but with these ten tips, you'll be well on your way to creating a winning business plan.

2. Write Your Mission Statement

Your mission statement is the foundation of your estate agency business plan. It should be clear, concise, and describe what you do and who you do it for. Keep it short- sweet, and to the point.

For example: We help small businesses in the estate agency industry succeed through social media marketing.

3. Complete a SWOT Analysis for Your Business Strategy

A SWOT analysis is a valuable tool for any small business owner, but it's especially important for real estate agents.

Because the real estate industry is constantly changing, and what worked last year might not work this year. Plus, there are so many variables to consider when selling a home - from the condition of the property to the strength of the local economy. 

By taking the time to do a SWOT analysis, you can identify your company's strengths and weaknesses, as well as any opportunities or threats that exist in your market.

Here's how to do it:

4. Set Specific Goals for Your Estate Agency Business 

As a real estate agent, it's important to have specific goals for your business. This will help you measure your success and set a plan for marketing and growth. Some things to consider when setting goals include:

• The number of homes you want to sell in a year
• The average sale price of those homes
• The types of homes you want to sell
• The areas you want to specialise in
• Your income goals
• Your target market
• How you will reach your target market (e.g., through social media, letter dropping, digital marketing etc.)

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5. Plan Your Marketing Strategy

You can’t just set up a website and wait for the leads to come in.

You need to have a plan for how you’re going to generate and nurture leads. 

That starts with understanding your target market and what they want, and then creating content and offers that speak to their needs. 

But it doesn’t stop there. You also need to have a plan for how you’re going to get your content in front of them, whether that’s through SEO , social media, paid advertising, or some other method.

And finally, you need to establish metrics to measure your success so you can adjust your strategy as needed.

6. Explore the Competition in Your Area

It's important to know who your competition is when you're starting any business, but especially an estate agency. After all, selling homes is a competitive industry! By understanding who your competition is, what they're doing well, and where they're falling short, you can create a business plan that will help you win in the market. Here are a few tips to get you started:

Know who your competition is.

This seems like a no-brainer, but it's important to do your research and really understand who you're up against. Not only should you know their names and businesses, but also their strengths and weaknesses. This will help you create a plan to target their weaknesses and capitalize on their strengths.

Understand their marketing strategy.

7. Establish Metrics to Measure Success

Without specific, measurable goals, it's impossible to determine whether or not your estate agency business plan is successful. What gets measured gets managed, so be sure to establish metrics early on and track your progress regularly. Some key performance indicators (KPIs) you may want to track include:

• Number of leads generated
• Cost per acquisition
• Source of leads

8. Create a Plan for Generating & Nurturing Leads

It's no secret that generating leads is essential for any business, but it's especially important for estate agencies. After all, your livelihood depends on selling properties. The good news is, there are a number of things you can do to generate leads.

Here are seven tips to get you started:

• Look at your target market and identify their needs. Segment your key demographics and curate content for them.
• Set specific goals for your estate agency and reward staff for innovative ideas in helping come up with ideas to land busines. Create a team culture of marketing competitiveness. Exclude no one, the best creative idea we had one year came from our accountant ! Unfortunately it didn't work so well when I tried to do the books .....
• Plan your marketing strategy and allocate a budget for it. Double down on those that work until such time as you see diminishing rewards.
• Explore the competition in your area, R&D their best ideas and constantly evolve new ways to get your target markets attetion.
• Establish metrics to measure success. Don't feel tempted to be generous to one methodology of marketing just because its your favourite. Believe me I'm a huge fan of Tik Tok but as of yet no ones bought anything of us for me doing the Macarana.
• Use digital marketing techniques to generate and nurture leads. Do not fall into the trap of believe technology is impersonal. Done properly it adds more connections and ability to scale.
• Opt for out of the box tools wherever possible. The graveyard of most agents tech stacks is littered with great products that were a nightmare to onboard.

9. Schedule Times to Revisit Your Plan

A business plan is not a document you create once and then forget about. As your business grows and changes, so too should your business plan.

At a minimum, you should revisit and update your business plan once a year.

And remember don't forget to hold a mirror to yourself and your business.. The world is now scattered with Purple Cow's, what do you do to stand out today?

ABOUT THE AUTHOR

Art Division is a boutique digital marketing & web design agency specialising in the UK property market. We help estate & letting agents grow with profit by attracting and converting more clients (vendors, landlords, buyers, tenants or investors) through effective digital marketing and cutting edge, marketing-ready websites.

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Estate Agent Business Plan

If you're looking to secure finance for your estate agent business, then you'll need a robust business plan.

Every lender requires a business plan from you and the Business Plan Academy has made this task quick and easy for you. Through our 20 years business planning experience, we've worked with many banks and perfected the 18-page estate agent business planning system.

At the heart of this system is an already completed estate agent business plan with every section your lender requires already completed.

Simply enter your own business data to tailor the narrative to your business. Then use the "Financial Forecasting Wizard" to create all your financial plans.

The Benefits of This System

• Specific for an estate agent business.
• Every section already complete.
• Easy to tailor to your own business.
• Specially formatted for banks.
• Hundreds of examples to help your own thinking.
• No special software required (uses Microsoft Word).
• Downloadable online so you can start immediately.
• Saves you time as you can start from a completed plan.
• Guaranteed to get you finance - or your money back.

Business Plan Contents

• Executive Summary
• Description of Business
• Product Summary
• Business Strategy
• Financial Summary
• Market Research
• Market Trends
• External Research
• Market Estimates
• Management Team
• Business Location
• Business Organisation
• SWOT Analysis
• Competitive Analysis
• Customer Segments
• Customer Demographics
• Sales Strategy
• Pricing Strategy
• Marketing Plan
• Advertising Plan
• Objectives & Plans
• Resource Allocation
• Budget Allocation
• Startup Budget
• Forecast Profit & Loss Account
• Forecast Balance Sheet
• Forecast Cash Flow
• Sales & Profit Forecasts
• Sales Charts & Graphs
• Bank Preferred Format
• Suitable For PC and Mac

Additional Guides Also Included

The estate agent business plan also comes with the following comprehensive business planning tools at no additional cost to you:

Fast-track Business Plan Guide

This step-by-step guide takes you through every element required for your plan. It includes over 250 examples to make completing your business plan a simple task.

Business Plan Template

You can choose to edit the sample estate agent business plan directly or use this template to add in your details. The template structures your information into the correct format for final preparation.

Financial Forecasting Wizard

Completing financial statements is one of the hardest things to do. Therefore, you'll receive the Financial Forecasting Wizard. This interactive spreadsheet model automatically calculates your Profit & Loss, Cash Flow, and Balance Sheet from your base business data.

Free Online Support

With your business plan, you receive unlimited access to our online business community. Here you can make partnerships, discover new ideas, discusss joint ventures or get immediate solutions to any challenge you may face.

100% No-Risk, 90-Day Money-back Guarantee

We're confident that this Estate Agent Business Planning System will enable you to quickly complete a robust business plan for your business. We also guarantee it will secure the finance you require, or we'll refund your purchase in full within 90 days.

How To Download

The complete system is only £29.95 including VAT.

As you are ordering over the internet, you can order and download 24 hours a day. You can select the secure servers or Worldpay or Paypal to process your order.

Click here to download The Estate Agent business plan and business planning tools

How to Start and Grow a Successful Estate Agency Business in the UK

Launching a new estate agency can be an exciting yet daunting endeavour. With the UK real estate market valued at over £1 trillion, the opportunity is immense for ambitious agents looking to set up shop. However, the road to establishing a thriving, reputable brand in this competitive sector is paved with challenges. Over 12,000 estate agencies currently operate across the UK, leaving ample room for new players while also raising the bar.

Success requires extensive preparation, industry knowledge, and the ability to creatively differentiate your services. The rewards of building an esteemed, client-focused agency from the ground up can certainly outweigh the risks and hard work involved. This comprehensive guide shares insider tips and strategies for starting and subsequently growing a best-in-class estate agency business in the UK.

Let’s Explore How You Can Start and Grow Your Own Estate Agency:

Launching and growing a thriving estate agency business in the UK requires strategic planning, industry expertise, and the ability to differentiate your services. This comprehensive guide provides tips on critical steps like crafting a detailed business plan, researching the local property market, building a strong online presence, networking extensively, delivering exceptional customer service, and implementing targeted marketing campaigns . It also covers advice on staying updated on industry trends, utilizing digital ads, gaining testimonials, tracking website metrics, and responding to reviews.

How To Start An Estate Agency Business

Starting an estate agency requires extensive preparation and a strategic approach. Crucial steps include researching your local property market dynamics, creating a detailed business plan and financial projections, establishing a strong online presence with a modern website and social media profiles, networking extensively within the industry, developing exceptional customer service capabilities, and implementing a comprehensive marketing strategy. 

Create a Detailed Business Plan

Having a clear vision and goals is crucial when starting an estate agency business. Your business plan should outline your objectives, target market, services offered, competitive advantages, estimated startup costs, and strategies for growth. Defining these elements will help provide direction as you establish your new estate agency franchise and run your business. Outlining your business goals and how you plan to promote your business will be key.

Your business plan for your new estate agency should cover things like:

• Your business premises and required legal considerations
• Services you plan to offer to help sellers sell properties and buyers purchase them
• Your target customer demographics and how to reach potential buyers and sellers
• Analyzing competitors’ fees and offerings to differentiate your business
• Marketing strategies to promote your services to potential clients
• Estimated startup costs involved in an estate agency business
• Longer-term strategies to help you grow your estate agency business

Having this detailed plan will provide a roadmap as you work to set up your new estate agency business in the UK industry.

Research the Local Property Market

Before launching your new estate agency, it is critical to thoroughly research the dynamics of your local real estate market. You’ll need to analyze property values, inventory, demographics, competitors’ offerings, and consumer preferences. This market research will help you effectively position your agency and set appropriate service fees.

Specific areas to research include:

• Average property and land values by type in your desired area
• Number of properties being sold annually, to gauge overall demand
• Inventory levels, i.e. how many residential properties are currently listed for sale
• Demographic data like income and age ranges for your target area
• What services do competing estate agencies in your area offer and their typical commissions
• Recent property value growth trends that may affect your business
• Planned new property developments coming to the market

Gaining intimate familiarity with your local housing market and consumers will enable your new estate agency to advise sellers on appropriate listing prices and help potential buyers make informed offers. This research is crucial in order to effectively launch and position your business within the competitive real estate industry.

Build a Strong Online Presence

In today’s digital era, having a professional website and a broader online presence is essential for any new estate agency aiming to reach modern sellers and buyers. Key elements you’ll need to invest in include:

• A modern estate agency website to display property listings and market your services
• Search engine optimization to help potential clients find your business online
• Active social media profiles to promote your agency and listings
• Video content like neighbourhood tours to engage potential customers
• Email newsletters with home buying/selling tips for subscribers
• Online review management on sites like Google to build credibility

Taking time to build a strong online presence and utilize estate agent digital marketing will help your new estate agency business attract more site traffic, generate leads, and build trust with potential clients. This is one area new agencies need to prioritize when starting up in the UK’s competitive property industry.

Network Extensively Within the Industry

Networking extensively within the industry is a crucial activity for any new estate agency looking to grow its business in the UK property sector.

Taking time early on to join relevant industry groups and connect face-to-face with professionals like local estate agents, letting agents, brokers, mortgage lenders, solicitors, and tradesmen will allow you to build relationships and gain valuable referrals and partnerships. Attending industry events, conferences, and mixers provides opportunities to connect with the range of players involved in residential and commercial real estate transactions. 

Having these connections established during your startup phase will prove invaluable as you work to increase your client base and establish your reputation and credibility within the highly competitive property industry.

Deliver Exceptional Customer Service

Delivering exceptional customer service is how your new estate agency can stand out from the crowded competition. Be diligent and responsive when communicating and transacting with both buyers and sellers. Provide transparent guidance and expertise throughout the process, from listing to offer to closing. Go above and beyond by celebrating successful deals with gifts or cards and supporting clients if a deal falls through with market updates.

Take time to explain each step clearly to first-time buyers. Your aim is to exceed customers’ service expectations, leading to loyalty, positive word-of-mouth, and repeat or referral business down the road. This outstanding service will become your competitive advantage, fueling sustainable growth for your agency.

Develop an Estate Agent Marketing Strategy 

Developing a comprehensive digital and print marketing strategy should be a top priority for any estate agency looking to actively promote their services, and listings and grow their business. Your plan should leverage traditional tactics like print ads in local publications and direct mailers to targeted households, as well as digital channels like social media ads, email campaigns to your subscriber list, partnerships with complementary local businesses, and video walkthroughs to showcase listings on social media. 

Aim for an integrated mix of high-visibility tactics like Google Ads along with very cost-effective options like organic social media posts. Consistently marketing across multiple channels will help more potential buyers and sellers in your area find and choose your agency when seeking to purchase or list residential or commercial property.

How To Grow Your Estate Agency

Expanding a successful estate agency requires continuously educating yourself on industry trends, asking clients for testimonials, leveraging Google Ads, sharing engaging social media content, running targeted Facebook ads, forming partnerships with complementary businesses, hosting in-person networking events, closely tracking website metrics using Google Analytics, and actively managing your online reputation. Combining digital marketing tactics with relationship-building opportunities allows agencies to boost their reach, conversion rates, and bottom line.

Stay Updated on Industry Trends and Shifts

The property industry is constantly evolving, with new technologies, regulations, economic factors and consumer preferences impacting real estate. It’s critical for estate agencies to continuously educate themselves on emerging industry trends and market shifts in order to provide clients with valuable insights and make informed strategic decisions. Useful ways to stay updated include:

• Attending relevant seminars, workshops and conferences held by industry bodies
• Reading trade publications and blogs covering the latest real estate news
• Following key property indexes and economic indicators for your region
• Getting alerts for changes to key regulations affecting home buying/selling
• Meeting with mortgage advisors and developers to learn of new offerings
• Polling clients to gain feedback on their pain points and desires
• Analyzing consumer data and search trends for changes in demand

Keeping pace with changes allows agencies to adapt their services, leverage new technologies, adjust business plans, and have meaningful discussions with clients. In a dynamic sector like real estate, those who actively monitor and learn from market shifts will maintain a competitive edge.

Ask Clients for Testimonials

Positive testimonials and reviews from satisfied clients provide immensely valuable social proof and build credibility for estate agencies competing in a crowded industry. When a client has had an excellent experience, it’s worthwhile asking them to provide a brief testimonial that highlights why they’d recommend your services.

With the client’s consent, publish these on platforms like your website, Google My Business page, and social media. Link to and excerpt full reviews on Zoopla or Rightmove. Testimonials and ratings reassure prospective buyers and sellers that your agency delivers on promises and meets their needs, increasing conversion rates. They help build trust and differentiate you from less client-focused competitors.

Utilize Google Ads

Google Ads provides a valuable opportunity for estate agencies to appear prominently at the top of page 1 right when local home buyers are searching for properties for sale. Google Ads allows businesses to target relevant keywords like “estate agents near me” and pay only when users click your ad.

By consistently showing up above organic results, your agency remains top of mind for prospective clients. Useful tips for success include tracking clicks and conversions to gauge ROI, creating localized ads, displaying a good variety of listings in the ad, keeping text crisp, and integrating with a Google My Business profile. When optimized well, Google Ads complement organic SEO, increasing overall visibility and lead generation.

Post Engaging Social Media Content

While having active social media profiles is useful, simply existing on platforms like Facebook and Instagram isn’t enough – you need to consistently publish valuable content followers genuinely want to engage with. Share local market updates, area guides, sold price data, home styling tips, quizzes and polls related to buying and selling. Respond promptly to any comments or questions.

Content that entertains educates or inspires a reaction helps boost reach and keeps your agency top of mind when people are considering buying or selling property. Make use of listing videos, live Q&As, employee takeovers, and user-generated content. Enriching your followers’ feeds builds relationships and recall.

Run Targeted Facebook Advertising

With billions of users worldwide, Facebook and Instagram provide immense opportunities to connect with local home buyers and sellers through targeted estate agent paid advertising . Create customized ad sets aimed at specific demographics likely to buy or sell property soon.

Target by factors like income, home type, age range, geo-location, interests and behaviours. Retarget past visitors to your site or followers who have engaged with posts. Evaluate cost-per-click and conversion rates to identify winning approaches. The hyper-specific ad targeting options on Facebook platforms make it possible to cost-effectively reach your ideal clients.

Partner with Complementary Local Businesses

Strategic partnerships with relevant local businesses can create opportunities to mutually refer clients and increase leads for your estate agency. Consider developing relationships with providers like mortgage advisors, solicitors, removal companies, tradesmen, and even businesses your clients frequent like coffee shops or restaurants.

Offer clients incentives like discounts or added services for using select partner businesses you trust. For instance, provide a 10% dining voucher if they get pre-approved with your preferred lender. These partnerships strengthen your local ecosystem and client offering.

Host In-Person Networking Events

While online marketing is essential, in-person events provide invaluable opportunities to build relationships, showcase expertise, and connect face-to-face with home buyers and sellers in your area. Open houses, exclusive property tours or presentations, broker networking events, seminars, and client appreciation mixers are all great options.

These events allow potential clients to meet your team in person and get a feel for your agency’s professionalism, market knowledge and commitment to service – building vital trust and credibility. They help convert prospective leads into clients for life.

Track Key Website Metrics with Google Analytics

Monitoring key metrics like website traffic sources, top landing pages, conversion rates and referrals provides invaluable insights that can help continuously refine and optimize your estate agency’s online marketing. Leverage free tools like Google Analytics to track:

• Traffic sources – best channels for driving visits
• Landing pages – most effective at converting visitors
• Bounce rates – pages causing exits
• Conversions – from listings views to contacts
• SEO performance – rankings for target keywords
• Referrals – links or sites sending traffic

Regularly analyzing website data identifies successful initiatives to build on as well as underperforming areas needing improvement. This allows for a sharper digital marketing strategy.

Respond to Online Reviews

Actively managing your online reputation by responding promptly and professionally to any reviews on sites like Google, Facebook and Trustpilot is now essential. Thank happy clients for positive feedback and apologize for negative experiences, outlining how you’ll improve.

Addressing critiques publicly demonstrates you take customer service seriously and are committed to constructive feedback. Over time, cultivating more 5-star online ratings establishes credibility and trust for potential buyers and sellers researching agencies. Aim to resolve issues but don’t get defensive – positive responses to bad reviews can enhance your reputation.

By combining industry knowledge, customer service excellence, and targeted digital/print marketing , your estate agency can expand its reach, reputation, and bottom line. Consistent effort and innovation are critical for continued growth and standing out from the competition.

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How to Start an Estate Agency in England

By Jake Rickman

Updated on 10 August 2022 Reading time: 5 minutes

This article meets our strict editorial principles. Our lawyers, experienced writers and legally trained editorial team put every effort into ensuring the information published on our website is accurate. We encourage you to seek independent legal advice. Learn more .

• General Considerations             
• Specific Considerations 
• Key Takeaways 
• Frequently Asked Questions 

If you have experience working in the property market, you might be interested in starting your own estate agency. This article will discuss general points all aspiring business owners might consider before they launch their enterprise. It will also address legal considerations particular to launching an estate agency. 

General Considerations             

Your business plan.

Your business plan is a comprehensive document outlining the essential elements of your business, its goals, and the roadmap for the first few years of launch. While you can include more details about your business model, in particular, you should consider the scope of the services you intend to provide. 

Some questions to consider include:

• Will you work in the residential or commercial sectors?
• Will you operate across lettings and sales?
• Do you intend to provide any property management services?

Some other factors to consider include:

• how you will market your business; 
• which geographical areas you will serve;
• your IT and software systems; 
• your marketing and banding strategy; and
• whether you intend to hire employees . 

Financing Considerations 

You should also consider how you will finance the business’ startup costs. Unless you have adequate savings, you will likely need access to outside capital. Some possible sources of capital include:

• friends and family;
• business contacts prepared to go into business with you; and
• a bank loan. 

Adopting a Business Structure

Your business structure is the legal framework that you will trade through. Unless you take active steps otherwise, you will automatically become a sole trader . As a sole trader, your personal assets will not be separate from your business assets. This means that if your business cannot meet its liabilities, creditors can claim against your personal assets to settle any amount you owe. 

Given that property market transactions are usually high-value, if your business acts negligently, you could face substantial financial liabilities. Accordingly, you should consider incorporating your business into a limited company (or limited liability partnership). This will protect your business assets from your personal ones. 

Additionally, customers prefer dealing with companies rather than individuals, especially when you are servicing the commercial sector. 

Finally, your financing options will likely be more diverse if you trade through a limited company. 

Specific Considerations 

Certification and qualifications.

In England, there is no law that requires an estate agency or an individual estate agent to obtain qualifications or certifications. Nor is there any professional society you need to join. However, as a matter of commercial prudence, you stand to benefit from joining the National Association of Estate Agents (NAEA) Propertymark . This is the largest professional body of estate agents and associated professions. 

Having relevant qualifications gives your business an extra degree of legitimacy. Further, membership with NAEA will provide you with helpful resources. It can also be a great networking source. 

Regulatory Compliance 

The law imposes certain restrictions on your ability to deal on behalf of your client. For instance, you cannot:

• draft contracts for the purchase of land;
• enter into a contract on behalf of your client. An exception is where you are acting for the seller, and the seller has given clear instructions as to the price they would accept;
• provide certain factual statements that a third party may rely on in the course of purchasing a leasehold or freehold; or
• receive purchase money from the buyer on behalf of your client.

The above actions fall within the scope of a conveyancer or solicitor, not a real estate agent. Therefore, failure to abide by these restrictions can open you up to substantial civil and potentially criminal liability. 

Wider Legal Considerations

Depending on the scope of your services, you will need to understand the various laws and regulations governing the property market. Notably, some laws may not be relevant to the market you operate in. For instance, the various laws protecting residential tenants are unlikely to apply if you solely work on commercial lettings.

In general, you should acquaint yourself with certain obligations related to:

• residential tenancy rights, including obligations on landlords and their estate agents not to charge unlawful fees;
• anti-money laundering and laws against terrorist funding due diligence; and 
• gas and electricity safety monitoring. 

This is a non-exhaustive list. Depending on the terms of your relationship with your customers, you could be held liable for giving improper advice because you were unaware of the relevant laws and regulations. 

That said, you are not a lawyer and cannot give legal advice. Likewise, you should not hold yourself out as having particular legal expertise or qualifications if you do not.

Contract Law & Fiduciary Duties 

The law of agency governs the relationship between your customers (called principals) and you (the agent). 

The contract you and your customer sign will largely govern the exact nature of your business relationship. Indeed, the contract will determine the extent of your authority to act on your customer’s behalf. 

In some cases, you may owe a fiduciary duty to your customer. This special duty might arise because of an express term in the contract or may be implied from the nature of your relationship. If there is a fiduciary relationship, you must always act in the absolute best interests of your client. You must also never profit from your relationship. For example, you cannot purchase land directly from your client or use information obtained from the relationship in a private transaction with a third party to benefit yourself.

You should instruct a solicitor with experience advising estate agents on their contractual and legal duties. They can also help draft your standard business terms. 

Obtaining Insurance

As you will be assisting your customers in high-value transactions, if you are negligent and they lose money as a result, you could be held liable. 

You should therefore obtain a professional indemnity policy. Additionally, if you employ anyone, you will need to have an employer policy in place. Finally, if you operate an office open to the public, you should obtain insurance limiting your occupier’s liability. 

Choosing an Office 

Traditionally, estate agents draw prospective tenants and purchasers through ads displayed in their high-street offices. If you decide to have an office, you will need to negotiate a commercial lease .  Common terms include:

• the rental price;
• any service charges; 
• insurance provisions you and the landlord will have in place, if any; 
• the party liable for keeping certain elements of the premise in good condition; and 
• the extent you can sublease the premises or sell the lease to a third party. 

Key Takeaways 

Before starting an estate agency, you should determine which markets you will operate in. You will also need to budget startup costs and determine how you will finance these. Likewise, consider how you will structure your estate agency. Incorporating your business gives you the benefit of limited liability and more prestige to prospective clients. This is because they typically expect to do business with an incorporated entity rather than a sole trader.

Additionally, the law surrounding land is varied and complex. Given your role in facilitating transactions, you can add value to your clients by holding relevant qualifications and being familiar with the various laws. Additionally, you could be held liable for any negligence arising from ignorance of the law. However, you are not a conveyancer or solicitor and therefore cannot give legal advice or execute transactions on behalf of your clients. To further limit your liability, you should obtain a professional indemnity policy. 

If you need help starting an estate agency in England, our experienced business lawyers can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Visit our membership page .

Frequently Asked Questions 

Aside from the necessary experience and commercial connections, starting an estate agency involves establishing a brand to attract customers. You will likely need to invest in software, IT, and marketing to build this brand. You may need an office and contracts to hire employees. Importantly, consider how you will finance this.

You do not need a professional certification to run an estate agency. However, there are laws preventing you from engaging in particular conduct. For example, you cannot give legal advice, execute transactions on your client’s behalf or otherwise act in the capacity of a conveyancer or solicitor.

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Business Plan Template for Real Estate Agents

• Ready-to-use, fully customizable Subcategory
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Thinking of entering the real estate market? Don't make a move without a solid plan! Real estate agents and agencies know that a business plan is the backbone of their success. That's why ClickUp's Business Plan Template for Real Estate Agents is an essential tool for anyone in the industry.

With this template, you can:

• Define your goals, strategies, and financial projections
• Establish a clear direction for your operations
• Maximize your success in the competitive real estate market

Whether you're a seasoned agent or just starting out, this template will guide you every step of the way. Get ready to dominate the real estate game like never before!

Business Plan Template for Real Estate Agents Benefits

A business plan template for real estate agents provides a roadmap for success in the dynamic world of real estate. Here are some of the benefits of using this template:

• Helps you set clear and achievable goals for your real estate business
• Enables you to develop effective marketing strategies to attract clients and generate leads
• Assists in creating a comprehensive financial plan and budget to manage expenses and maximize profits
• Provides a framework to analyze market trends and identify opportunities for growth and expansion
• Allows you to track progress and make adjustments to your business strategies as needed for continued success.

Main Elements of Real Estate Agents Business Plan Template

ClickUp’s Business Plan Template for Real Estate Agents provides a comprehensive framework to help you create a solid business plan and achieve success in the real estate industry.

Key elements of this template include:

• Custom Statuses: Track the progress of different sections of your business plan with statuses like Complete, In Progress, Needs Revision, and To Do.
• Custom Fields: Utilize custom fields such as Reference, Approved, and Section to add additional details and organize your business plan effectively.
• Custom Views: Access different views like Topics, Status, Timeline, Business Plan, and Getting Started Guide to easily navigate and manage your business plan.
• Collaboration Tools: Collaborate with your team members by assigning tasks, leaving comments, and attaching files directly within the business plan template.
• Goal Setting: Set specific goals and timelines using ClickUp’s Goals feature, ensuring that you stay on track and achieve your objectives.
• Document Management: Seamlessly integrate with ClickUp’s Docs feature to create and store important documents related to your business plan.
• Progress Tracking: Monitor your progress and make data-driven decisions using ClickUp’s Dashboards feature.
• Integration Capabilities: Connect ClickUp with other essential tools and software through ClickUp’s wide range of integrations, such as Email, AI, and other popular business applications.

How To Use Business Plan Template for Real Estate Agents

Creating a business plan is essential for real estate agents looking to grow their business. Follow these steps to effectively use the Business Plan Template in ClickUp:

1. Define your goals and objectives

Start by clearly defining your goals and objectives for your real estate business. Do you want to increase your sales volume, expand into new markets, or improve your online presence? Identifying your goals will help guide your business plan and set a clear direction for your success.

Use Goals in ClickUp to set specific, measurable, achievable, relevant, and time-bound (SMART) goals for your real estate business.

2. Analyze your target market

Next, analyze your target market to understand your clients' needs, preferences, and demographics. Research the local real estate market trends, competition, and potential opportunities. This information will help you tailor your marketing strategies and services to meet the demands of your target audience.

Use the Table view in ClickUp to organize and analyze market research data, such as demographics, market trends, and competitor analysis.

3. Develop your marketing and sales strategies

Based on your target market analysis, develop effective marketing and sales strategies to reach your ideal clients. Determine the best channels to promote your services, such as social media, email marketing, or networking events. Additionally, outline your lead generation and conversion strategies to ensure a steady flow of potential clients.

Use Automations in ClickUp to automate repetitive marketing tasks, such as sending follow-up emails or scheduling social media posts.

4. Track your progress and adjust accordingly

Once your business plan is in motion, it's crucial to track your progress and make adjustments as needed. Regularly review your key performance indicators (KPIs) to measure the success of your strategies. If certain tactics are not yielding the desired results, be open to adapting and trying new approaches to achieve your goals.

Use Dashboards in ClickUp to monitor and visualize your KPIs, such as lead conversion rate, sales volume, or website traffic.

By following these steps and utilizing the Business Plan Template in ClickUp, real estate agents can effectively strategize, execute, and track their business goals for success in the competitive market.

Get Started with ClickUp’s Business Plan Template for Real Estate Agents

Real estate agents and agencies can use the Business Plan Template for Real Estate Agents in ClickUp to create a comprehensive plan for their business and stay organized.

First, hit “Add Template” to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you’d like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to create a solid business plan:

• Use the Topics View to outline the main sections of your business plan, such as marketing, sales, and financials
• The Status View will help you track the progress of each section, with statuses like Complete, In Progress, Needs Revision, and To Do
• The Timeline View will give you a visual representation of your business plan's milestones and deadlines
• The Business Plan View will provide a comprehensive overview of your entire plan, including goals, strategies, and financial projections
• Use the Getting Started Guide View to access helpful resources and tips for creating a successful business plan
• Customize the Reference custom field to add links or notes to relevant resources or documents
• Use the Approved custom field to indicate which sections or strategies have been approved by stakeholders
• The Section custom field will help you categorize and organize different sections of your business plan

With this template, you can create a well-structured and organized business plan that sets you up for success in the real estate industry.

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Setting Up An Estate Agency In The UK

Your estate agency.

Posted on 18/07/2022 by pat

So, you're wondering how to set up an estate agency. Possibly due to rising house prices and a buoyant property market, or maybe it's a long-term ambition. But - where to begin?

We recommend you start with our complete guide to setting up your own estate agency in the UK.

The benefit to you? A handy checklist to refer to – a step-by-step guide to establishing an estate agency.

Table of Contents

• Get Organised!
• What type of Estate Agent are you?
• Experience – don’t set up an Estate Agency without it
• Plan to succeed
• Try franchising – lower the risk
• Day-to-day business
• Marketing Plan – attract your target market
• You're Ready To Launch!

Your Step By Step Guide for setting up an estate agency

1. get organised.

Sounds simple right? Start by making a pact with yourself to start with a sound organisational system.

Use a task management tool such as Monday.com to store and categorise your research and findings. Monday is an easy-to-use, intuitive system that allows you to keep all your thoughts and developments in order as you work towards setting up your own estate agency.

Creating an organised file structure might not be as straightforward as you think. Here are some handy pointers:

Be consistent with your file and folder names

You might use underscores or spaces as part of your filing system – but try not to mix the two. Spaces can cause a technical headache when saving and opening files in different systems (not all systems recognise spaces). Sticking to underscores is probably safer unless you've got a good reason to use spaces.

Clarity matters too

Naming your folders with clarity helps avoid those moments of confusion about where a file might be hiding. For example – naming your folders' communications' and 'mailings' might mean you duplicate where you save your marketing documents or can't figure out where you've saved that critical file!

Generally speaking – the top-level files can be broadly named (e.g. Communications), so long as the files a level down are more specific (e.g. Sales Mailings, Emails, Newsletters).

Structure your templates

Maybe it's just you right now, at the start of your journey, setting up your estate agency. You know where everything is, how it's structured and where you'll find everything.

Planning forwards – once you've launched and are on the road to success, it’s likely you’ll be looking for support.

Start with a template for folder and subfolder layout. Then once you're working with your team, you'll find it much easier to navigate.

Don't be afraid of change

As technology progresses, so do the opportunities to streamline your organisational methods. Keep an eye on apps or systems that might support your company's work.

That said, it's worth creating a system that clarifies where items are saved and found, using the methods we've highlighted.

Document your evolving processes

As you build directories and establish processes for creating, saving, and editing files, document every step and decision. This will help to remind you of certain processes or conventions, but also help new employees, or third-party service providers you've hired to understand how things are done. Tools such as Trainual are great for having all your documents, policies, processes, etc. in one location, where they can be accessed by everyone in your team.

2. What type of Estate Agent are you?

You might already have a good idea about what type of estate agency you want to open. If you haven't yet made that decision, do your research.

Estate agents typically specialise in:

• Residential sales
• Residential lettings
• Commercial sales
• Commercial lettings
• Rural estate

Finding the answer to this question will involve asking yourself questions to determine what type of estate agency you will be.

3. Experience - don't set up an Estate Agency without it

Have you been working as an estate agent? Then you're already familiar with the trade. If estate agency is new to you, you'll be wondering about the best way to gain experience. There are several options available to you, including:

• Take a degree course in estate and property management. There are plenty to choose from – each giving you the knowledge you need to set up your estate agency.
• Sign up for a certificate course program. These courses generally take about three months to complete. Look for a course accredited by recognised bodies such as Propertymark, the INEA (Independent Network of Estate Agents), or NAEA (National Association of Estate Agents).
• Apply for a trainee estate agent role. They’ll pay you a salary while learning the ropes and the trade tricks.

4. Plan to succeed

The first rule of business – you must have a plan. Your plan will hold you accountable, give you focus and keep the momentum going.

Creating a business plan in the fast-paced and competitive world of estate agency is paramount to the success of your business.

We can help you to create your dynamic business plan . Once you've got the basics in place, you'll want to start to consider ways to strengthen it:

What makes you stand out from the crowd? Is it the niche area of estate agency you're focusing on? Perhaps it's something about you personally that gives you the edge. Does the area where you're looking to set up as an estate agent have unique properties? Identifying your USP in setting up your estate agency adds value to your business plan.

Choose your location

Choosing your location is vital towards understanding your competition and chances of success. Research carefully to identify the areas already saturated with estate agencies and where opportunities might lie . If you are considering setting up your estate agency, you might find a more lucrative part of the country to target.

Once you've identified an area or areas to focus on, it's time to conduct a competitor analysis to give you insight into the competition in that particular place.

Who is your audience?

Are you going to target landlords, individuals, or retail? As well as carefully choosing a location and a specialism, consider your audience and how you plan to reach them. Lead generation is the lynchpin of your business. Without clients, the best-laid plans won't get you very far.

There are many ways to attract the business you're looking for. We've got 21 ways to generate quality leads to give you a helping hand.

Strengths and weaknesses

More commonly known in the business world as a SWOT analysis – this is your opportunity to understand both what your business might do well and where to improve.

We'll support you in carrying out your SWOT analysis . Don't be afraid of this part of your business case process. It's beneficial to have a clear understanding of where your strengths and weaknesses are.

5. Try franchising - lower the risk

Are you daunted by the prospect of setting up your estate agency independently? Perhaps you prefer the idea of a franchise – someone else's established business model – packaged ready for you to use straight from the box.

The 2018 NatWest Franchise Landscape report states that in the UK, less than 1% of franchise businesses fail each year, with 33% of franchisees owning more than one franchise. The British Franchising Association states that 91% of franchises operate profitably. Impressive figures.

Of course, there are pros and cons of becoming a franchisee:

• You're your own boss with the added support of a reputable, established agency
• Benefits include a proven business model and often a well-known brand name
• Strength in a recognised brand when approaching a lender with your business case
• Initial investment fee of between £10,000 - £20,000
• Monthly management fees of between 7 – 12% of your profit
• Commitment to a minimum five-year relationship with your franchiser

6. Finances

We've discussed research extensively throughout this step-by-step guide to setting up your estate agency. Trust us - the research you do now will prepare you and give your business the best chance of success.

Let's look at finances – a good relationship with a reputable financial advisor will pay dividends, both figuratively and literally. They’ll help you understand the options for funding your business and financial forecasting (short, medium and long-term).

Very few businesses start with total funding. You'll need to think about the funding route that’s best for you – the down payment could come from family, friends, crowdfunding, a bank loan or home equity. You and your funders need to understand the financial risk involved in establishing a business.

As a new startup, traditional lenders might not offer the interest rate you're looking for or the level of investment. You can always consider online lenders and credit unions as alternatives.

Lenders will consider your credit score, affordability and location when deciding on investment and terms.

Consider your setup costs – setting up a brick-and-mortar estate agency requires a significant outlay. It's better to overestimate than underestimate and find yourself running out of money before opening.

Establishing yourself on a high street or other prominent location will be your biggest startup cost, followed by wages and business rates. Setting a marketing budget will help you promote yourself optimally. Don't forget to include insurance in your calculations.

Human error is a natural feature of life – it’s vital to protect yourself and your business with the correct level and type of insurance.

Professional indemnity

Professional indemnity insurance protects your business from any legal costs or damages arising from negligence or breach of professional care.

The National Association of Estate Agents (NAEA) says any agent wishing to include their propertymark-protected logo must have professional indemnity insurance relative to the services they provide and their annual turnover. The property mark offers protection for your clients, similar to the ABTA mark travel agents use to give their customers peace of mind.

You'll have cover for issues that include:

• Misrepresentation
• Employee gross misconduct
• Data protection breach
• Intellectual property issues

The minimum level of professional indemnity insurance for NAEA is £100,000. Use that as a guide – think about what could go wrong, the worst-case scenario, and the associated costs. That's the level of insurance you require – more is always best.

Public liability

Your office will see a lot of footfall through the door. Every day your employees will be in and out of the building. They'll also be out on the road. If members of the public are injured as a result of your business activities, then Public liability will cover any compensation due.

Employer's liability

This one's a legal requirement for UK businesses. You're covered if one of your employees is injured at work. Work with an insurance advisor to decide the employer's liability insurance level you require.

Office and property insurance

This is everything in your office- desks, computers, plants, coffee machine – it adds up quickly. Portable property insurance covers your equipment – laptops, phones etc., while you're out of the office. It's too easy for a phone to slip out of your hand or a laptop to slide off a car seat. With property insurance, you'll have nothing to worry about.

Your forecast should be as accurate as possible. Use SMART (Specific, Measurable, Achievable, Relevant, Timely) goals to create a financial forecast for your estate agency.

Help your business follow a feasible growth trajectory by setting short, medium and long-term financial goals as part of your forecast. Your location, speciality (lettings, sales etc.), customers, and competition will shape your goals.

Look at competitors to strengthen your financial forecast. Understanding what they do well and areas for improvement will help guide you.

7. Day-to-day business

The day-to-day running of your estate agency might not be something you're considering just now but spend a little time thinking ahead so you're prepared and ready.

A solid Customer Relationship Management (CRM) system will help you keep an accurate, real-time record of your marketing, customer contact and sales data. There are many options, so we've saved you time by bringing together six of the best CRM systems – as a bonus – they're all free!

Streamlining your CRM system means no more confusion about who called who and what was said – you and your team will know exactly where you're up to, resulting in better customer relationships and ultimately increased sales.

Lead Generation

Your sales calls are an essential aspect of setting up your estate agency in the UK. For some, especially those with a sales background, these calls don't present too much of a problem. For others, making cold or conversion calls leaves them feeling uncomfortable. Using a lead generation service that integrates seamlessly with your CRM system means you'll see an uptick in sales and productivity. A worthy investment.

Social Media

Plan your social media activity effectively, and you'll maximise your budget. A tool such as Hootsuite gives you control over your choice of platforms – including Linked In, Facebook, Instagram and Twitter.

You'll be able to plan, decide on your target audience and have a clear focus for your posts and engagement. It'll also enable you to figure out which platforms work best for your audience as part of an adaptive social media plan.

Daily tools – keeping your business on track

Let's also take a moment to consider the tools you'll need for day-to-day business.

Will you require one vehicle or several? Your employees will need a reliable method of transport, and if you display your company details on them, your cars can double as practical marketing tools.

Investing in your computer equipment might seem like a costly initial outlay. But, using up-to-date technology will give you easy integration for your apps and systems, as well as a smoother experience. Choosing one provider (Google, Apple etc.) and selecting their items such as laptops and mobiles is advisable. The synchronisation between them will be simple, and the software will work on all your devices.

It's worth shopping around for a good deal with your service providers. Your business bank account might also include packaged incentives.

8. Marketing Plan - attract your target market

So, you've followed all the steps in this plan and are almost ready to go. You've thought of a perfect name for your estate agency, and your location is prime. Now all you need is clients and customers. Let's talk about your marketing plan.

A great marketing plan, ready for your launch, gives you the best possible chance of success. It's a roadmap for reaching potential clients, converting them to paying customers and ensuring consistent communication. Your customers need to know exactly where you are, what you do and most importantly, what you can do for them!

Think back to your USP. What makes you stand out from the crowd? That's your starting point for your marketing strategy. Your messaging needs to be clear and concise – you want it to define who you are.

Marketing Strategy

A good marketing plan has an integrated marketing strategy. Your marketing plan will be the logistics of specific campaigns. Your marketing strategy will be your long-term vision that incorporates your values and company ethos.

Giving your marketing plan definition is a lot easier using the 4Ps – Price, Product, Promotion, and Place. Let's break them down:

• Price – What are you going to charge? As a result of your pricing strategy, how will customers view you?
• Product – What are you selling? Properties? A letting service? Property management?
• Promotion – How will you let your potential customers know who you are? What strategies might you choose, and how will you analyse their effectiveness?
• Place – Where are you going to promote your services? Are they where your target customers go to find out about estate agencies like yours?

Know Your Competition

We know, more research! We can't stress the importance of knowing how your competitors reach their customers. Do they network? Maybe they have a solid social media presence? Is there an opportunity for local advertising?

The more you understand your competition, the better your chances of being one step ahead of them.

Your Website

Your website is likely to be the first place your customers experience your estate agency (unless they walk in the door, of course!). Check out award-winning estate agency websites for inspiration!

Make sure it's clean, easy to navigate and a pleasurable experience. The copy on your site needs to be engaging and concise – it's worth considering a web designer and copywriter to help set up your site. Do not rush the planning. Get in touch with an SEO agency as the research they find will help influence how the website is structured, and what content should be provided. If you skip this part, you run the risk of further down the line having to spend more on restructuring big chunks of the website.

Another factor you might want to think about is the accessibility of your site. Make sure your site can be accessed by those who are hard of sight with features such as text-to-speech and ALT image descriptions.

Time Honoured Tradition

Don’t neglect ‘old school’ methods – door-knocking if you're so inclined, phone calls , or perhaps a mail drop. Introduce yourself, and keep the tone light.

If you're new to the area, your business will help boost the local economy. Even if the people you reach out to now aren't ready to use your services, they might just know someone who is.

You're likely to have limited email contacts as you set up your estate agency. Still, Google Ads might help you bridge the gap, reaching out to potential clients with targeted advertising. Take time to learn more about Google Ads and use them to grow your business.

9. You're ready to launch

All your hard work in setting up your estate agency is about to come to fruition. You're ready to throw open the doors and let business flow!

Here are a few reminders to keep you on track in the hype and excitement of your launch.

Opening Day

Last-minute jitters on opening day are inevitable – With all your local promoting, you’ll have created an of intrigue and interest as the new business opens in the area. Locally people will want to know you and your staff as much as they want to learn about your business. Be proud!

Last-minute checks:

• Make sure everything is working and fired up and ready to go.
• It's all in the detail – water that plant, clean the bathroom, make your estate agency a place your customers want to spend time.
• Staff knowledge – make sure your staff feel ready to offer the best possible customer service
• Smile and relax a little – you've worked hard for this moment.

Keep Communicating

Here is where your marketing strategy comes into practice in force.

Your prelaunch marketing is complete. You're now ready to promote your estate agency by following the marketing plan you created.

Use your CRM system to record analytics from your marketing. You'll start to understand what's working for your estate agency and what might benefit from a slight tweak.

Keep it real. A great way to keep in touch with customers or potential clients is to give them insight into your business – a peek behind the scenes, fundraising endeavours, your environmental ethos – it's easier to stay connected more regularly with a soft touch.

Patience and Persistence

You've put blood, sweat, and tears into setting up your estate agency. Success might not happen overnight – in fact, it's improbable. What matters now is persistence and a little bit of patience.

Be consistent and creative in your marketing – an introductory offer or valuable insight that puts you ahead of your competitors gives you the best chance of success. We're rooting for you!

Get in touch

Generate new instructions.

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Download Our Free Marketing Journey

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Related Articles

Practical guide on how to become an estate agent, value propositions for estate agents - with examples, do you need specific personality traits to be an estate agent, 8 ways to maximise your roi with digital marketing for estate agents, why every estate agent in the uk needs a mobile-responsive website now, top 10 crm systems for estate agencies in 2024.

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Business Start Up Package

Starting your own letting agency or estate agency .

Start from home or office. Work part or full time with an uncapped earning potential.

Having started and built our own agency from home in 2007,   we've created unrivaled start up solutions to give ambitious people from any working background the opportunity to start their own successful letting agency or estate agency business. Like us, you can start from home or you can operate from an office space. 

We offer the following three business start up package options

Included in the business package.

Detailed Training Operating Manual

400+ pages, step by step covering every aspect of starting and operating your agency. Covers both lettings and sales.  

Digital Online Learning Portal

Gain instant access to our online learning portal, which provides our lettings and estate agency training course in an easy to follow digital format. 

Letter, marketing & legal templates

Enjoy our full suite of 200 process driven agency templates immediately downloadable, in a modern and customer friendly format

Access To Our Agency Support Hub

1-2-1 telephone & email support. Access preferential rates with industry-leading suppliers, and for direction when you need it the most 

Rapid Start-Up Marketing Plan

We demonstrate proven methods used to successfully start and grow our own estate agency business, including your key selling points.

Agency Software

Use our advanced letting & estate agency software with exclusive free set up or our lettings only software with free 10 property starter version.

Our business start up package, giving you all the systems, processes and support that you’ll need to get started.  

• One off cost
• Lettings & estate agency training & operating manual
• Provided in both online & printed formats
• Online portal and support hub
• 200 + letter, marketing, legal, stationery and agency agreement templates
• Access to our online learning portal & support hub
• Rapid start up marketing plan
• 1-2-1 telephone and email support
• Marketing assets library 

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• Full set up included
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• Ready in 5 days
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• Upload to all major property portals
• Automatic property alerts
• Client login area
• Import properties from 3rd party software
• Includes SSL certificate (worth £100)

£594  inc VAT

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The all-in-one start up and digital solution including all the benefits of our business, website & software package, plus... 

• 3 months social media management 
• Promotional video & advertising graphics
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I am very impressed with the contemporary web designs and easy to follow training manuals. Such good value for money, I don’t know how you can do it. Keep up the good work and I will keep you posted on progress. Best Regards.

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Having researched the market thoroughly, we found Agent Vision. The software and website system you receive is absolutely fantastic, with the package itself giving everything you need, being very easy to use with some great advice, know how, tips, and marketing presentation. The support is excellent, with direct contact with the trainers. Also, as an already currently trading letting agency themselves we were reassured that all their material would be modern and entirely up to date, which it is. This has helped us enormously. This package is a definite must have for people who want to do well in this industry.

Hi there just a quick email to confirm I received the business package a few days ago in the post, thank you for such a quick delivery. I shopped around quite a lot before deciding on the package from yourselves and I have to say I am so pleased I decided on Agent Vision! The business package is so well presented and easy to read, yet covers pretty much everything you will need to know about running your own lettings or estate agency. Having worked in local government property management for a number of years I cannot stress to any potential purchaser of the package how informative and in depth this easy to use guide is! Even if you don’t think you need it – you do. The sections on business preparation and finances/accounting have enabled me to set up much more streamlined procedures which will save me time and stress in the future! The letters and docs templates are invaluable too. I would highly recommend this package, even if you are experienced in the field of property management as I am. Excellent value for money, thank you! In fact I am so impressed with the package I would like to enquire about the options to add the website package on also? Many thanks for a great product and service.

I purchased both the website and the back-office system from Agent Vision both of which I would recommend. The service levels for both are great, all queries have been answered within 24hrs (maximum). Agent Vision provided both a fast and flexible service, so far I have not incurred any extra costs, and logos have been uploaded within hours of request. The LV Web feed has been recognised by all major property portals and all of my properties have been uploaded without a hic-up! Regards

I have had the aspiration to set up a letting agency for a long time. We came across Agent Vision and I must say how impressed we are. The service and the back-up / advice is second to none. The staff are friendly and know what they are talking about and always call you back if they can’t speak to you straight away. All in all it’s a great product at a great price.

We have recently begun utilising your business package and so far very impressed with its effectiveness of bringing on new business. If we carry on at the pace we are experiencing, then we will be very happy. Thanks again for your support.

We are very pleased with your service and ongoing support. Your response times are very quick and you are always very professional and attentive making us feel more like colleagues rather than just clients. The package is presented well, easy to follow, being very informative and telling you everything you need to know about setting up your own agency and has obviously been written by people who know the business inside out. This has been invaluable to us setting up our business and we regularly refer to it when we are not sure about something. The website is beautiful and every single person we show comments on how nice it is. It is modern, easy to navigate, uploads properties and allows complete control over e.g. adding new pages and sub pages to suit giving a bespoke design, which comes at no extra charge. Above all, this can easily be maintained and updated by someone with little or no experience of web design. We chose providers for different services very carefully when setting up our agency and made some mistakes along the way. We are pleased to say that on this occasion we made the right choice first time.

We have received the most professional and efficient service. Excellent value for money and ticks all the boxes.

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Real Estate Agency Small Business Idea and Business Plan

Starting your own small business in the UK isn’t easy but having a properly developed business plan will help you achieve success.

To start a Real Estate Agency business in the UK, take the time and explain the idea via a business plan.

Understanding all of the aspects of the business idea will be the key to getting the Real Estate Agency business running like a well-oiled machine. The business plan you develop will help you organize the elements needed into a strategy that you can actually use to startup, by paving a clear road map as to what you need to follow for the lifespan of your business.

Starting a Real Estate Agency business isn’t easy, but when done right, it can lead to a lot of success.

To help you get started, you can use the free business plan builder tool to develop your own Real Estate Agency business plan.

The business plan template is very easy to use, is interactive and will quickly and easily help you create your business plan just by answering the needed questions about your small business idea.

Create your own Real Estate Agency business plan for free using the Business Plan Builder

The free business plan template builder is divided into a few easy to follow steps.

The free business plan builder template is provided by UKStartups.org to help you develop your own business plan. For step by step guidance, see the 5 steps below.

Once completed, the result will be a clean, professional plan that will help you start your own Real Estate Agency small business in the UK.

When you have completed your Real Estate Agency business plan, the next step will be to find available funding that will help, or to speak with a funding adviser who will assist you each step of the way to securing the needed funds to make your Real Estate Agency business startup.

If you are looking to limit your startup costs when starting up a Real Estate Agency small business in the UK, this free business plan builder tool will be it.

Starting a Real Estate Agency business is only one of the ways others have used this free business plan tool. There are hundreds of different ideas you can start, and if you need guidance, do reach out to a UKStartups expert to get the needed assistance and guidance.

Step 1. Your business information

To develop a proper Real Estate Agency business plan with the free business plan builder template, it is important to answer each of the questions about your business to the best of your abilities.

What is your business? What are the products/services you provide? Who are your customers? What are your goals…etc?

Having a clear explanation will help you create a in-depth business plan that you can actually use to start the Real Estate Agency business and to apply for needed funding to cover your startup costs.

Step 2. Projecting your revenues/income

The Real Estate Agency industry can have great results. Planning and projecting the financial figures to approximate what you will make each year is crucial to building a strong business plan.

What do you think your business will make from each of its products/services? Simply list your products/services, enter the appropriate financial figures (costs and expenses).

If you don’t have the figures, in many cases it is recommended to do a a bit more research on other Real Estate Agency businesses locally and within your own region to get an idea of potential revenue. You can do your best to estimate the figures and growth potential.

If you need assistance in projecting, you can always contact UK Startups funding experts for the help.

Step 3. Your business market

As a Real Estate Agency business, having a clear explanation of the market and industry that you are in will help you plan for the figure and will ensure you can take the business to the next level.

Explain your location of business, share specifics about your customers, showcase your competition and explain the advantages you have over your competition.

Step 4. The future plan

Starting your own Real Estate Agency business and getting it off the ground is important to you.

No matter if you’re planning on applying for government funding for your Real Estate Agency business or not, it is important to plan out the future and provide an explanation of how you will grow the business. This means explaining your marketing plan, your sales strategy and clearly outlining a growth plan for the next few years.

Be sure to break this down step by step to show how you intend on making sure your Real Estate Agency business can grow each year.

Keep in mind that often business plans are focused on key people. Be sure to discuss yourself, your role and any other key figures in the business as well.

Step 5. The financials

In the end, it all comes down to the financials. If you are seeking funding, or not – the business plan you develop needs to have clearly defined financials or projections. The business plan builder tool makes it easy to develop your financial charts by simply entering your expected revenues per month and year. If you don’t have the figures as it’s a new business be sure to project the figures based on your expectations. If you need help with this, ask the UK Startups experts .

A clear breakdown of your funding needs is also recommended in case you are seeking funding and this free business plan template will help you with exactly that. When developing your Real Estate Agency business plan using this free template, the above 5 steps are recommended in order to succeed. While there are other key points that will assist you in starting your business, finding funding...etc, the free template will help put you on the right path

Be sure to request a professional to review your business plan , to answer any questions you may have and to help you with the funding search once you’ve done the initial free template. You can request this directly via UKStartups.org and through the Small Business Startup Platform as a member.

If starting a Real Estate Agency business is just one of your ideas, perhaps considering other options, here are some popular small business’s others have chosen to startup

• Ice Supplier
• Fishing Camp
• Aromatherapy Service
• Retirement Home

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The award winning southcourt business package is built on the foundations of our own successful london based agency. we include full training, expert support, full contracts and document pack, professionally built websites and innovative software for your agency. the uk property market is booming this is an excellent opportunity to start your own independent estate or letting agency..

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Key benefits of starting your own estate agents!

Full or part-time, from home or office.

Many people are working from home part time or full time. Payments are online, and your website is your shop window.

Immediate start up and cash-flow

Follow our advice you can be up and running within days. Our training and set up procedures are quick and efficient.

Telephone & email support

Experienced advice is just an email or phone call away if required.  Our Agents Support Hub is available 24/7.

Well established, growing property market

The UK property market is stable and growing year on year, with many factors having a positive effect on supply and demand.

No experience or qualifications are required

All the necessary know-how is included in our  letting agent training  and our  estate agent training .

Trade under your own chosen name

Unlike an estate agent franchise , you have full business control. You pay us no commission and retain 100% of your profits.

A valuable business to sell

If you wish to sell your business, the going rate is about 1.5 times annual turnover, on average about £250,000.

Reliable income even when you’re on holiday

Commissions from managed rental properties come in automatically every month, your income increases with each one

What does our Business Package contain?

Comprehensive training system.

Step-by-step expert guidance every aspect of setting up your agency.

Unlimited Phone and Email Support

Call or email for professional support on any agency question, from our expert team.

Online Digital Learning Portal

Immediate access to 26 training Sections across 128 modules and 168 topics.

Boost-Start Action Plan

Proven, powerful and highly effective ways of locating and signing new clients.

Legal, letter & marketing templates

All required agency documentation, Ready to personalise & use.

Advanced Estate/Letting Agency Software

Multiple options for your software provision with free set-up, to assist your agency.

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Setting up an Estate Agency Business

All you need to know about starting and running your business.

In this article

What is a Estate Agency Business?

More than 1.1 million properties were sold in the UK in 2022 and 4.6 million properties were rented privately in England alone. Despite financial uncertainty, the property market in the UK remains strong and house prices continue to rise.

Although there are approximately 22,000 estate agents currently in operation in the UK, the strength of the housing industry means there is still high demand for more estate agents, making now a great time for you to set up an estate agency business.

An estate agency is a company or business that sells or rents out homes, buildings and land on behalf of its clients. Although the term estate agency typically refers to a business that sells properties, it can also encompass the term letting agency (a business that rents out and manages properties), particularly because many estate agencies offer both sale and rental properties.

If you set up an estate agency business, you can operate as the sole estate agent, managing all of your listed properties, or hire other estate agents to work for your business.

When starting up an estate agency business, you will need to decide the type of property you are going to specialise in. There are multiple types of properties that your estate agency business could sell or rent out, including:

Residential Property

This refers to any properties that are used for residential purposes (to live in).

Some examples of residential properties include:

• Terraced, semi-detached and detached houses.
• Flats and duplexes.
• Student properties (rental).
• Individual rooms (rental).

Commercial Property

This refers to any properties that are used for commercial (business) purposes.

Some examples of commercial properties include:

• Office buildings.
• Retail properties, including individual shops and shopping centres.
• Hotels, B&Bs and other holiday properties.
• Restaurants, cafes, bars and pubs.
• Gyms, swimming pools and sporting facilities.
• Healthcare properties, such as hospitals and clinics.
• Cinemas and theatres.
• Petrol stations.

Industrial Property

This refers to any properties that are used for industrial purposes, including:

• Manufacturing.
• Production.
• Distribution.
• Development.

Common examples are factories and warehouses.

Land Property

This includes both developed and undeveloped land, whereby the land is the main feature of the sale or rental, rather than any buildings that sit on the land. This could be because the buildings do not increase the value of the land or because the land is undeveloped.

Some examples include:

• Vacant land, e.g. fields.
• Agricultural land e.g. a farm or orchard.

Special Purpose Property

This is property or land that has a special purpose and is generally used by the public. The property may be owned by the government or the local council or may be privately owned.

Some examples of special purpose property include:

• Places of worship (e.g. churches, mosques and synagogues).
• Cemeteries and graveyards.
• Libraries, community centres and youth centres.
• Government buildings.

An estate agency is a unique type of seller as they don’t sell something they own; instead, they are selling something on behalf of the owner. Your role is to act as a representative of the seller and the property and to act as an intermediary between the seller and potential buyers.

There are many responsibilities associated with setting up and running an estate agency business, including:

• Viewing and inspecting properties.
• Collecting information about a property, taking photographs and taking measurements.
• Talking to sellers about the property and any special features.
• Creating client contracts.
• Assessing the value of a property.
• Marketing and promoting properties.
• Liaising with both the seller and the buyer, offering professional advice and negotiating sales and lettings.
• Organising and providing advertising materials, such as ‘For Sale’ signs.
• Organising viewings of the property.
• Representing the seller in any negotiations with prospective buyers.
• Handling payments and commissions.
• Organising a property survey (although the survey will be completed by a qualified professional).
• Monitoring any sales as they proceed.
• Liaising with other professionals, including mortgage advisors and brokers, solicitors and surveyors.
• Collecting references and doing credit checks for renters.
• Ensuring any rental properties meet legal standards and comply with health and safety requirements.
• Creating tenancy agreements to be signed by both parties.
• Organising or collecting rental payments.
• Acting as a property manager and resolving any issues.
• Advertising and marketing your business.
• Managing staff.
• Completing business and administrative tasks.

If you are thinking of starting up an estate agency business, you will be pleased to know that the barriers to entry are relatively low. In the UK, estate agents are not currently required by law to be licensed or qualified. Depending on where in the UK your business is located, much of the sales process will be handled by other professional bodies (for example, in Scotland, a solicitor manages the majority of the sale). That means your business can primarily handle the marketing and selling of the property, rather than worrying about surveys, contracts and mortgages.

To make your business succeed, strong interpersonal skills, a friendly and personable manner and good communication skills are key. You will also need to be highly organised and have good negotiation skills. The ability to work well under pressure and to adhere to targets and deadlines is also required. As the business owner, a solid business plan and a well-developed strategy for growth will also be beneficial.

Types of Customers

The types of customers your business attracts can depend on multiple factors, such as:

Whether you provide property sales or rentals

You may opt to only list ‘for sale’ properties or to work with both sales and rental clients. Customers usually know whether they want to sell or rent out their property and will make this decision before approaching an estate agency. Equally, a prospective buyer or renter will look for an estate agency that is offering the specific service they are looking for.

The types of properties you focus on

You could choose to focus on residential, commercial, industrial, land or special-purpose properties. To focus your business and target your chosen niche, it is recommended that you only concentrate on one type of property (e.g. residential properties). The type of properties you choose to focus on can significantly impact the types of customers your business attracts.

The value of the properties

You may opt to list properties of varied values to target a wide range of customers, or you may opt to focus on properties of a specific value (e.g. multimillion-pound properties). The value of the properties you focus on will be one of the most important determiners of your typical customer base.

Your location

Particularly when your business first launches, you will likely focus your business in a specific location (e.g. a specific town or area of a city). Your typical customer base will, therefore, be primarily made up of people selling and buying properties in this area. As your business grows, you may choose to branch out to other locations.

Whether you operate an in-person or online business

Many estate agencies choose to operate both in-person and online. You may choose to have an estate agency website where you list all of your properties, with their photographs and information, whilst also running an estate agency shop or offering in-person meetings and viewings. Alternatively, you can choose to focus your business and only operate in-person or online. Some customers (for example, those who do not live in the area or have limited time) may prefer to work with an online business, whereas other customers may prefer to visit a shop and talk to the estate agent in person.

Equipment You Will Need

Equipment is an essential purchase, as without it you will not be able to operate your business. The type of equipment you require will depend on whether you run an online or in-person estate agency.

Below is a list of equipment typically required by an estate agency business:

An estate agency website

Your website will be an important advertising and sales tool. It should be professional, functional, attractive, easy to use and fit for purpose. Your website should include professional photographs of each property (including each room and the outdoor spaces), a specific location, a description, the price and any additional information about the property that a potential buyer could need. You should also include your contact information.

A computer or laptop

You will need a high-specification, reliable laptop that can handle the amount of time you will be using it each day and all the programmes and software you will need to install. Alternatively, you could opt for a desktop computer, although they are less ideal if you need to use your laptop away from the office.

A Customer Relationship Management (CRM) system

This is an important tool for estate agents and can help to automate a lot of usually time-consuming daily tasks and can help you to manage your customer database. A CRM can help you to stay organised, monitor your client relationships, manage lead generation, set follow-up reminders and move sales through your pipeline.

A lead generation tool

An increase in leads can result in an increase in listings, increased sales and higher revenue. Your leads can come from multiple sources, including visits to your website, through your marketing and advertising strategies and via recommendations. By using a lead generator tool, you can identify leads and convert a prospective customer into a real customer.

A lead generator tool can help you to:

• Create organic advertising and paid ads.
• Improve lead generation via emails and social media.
• Improve your business-to-business (B2B) marketing.
• Set up property enquiry forms specific to the type of customer (e.g. rental or buying).
• Automatically organise prospective customers.

An email marketing system

This is another important tool that can help you to increase your listings. It can help you to promote your business and promote any existing listings, by sending out automated emails with minimal effort from you.

A professional camera

Unless you hire a professional photographer who provides their own camera, you will need to purchase a high-quality professional camera to take photographs of your listings. Each property will require a minimum of 20 photographs, including the front of the property, the outdoor spaces, different angles of each room and any special features you want to highlight.

A video camera

If your camera does not come with a high-quality video option, you will also require a professional video camera to allow you to take videos of different areas of the property or film a walk-through of the property.

Although this is an optional piece of equipment, it is recommended if you plan to list large properties and pieces of land and high-value properties. A drone allows you to get aerial shots, so prospective buyers can see the scale of the property. Using a drone can also help your business to appear more professional and can make your estate agency more attractive to sellers who are searching for the perfect agency to list their property.

Video editing tools

Videos can be utilised as a way of allowing buyers to tour the property from their own homes. You can also use videos to film client testimonials or to introduce your business to potential clients. To ensure your videos appear professional, you will need to utilise a video editing tool, allowing you to make and edit your videos more professionally and effectively.

Measuring equipment

You may want to confirm dimensions that are on the property deeds or that are not included in the original floor plan, for example, if the seller has installed a driveway or a swimming pool or added an en-suite bathroom. These measurements may be important in your property listing and can help you to attract buyers. You may require measuring equipment, such as a measuring tape, a laser measuring device and a measuring wheel.

Electronic signature tool

To create a faster and more streamlined service, you will need an electronic signature (e-sign) tool. Having this tool will save you a significant amount of time compared to physically mailing each document when a signature is required. An e-sign tool allows you to email documents that need signing to your clients and receive an electronic signature immediately. Electronic signatures are legally recognised in the UK.

A secure storage system

Many of the documents you work with will contain highly sensitive information that you will need to store securely at all times. You will also have detailed pictures and videos of clients’ homes and personal information about your clients’ finances. The vast number of sensitive files will likely require you to invest in secure Cloud storage. You should ensure the storage you opt for is password protected and encrypted. You should also ensure everything is backed up externally to protect the information in the event of a technological issue.

Scheduling tool or software

Scheduling tools allow you and your clients to make appointments and meetings without needing to waste time trying to find an available date and time. The software links to your calendar and recognises your availability. If a client books a meeting with you via the software, you will receive an automatic confirmation email and the meeting will appear in your calendar.

Digital invoice software

This can help to make your life much easier. Rather than dealing with paper receipts or clients that instantly request an invoice, digital invoice software allows you to keep electronic copies and store them safely. You can send clients their invoices via email. This can help to save you time.

An email service

Setting up your own email service using your own domain may be beneficial as your business grows. A business domain can make your business seem more professional and official. Using a public email domain such as @google or @hotmail can look less professional compared to using your own business domain. You will need to make sure your email service is fully secure and encrypted and abides by email security policies in the UK.

High-speed Wi-Fi

Regardless of whether you run an in-person or online estate agency, you will need to ensure your Wi-Fi is reliable and high-speed. You will likely be using the internet for much of the day and will need to ensure it doesn’t cut out in the middle of a meeting with a client or when uploading a new listing. Contact the available providers in your area and ask for an approximate speed per second for uploads and downloads before choosing your Wi-Fi provider.

Advertisement boards

If you have an estate agency shop, one of the most important features will be the window display, featuring full-sized advertisement boards. These boards will have photographs of each property, the location, a brief description and the sale or rental price. These boards will need to be updated regularly, as properties sell and new properties become available. Ensure your boards are changeable and are sturdy and look professional.

‘For Sale’, ‘For Rent’ and ‘Sold’ signs

These signs will be an essential part of your advertising and marketing. They will be placed on the property (usually at the front so that they are viewable to passers-by) and will feature your business name and logo and your contact information. Your signs should be branded, be the same colour and be highly recognisable as belonging to your business. The signs should also be weather-proof and sturdy. You will need a large number of these signs to ensure you have enough for every property on your books.

Brochures are another important advertising tool. Although less popular now with the rise of the internet, some prospective buyers still prefer to look through a brochure. You can also post your brochures to potential customers as a way of advertising your business.

Business cards

Business cards are an important marketing tool and can be given to new or existing clients. Your business cards should include your business name, contact information, location and the types of properties you list.

Business phones

Each of your employees (and you) will require a business phone so that they are easily contactable for clients. You could also choose a main office phone with a main number that you use on your advertisements and that any customer can contact. Ensure your office phone comes with a reliable answering machine to record clients’ voicemails.

Office or shop furniture and accessories

Investing in high-quality, comfortable furniture can help to protect you from strain or injury. Ensure the furniture is an appropriate height and doesn’t require you to strain your neck or back. The amount of office furniture you require will depend on the size of your premises and the number of employees you hire.

Some equipment you may require includes:

• Office chairs.
• Secure filing cabinets.
• A printer, scanner and fax machine.
• A paper shredder.
• Stationery, such as pens, pencils, notepads, diaries, highlighters and Post-it notes.
• A water cooler and tea and coffee making facilities.

A CCTV system

Because you will be storing expensive equipment and sensitive information, CCTV can protect your business from potential break-ins and theft. CCTV can also protect your business in the event of an accident, an incident or an allegation. You can choose the specification of the equipment and how many cameras you require.

Typical Costs

When you are creating your business plan, an important consideration you will need to make is your expected start-up costs and running costs. Calculating your expected costs allows you to determine your initial investment requirements, your pricing strategy and your profit goals.

There are multiple costs associated with setting up and running an estate agency business. Some of these costs will be one-off initial costs that you will need to pay when you are setting up your business. Other costs will be ongoing costs you will need to pay regularly – usually weekly, monthly, quarterly or annually.

Although the costs can vary depending on the type of estate agency business you set up, some of the typical costs you can expect are:

Your business premises

If you opt to set up a physical estate agency, your premises will likely be your biggest expenditure. You will need to rent your premises on a monthly or annual basis. Rental prices can vary significantly, depending on the location and the size of the premises. City centre locations and newly built premises usually have the highest rental costs. Rental costs are often calculated per square metre and can range significantly, from £500 to £15,000 per square metre annually. Your rental costs may also be higher if you are renting an already established or equipped estate agency. Alternatively, you could opt to purchase your premises upfront or take out a mortgage. Keep in mind that many estate agencies capitalise on local foot traffic, so a city centre location or a busy area can help to increase your sales.

Refurbishment and installation costs

Unless your premises previously operated as an estate agency, you will need to refurbish or convert your premises to install the equipment you need for your business and to make your premises fit for purpose. Luckily, an estate agency has limited layout requirements and can be set out any way you choose. You may be able to do much of the work yourself, although you may need to hire professionals for jobs such as improving the lighting, installing a bathroom and installing equipment and furniture. Refurbishment and installation costs can start at as little as £500, depending on the scale of work required.

Your equipment is an important purchase. Although equipment costs are not usually high for an estate agency, ensuring you have the correct equipment is essential. Consult the list above to determine the type of equipment you require. The cost of your equipment can vary significantly, depending on the specification of your equipment and how much equipment you need. The bigger your premises is and the more employees you hire, the more equipment you will likely require. You may opt to purchase less equipment initially and then expand your equipment as your business grows. Equipment for an estate agency typically costs between £2,000 and £20,000.

Maintaining, repairing and replacing equipment

Repairs, maintenance and replacements are ongoing costs you will need to factor into your budget. Although some of your equipment will come with warranties or guarantees, repairs and replacements are inevitable because much of your equipment will experience frequent usage and technology, such as laptops and phones, generally only have a lifespan of a couple of years. Maintaining equipment and ensuring it is used correctly can extend its life, but potential repairs and replacements should still be factored into your budget.

Monthly and annual equipment costs and subscriptions

Your monthly and annual subscription costs could include your Wi-Fi, website, email service and your secure storage. Depending on which subscriptions you require and the specifications of the ones you choose, expect to pay between £40 and £150 per month.

Your job may require a lot of travel, as you will be visiting a variety of properties regularly. You could choose to use your personal vehicle or purchase a specific vehicle to be used for business purposes. The cost of a vehicle can vary, depending on whether your purchase a new or second-hand vehicle. Prices typically start at £5,000 for a second-hand vehicle and £20,000 for a new vehicle. You also need to incorporate your vehicle running costs into your budget, including your vehicle insurance, petrol, MOT, services and the costs of any repairs. These costs can vary significantly, depending on the age and condition of your vehicle, the level of insurance you choose and the amount of travel you need to do. Typically, you can expect to pay between £50 and £200 per month.

Your business website

A business website is an essential advertising tool, as it allows potential buyers (and sellers) to find your estate agency online and view your available properties. You should ensure your website is attractive to customers and use search engine optimisation (SEO) so that your website ranks highly on search engines, such as Google. Your website will need regular monitoring, updating and upgrading. You also need to make sure your website is secure, particularly if you will be collecting any customer information or banking details. You may choose to set up and run your website yourself or hire someone to do this for you. You can expect to pay between £20 and £100 per hour for someone to set up and run your website.

When creating your brand identity, consider how you want your business to be perceived by potential customers. When creating your brand, consider the type of estate agency you are setting up, the types of properties you will focus on and your target clients. Branding can include creating your business’s visual identity, design and aesthetic, your business name and logo and your website. You could hire a professional to help you with branding or do some or all of the work yourself. Branding can cost between £500 and £10,000, depending on the level of work required.

Marketing and advertising

To ensure your estate agency business attracts customers and creates maximum profits, you will need to spend money on advertising and marketing. It is recommended that you spend between 1%-3% of your annual turnover on marketing. For example, if your annual turnover (or your desired annual turnover) is £100,000, you should spend between £1,000 and £3,000 on advertising and marketing. You may need to invest more money when you initially set up your business or when you are trying to grow your business. To reduce your costs, capitalise on free marketing strategies, such as through your ‘For Sale’ signs, on social media and in your local community.

You may initially operate your business independently and then hire more estate agents and other staff as your business grows. If you hire staff permanently, you will need to pay them at least the national minimum wage (although more qualified and experienced staff will expect a higher wage) and account for other expenses such as holiday pay, sick pay and maternity/paternity pay.

Business insurance

There are several types of coverage you could choose for your estate agency business.

Some coverage options available to you are:

• Professional Indemnity Insurance.
• Employers’ Liability Insurance.
• Public Liability Insurance.
• Cyber and Data Insurance.
• Office Insurance.
• Equipment Cover.

Prices can vary, depending on your insurance provider and the level of coverage you require. Prices typically start at £10 per month.

Safely Running an Estate Agency Business

Safe practices in your estate agency business can help to protect the health, safety and well-being of you, your staff and your clients (sellers and potential buyers). Safe practices can also help to protect your business. Safe practices can vary, depending on whether you have a physical business premises (i.e. a shop) or an online business.

Some ways you can safely run your estate agency business include:

Ensure properties are safe for potential buyers to visit

There are several potential hazards that customers could be exposed to when visiting a listed property. Even if you are not handling the visit, it is still your responsibility to ensure that both sellers and buyers are protected.

Some ways you can ensure a property is safe to visit includes:

• Check that nobody who lives at the property or is visiting the property is showing symptoms of Covid-19.
• Ask the seller to confirm that no potentially dangerous individuals are present at the address or no criminal activities are taking place at the address.
• Request that pets (particularly dogs) are restrained or away from the property during the visit.
• Ensure you record the time and date of the visit and the details of both parties.
• Confirm that the building is not condemned or that there are no other threats to safety.

Report any concerns to the police

During your line of work, you may come across information or have suspicions that a crime is taking place. If you witness or are suspicious of a crime (for example, when visiting a property), you should report your concerns as soon as possible to the police.

This is particularly important for crimes relating to:

• Drug dealing or trafficking.
• Money laundering.
• Child abuse or neglect.
• Sexual abuse, rape or domestic abuse.

Obtain qualifications and training

Although formal training and qualifications are not legally required to work as an estate agent, they can help you to run your business more safely and effectively and can make your services more attractive to potential customers.

Some qualifications you could obtain include:

• Estate Agent Diploma.
• Estate Agent at QLS Level 5.
• Estate Agent Apprenticeship.

Obtain health and safety training

Obtaining health and safety training can ensure that you and your employees follow safe practices at all times.

Some training courses you could opt for include:

• Covid-19 Awareness.
• Workplace First Aid.
• Assessing Risk.
• PUWER Awareness.
• Fire Safety Awareness.
• Office Health and Safety.

Keep detailed and accurate records

To prove that you are complying with all legal guidelines, it is recommended that you keep detailed and accurate records, particularly pertaining to procedures you have implemented and the ways you are ensuring compliance with any laws and regulations.

Properly maintain and set up equipment

If you open a business premises, you must ensure any equipment must be properly maintained, correctly set up and safe to use. You must protect yourself, your employees and your customers from accidents or injuries caused by equipment. You should also perform regular equipment inspections to ensure your equipment’s safety and help extend the lifespan of your equipment. Maintenance includes cleaning equipment regularly and checking it is functioning correctly.

Check and maintain electricals

Not only can this save you money by avoiding damage, repairs and replacements, but checking and maintaining electricals can help to protect your equipment from faults and protect the health and safety of everyone who visits your business. Implement a system for regularly checking electricals and ensuring they are up to code.

Install anti-virus software

If you use a computer or laptop in your business, anti-virus software can detect and remove malicious codes and intrusions on your computer or laptop. This can protect you and your business against viruses and malware. If your laptop becomes infected with a virus, this can cause irreparable damage to your equipment, can delete your computer’s data and cause you to lose money and business. A virus on your laptop could also be sent to your clients via email which could affect your business’s reputation. Anti-virus software should be installed on all of your devices and your Wi-Fi.

Carry out risk assessments

Risk assessments are a legal requirement for businesses with more than five employees. However, even if your business has fewer than five employees, risk assessments are still recommended to ensure the safety of you, your staff and your customers. Risk assessments can help you to identify any potential hazards and risks in your business and how these can be reduced or eliminated.

As part of your risk assessment, you should:

• Identify hazards.
• Determine who could be at risk.
• Evaluate any potential risks.
• Implement relevant safety measures.
• Record the results of the risk assessment.
• Review the risk assessment regularly.

Keep a fully stocked first aid kit

If your estate agency has a physical premises, having a first aid kit onsite is recommended. If a customer or employee has an accident or injury, it may not be serious enough to warrant medical intervention. Instead, you may be able to offer treatment yourself. Having a first aid kit that is checked and replenished regularly and is easily accessible is recommended.

Implement security measures

Security measures can be implemented to protect your business. Your business may store expensive equipment (such as computers and laptops), property keys and confidential files that could attract thieves. Some ways you can protect your equipment and materials include installing a CCTV system, using secure and reliable locks and installing an alarm system.

Legal Requirements

Complying with legal requirements is essential when setting up and running an estate agency business. Legal guidelines can vary depending on the type of estate agency business (e.g. property sales vs property rental) you choose to set up.

Some of the legal requirements you should be aware of include:

General Estate Agency Legal Requirements

Comply with the Estate Agents Act (1979)

The Estate Agents Act regulates the work of estate agents in the UK. It has several specifications, including:

• Estate agents must act in the best interests of their clients.
• Buyers and sellers must be treated honestly, fairly and promptly.
• You must provide clients with information on their prospective liabilities and be upfront with any charges.
• Potential clients must be provided with your terms of business, including any agency fees.
• You must not make misleading statements, show bias or provide a false description of a property.
• Photos of a property should not be doctored in any way.
• You must declare to a buyer or seller if you have a personal interest in a property (for example, you are selling on behalf of a relative).
• You cannot work as an estate agent if you have undischarged bankruptcy.

Failure to comply with this Act could result in you being banned from working as an estate agent.

Comply with the Consumer Protection from Unfair Trading Regulations (2008)

These regulations apply to a variety of businesses, including estate agents. It controls the descriptions used by estate agents and letting agents (e.g. you cannot provide false information) and ensures you do not engage in unfair commercial practices when attempting to sell or rent out a property.

Use legally binding contracts

Estate agents should sign a legally binding contract with a client if they are selling their home. You must also ensure you comply with the terms of the contract.

There are different types of contracts, including:

• Sole Seller Agreement.
• Sole Agency Agreement.
• Multi-Agency Agreement.

Your contracts must include a 14-day cooling-off period. You should also include a tie-in period, a sole agency agreement time limit and any fees your customers should be aware of.

Present all offers to the seller

Any offer you receive on a property (even if the offer is significantly under the selling price or doesn’t fit in with the seller’s terms) must still be presented to the seller. You are legally obligated to ensure that all offers are presented promptly and are presented in writing to the seller. These obligations apply right up until contracts are exchanged. Keep in mind that if the seller is using your services as an estate agent, all offers must be made through your agency.

Ensure your sellers or landlords have an Energy Performance Certificate (EPC)

An EPC is required whenever a property is built, sold or rented. Any client that intends to sell or rent out their property through your agency must order an EPC before you list their property.

An EPC should contain information such as:

• Information about the property’s energy use and typical energy costs.
• Recommendations about how to reduce energy and save money.
• The property’s energy efficiency rating (ranging from A to G).

If the property is located in Scotland, the EPC must be displayed somewhere on the property.

Comply with Consumers, Estate Agents and Redress Act (2007)

Under the Consumers, Estate Agents and Redress Act, your business must be a member of a redress scheme. This provides regulations to estate agents in the UK and requires you to keep records and allow trading standards officers to inspect your business.

The two approved schemes in the UK are:

• The Property Ombudsman.
• Property Redress Scheme.

If your customers are dissatisfied with your service or any part of the sales process, they can escalate complaints to the redress scheme you are registered with. Failure to comply with this Act can result in a Penalty Charge Notice of £1,000.

Ensure you belong to a Client Money Protection (CMP) scheme

If you operate as a letting agency, you must ensure your business belongs to a government-approved CMP scheme. This scheme reimburses landlords and tenants in the event that the letting agency (you) misappropriates their rent, deposit or other client funds. The rules regarding CMPs can vary depending on where in the UK your business is located. To comply, you must hold your clients’ money in an account with a bank or building society that is authorised by the Financial Conduct Authority. You must also get a certificate confirming your membership. Failure to join a CMP scheme could result in a fine of up to £30,000.

Register for money laundering supervision with HMRC

Any business operating as an estate agency must register with HMRC for money laundering supervision. You will need to update your registration every year and pay an annual fee.

Your fees will include:

• An annual registration fee for each premises.
• A fit and proper test for each person tested.
• An approval process fee for each person tested.

To comply with requirements, you must specify the customer identification procedures you follow and keep records of these procedures, you must specify your internal reporting procedures and ensure your employees are trained in these procedures.

Comply with the Auctions (Bidding Agreements) Act 1927

This Act applies to any estate agent businesses that conduct or take part in real estate auctions. It regulates the way in which these auctions are conducted.

Obtain a Basic DBS Check Certificate

As an estate agent, you will need to apply for a basic-level DBS check.

The type of check you require depends on the country you live in:

• England: Disclosure and Barring Service (DBS).
• Wales: Disclosure and Barring Service (DBS).
• Scotland: Protecting Vulnerable Groups (PVG) Scheme.
• Northern Ireland: AccessNI.

Comply with the General Data Protection Regulations (GDPR) and the Data Protection Act (DPA)

You must comply with both pieces of legislation when storing or sharing personal information, such as your customers’ personal information, contact details and banking information. You must also apply for a Notification to Process Personal Data Licence. You will also need to apply for a licence with the Information Commissioner’s Office and renew your registration every year.

Comply with employment legislation

If your hire any employees to work for your business, you must ensure you follow employment legislation, including the Employment Rights Act (1996 ) and the National Minimum Wage Act (1998) . You must also comply with legislation relating to recruitment, working hours, sickness, discrimination, dismissals, and maternity or paternity pay.

Register your business

You must register your business with HMRC before you begin operating. You can register as a sole trader or as a limited company. You will need to register your business name and any other relevant information.

Register for self-assessment tax

This allows you to calculate and pay your own taxes each year. You will need to track your finances every month and submit any expenses as part of your tax assessment.

As part of your tax responsibilities, you must:

• Record all forms of income and expenses.
• Complete an annual self-assessment tax return.
• Register for VAT if you earn above the threshold (currently £85,000).
• Pay National Insurance contributions.
• Keep a record of your business accounts for the previous five years.

An Estate Agency Premises

The following legal guidelines apply specifically to estate agency businesses that open a physical premises (i.e. an estate agency shop):

Comply with fire regulations

As the business owner, you are responsible for fire safety measures on your premises.

There are multiple fire regulations you must ensure you comply with, including:

• Conducting a fire risk assessment.
• Complying with the Regulatory Reform (Fire Safety) Order 2005 .
• Implementing any necessary fire safety measures.
• Implementing emergency procedures and ensuring these are clearly displayed.

Comply with the Electricity at Work Regulations 1989

The Electricity at Work Regulations state that any workplaces that use electricals must construct electrical systems in a way that prevents danger. You must also maintain electrical systems to ensure they are safe, ensure electrical equipment is checked by a competent person annually and conduct Portable Appliance Tests (PAT).

Comply with gas safety regulations

You will need to have your boiler and any equipment that uses gas inspected by a gas-safe engineer. If your equipment is deemed safe to use and complies with government requirements, you will be issued a Gas Safety Certificate. You will need to display your gas certificate clearly on your business premises.

Comply with the Reporting of Injuries, Diseases and Dangerous Occurrences Regulations (RIDDOR) 2013

RIDDOR states that you must report all injuries, diseases and dangerous events that occur in your business. Reports must be made to the Health and Safety Executive (HSE) using an appropriate recording document. These regulations apply to any incidents that involve employees or customers and that occur on your business premises or when you are showing a client around a property.

Comply with the Provision and Use of Work Equipment Regulations (PUWER) 1998

PUWER regulations apply to you and any employees you hire. You must ensure any equipment used in your business is fit for purpose and is maintained and inspected regularly. You must also ensure that health and safety risks are minimised to an acceptable level, that you have the correct knowledge and training to use the equipment, and that protective measures are put into place. Equipment should also be used under appropriate conditions. These guidelines are applicable to equipment such as laptops and computers and any furniture you have in your premises.

Prepare a health and safety policy

The law states that every business in the UK must have a specific policy for managing health and safety. Your policy should state exactly how you will manage health and safety in your business, who is responsible for specific tasks and how and when these tasks are completed.

Comply with the Workplace (Health, Safety and Welfare) Regulations (1992)

Under these regulations , if your business has five or more employees you must ensure you conduct appropriate risk assessments, minimise any risks and maintain all equipment. You must also make sure high levels of cleanliness are maintained.

Appoint a competent person

A competent person should be appointed to help your business meet your health and safety legal duties. You can act in this role yourself or appoint another person to fulfil this role. The competent person should have the skills, knowledge and experience to identify any hazards in your business and put controls in place to protect people from harm.

An Online Estate Agency

The following legal guidelines apply to estate agency businesses that operate online:

Ensure your website is disability friendly

Under the Equality Act (2010) , all websites in the UK must be accessible to people with disabilities. If you set up a business website, you must make reasonable adjustments to your website to ensure it is accessible, for example, having text-only versions of each page so that they can be read by text converters.

Ensure your website complies with the guidelines

If you set up a website for your estate agency, there are several guidelines you need to comply with, particularly relating to:

• Privacy policies.
• Cookie legislation.
• Service descriptions.

Keep in mind that your business will be subject to additional legal guidelines if you (or anyone in your estate agency) offers services such as:

• Conveyancing.
• Financial services.

Positives of Owning an Estate Agency Business

Running an estate agency business can be rewarding in many ways.

Some of the main pros associated with this type of business are:

High commission

Estate agents can earn a high commission on top of their set salary. Commission amounts typically vary from 0.75% to 3.5% of the property’s sale price. If you sell a property for £290,000 (the average house price in the UK), the commission could be as high as £10,150. Even if this commission needs to be shared with other agents, you can still earn an impressive income from commission alone.

An exciting career choice

An estate agent can be an exciting career choice that allows you to look around a huge number of properties of different values and come up with new and inventive ways to maximise the potential of the property and attract buyers. The huge success of property TV programmes such as Escape to the Country, Selling Sunset and Under the Hammer shows just how much many people love to look around other people’s homes. Doing this for a living can be fun and rewarding.

Helping your clients

As a real estate agent, you will be an important part of your clients’ lives. You can help them buy their first home, their dream home or their forever home, invest in property or sell their home for a profit. Seeing the joy on your clients’ faces when they buy or sell a home and seeing the difference you have made can give your career a sense of purpose and help you keep motivated.

A flexible schedule

You will have complete control of your schedule and can pick and choose your working hours. If you need a specific day off or want to finish early, working in real estate gives you much more flexibility compared to traditional 9-5 office jobs. You can also control your own workload, choosing how many properties you want to list at one time. As your business grows and you hire more employees, you could also choose to take a step back and hand over a lot of the day-to-day responsibilities to your staff.

Opportunities for growth

An estate agency business is highly scalable, with great opportunities for growth. You can start off as the sole estate agent, working for yourself, and then grow your business by hiring more estate agents, branching out into more expensive properties and offering your services in multiple locations. Because you will already have a solid business plan, a good reputation and an established platform, you can easily adapt your business to take on more properties or handle increased market demand. You can easily increase your revenue without significantly increasing your costs.

Client recommendations and referrals

Unless your clients are investors who purchase multiple properties, they are unlikely to use your services repeatedly. However, if they have a good experience and you are able to help them buy or sell a property, they may recommend you to their friends and family. This can help you to grow your client base and take on more properties.

High demand

Despite consistent predictions that the housing market would decline, the market remains consistently strong, house prices continue to rise, and the number of buyers and sellers remains high. Having a high demand for your services makes it more likely that your business can grow and succeed and can help you to maximise your profits.

Design your dream business

You can set up your dream estate agency and make the best decisions for you and your business. You can choose the types of properties you want to focus on (e.g. commercial properties, high-value residential properties or rentals) and can decide how you want to run your business (e.g. online or in-person). Designing your dream business can be very rewarding.

Free advertising

Estate agencies get a lot of exposure from online property searches, social media and by having a ‘For Sale’ sign outside the property with your business name, logo and contact information listed. These free marketing methods can help to bring a lot of business to your agency and can help you to sell properties with very little effort.

Connect with other people in the industry

You can build connections with other people in the housing industry and even your customers. Building both professional and personal relationships allows you to stay up to date with new ideas and selling strategies and create useful business connections that can help you to grow your business. You can spend time with like-minded people, learn new skills and gain knowledge from them.

Do what you love

If you love the property industry and are passionate about selling houses and helping people to fulfil their dreams, then an estate agency business can be very rewarding. Genuinely loving what you do can make your business feel less like work and more like a vocation. Being passionate about your business can also make it more likely that your business will succeed.

Every day is different

Running an estate agency will never get boring. Every day will be different and will present new challenges and different customers. You will be touring different properties, dealing with a variety of clients and handling different tasks related to the properties and your business. A varied working week helps to keep your job interesting.

Create a positive work environment

An estate agency can be a great place to work. You will likely be working with different estate agents and other staff who all bring different skills, knowledge and experience to your business. You will also be spending extended periods of time with your customers, which enables you to build positive relationships and create a positive work environment.

Be part of your local community

You will likely run your estate agency in your local area (as you will already be familiar with the area and the property types and values). Helping people to buy, sell and rent property in your area allows you to connect with people from your local community, both personally and professionally. You can also give back to the community, by donating to charity and getting involved in community events. Your business could become an important part of your local community.

Face-to-face interaction

If you are an outgoing person and you enjoy speaking to people from all different walks of life, you will likely enjoy working in a customer-facing business. You can get to know your customers and spend time talking to them every day. Because you will be spending a lot of time with individual customers, you can build strong relationships with them.

Unlimited income potential

The more exposure your estate agency gains and the more properties you sell, the more successful your business will be. As your business grows and you develop a good reputation, you will see your profits grow. You can even charge higher prices for your services and hire more staff and expand your business to increase your profits. Real estate can have a high-income potential and your profit margins are likely to be high. With a good business plan and strategy for growth, your business could have unlimited income potential.

Be your own boss

There are multiple ways you can run your business and maximise your profits. As the business owner you decide the type of estate agency business you set up and your primary selling strategy. You can choose the employees you hire and the properties you accept, choose whether to expand your business and decide exactly how to run your business. You can make the best decisions for you and your business.

Negatives of Owning an Estate Agency Business

Although running an estate agency business can be rewarding in many ways, there are some negative aspects of this type of business that you should be aware of:

High responsibility

You will be dealing with properties of high value and helping your clients to buy or sell their most valuable assets. You will also be responsible for valuing properties, creating contracts, managing negotiations and handling large sums of money. As the business owner, you will also be responsible for complying with legal requirements, managing your estate agency and your staff and ensuring the success of your business.

Inconsistent business

There may be times when your agency is extremely busy and you have a lot of listed properties and other times when the market is quiet and you have few properties. Having inconsistent business can result in irregular income and can make it harder to create your business and personal budgets and plan your staffing requirements.

Irregular working hours

You will likely need to meet with clients, visit your properties and do showings at times when your clients are available, which usually means at the weekend and in the evening. Although you will have some control over your schedule, failure to work during these peak times can make it more difficult to sell houses and can affect your income. However, working irregular hours can have a negative impact on your personal life.

Each client requires a high time commitment

Buying or selling a property is a long and arduous process which requires dedication and a high time commitment from you. From touring, valuing, photographing and listing a property, to showing it to potential buyers, answering their questions and concerns and dealing with any issues that arise, it can take a long time to sell each property and it can be a stressful process.

Difficult clients

Some clients can be difficult and demanding and have unrealistic expectations of you. For example, they may expect you to sell their property in an unrealistic timeframe or expect unrealistic discounts. Dealing with these clients can be stressful and time-consuming and can take your time and attention away from other clients. They can also negatively affect your business, for example, if they withdraw their property from the market or write a negative review.

Repeat business is rare

Many businesses capitalise on and succeed because of customer loyalty and repeat business. However, this is rare in the estate agency industry, as the majority of buyers and sellers stay in one house for years. Being unable to rely on repeat business can make it more difficult to grow your business and increase your revenue.

High competition

There are already many successful estate agencies in operation, including online, low-commission agencies. If these agencies are already operating in your area or in your chosen niche, this can make it more difficult for your business to grow and succeed and can reduce your overall profit margin.

A lot of skill, knowledge and experience is required

To help your business succeed, you will need to be highly proficient in a variety of skills (e.g. negotiation and property valuation) and will need to have a lot of experience working in the real estate industry. You will also need a high level of knowledge about a variety of properties and a strong understanding of the legislation. It can be time-consuming to gain the appropriate skills, knowledge and experience to make your business succeed.

Complying with legislation

There are many different pieces of legislation and legal guidelines you will need to comply with. Not only can this be complicated and time-consuming, but any non-compliance (even if this is accidental) can be punished with a fine or the forced closure of your business. Some types of legislation also require you to go through specific training and/or gain a qualification, which can be costly and arduous. This can be very stressful.

Issues out of your control

This can be one of the most frustrating aspects of running a business, as things that are out of your control can delay projects and have a negative impact on your profits. For example, a property you are just about to sell could be taken off the market or one of your properties could fail its survey. These issues can result in unhappy customers and a loss of income.

It can be stressful and demanding

Not only will you have a high number of responsibilities, but you will also be responsible for keeping your clients happy and ensuring each property sells. Running an estate agency business can be stressful, particularly if you also have to manage employees and you are listing multiple properties at one time. You are also solely responsible for the success of your business, which can be stressful.

Your business could fail

Starting up your own business can be risky. Many new businesses fail which could result in you losing money or getting into debt. Your business could fail for several reasons, such as high local competition, an ineffective business plan, if there is another recession or a period of financial difficulty or if mortgage rates continue to rise.

Staffing challenges

There are many staffing challenges you could face, such as a lack of staff motivation, customer complaints about staff and staff not fulfilling their expected duties. It can be difficult to create and maintain a positive work environment when working in such a busy, competitive industry. You will also have lots of responsibilities related to your staff, such as hiring staff, staff training, day-to-day management, staff rotas and staff payroll. While your business and your profits are growing, you may have to undertake many of these responsibilities yourself.

Bad reviews

Although the majority of customers leave honest reviews, some customers are difficult to please and will leave a negative review because of the smallest complaint (even if it is something outside of your control, such as a property failing an inspection). Sometimes a fake customer also leaves a fake review, which can be extremely difficult to disprove and remove. Negative reviews can be extremely damaging to your business, particularly if your business is new or you’ve had relatively few reviews.

No benefits

As you are self-employed, you won’t receive benefits such as pension contributions. You will also be responsible for doing your own taxes and organising your National Insurance contributions. You will also have a lack of job security.

Planning Your Estate Agency Business

If you are considering starting up an estate agency business, an effective and well-designed business plan is essential. A business plan can help you to focus on the specific steps that will help your business succeed, plan your short-term and long-term goals, determine your financial needs and help your business to grow.

Your business plan should contain information such as:

• Your company information.
• Your company description.
• The services you will provide.
• Your branding, marketing and advertising plan.
• The structure of your business.
• The operational plan for your business.
• The financial plan for your business.

When creating your business plan, some factors you will need to take into consideration include:

What types of properties will you specialise in?

Will you focus on residential, commercial, industrial, land or special-purpose properties? Once you have determined the type of property your estate agency will focus on, you can then choose to specialise further. For example, you could specialise in residential multimillion-pound properties or properties in a rural location. Consider where your business is located, your competition and your own experience when determining the focus of your estate agency.

Will you focus on for-sale or rental properties?

As an estate agency, you will definitely list properties for sale. However, you may also choose to list rental properties. If you do decide to focus on the rental market, you must then decide how involved you want to be. For example, do you want to handle customer deposits and monthly rental payments, do you want to act as the property manager, do you want to handle rental contracts? Being responsible for these tasks can be time-consuming. However, it can also provide you with extra income, as landlords will pay you a monthly fee for managing their properties.

Will you operate an in-person or online estate agency?

This is another important factor you will need to consider when planning your business. Deciding how to run your business and your primary operation strategy can be difficult. You could choose to utilise a combination of both approaches in order to increase your sales. The way you operate your business can impact your start-up costs and running costs, your typical customer base and your premises and staffing requirements. Consider your available capital and the market demand when making this decision. You may choose to set up one type of business initially and then change as your business grows and evolves.

What is your target market?

Multiple factors can affect your target market, including the type of properties you list, the value of the properties and your location. Determining your target market is a key step to helping your business succeed. Once you have identified your target market, you can then determine how best to attract them to your estate agency. Your target market can encompass both the sellers and the buyers.

What are your staffing requirements?

Your employees are another important consideration you will need to make. What are your staffing requirements and which employees are necessary for the running of your business? Because your employee requirements can change as your business grows, you could hire fewer employees initially and then hire more as demand grows and you have the ability to increase your running costs.

What competition do you have?

When considering your competition, look at independent estate agencies and larger well-known companies. Being aware of your competition is an important step to ensuring the success of your business. Analysing your competition allows you to look at what they do well and what you think can be improved upon. You should also look at the types of properties they specialise in and their fees and commission. Analysing your competition also helps you to identify whether there is space in the market for your business and can help you to identify any niches in the estate agency industry that you could exploit.

What is your brand and your unique selling point (USP)?

Creating your brand is a key way to ensure you stand out from your competition. Branding can help you to focus your target audience, attract customers and concentrate your marketing and advertising strategies. Some ways you can create your brand are by focusing on your business’s visual identity (e.g. your business name, logo, signs and your website) and creating a brand story. Your USP can also be part of your brand and can help your business stand out from your competitors. Consider what makes your business special and how this fits into what defines your business.

What are your advertising and marketing strategies?

There are many ways you can choose to advertise your business. This can include partnering with other businesses in your area, advertising on the TV and radio, advertising on social media and using paid online ads. Your marketing and advertising plan should detail what your brand is and how you plan to promote your business. As part of your marketing strategy, consider the most effective ways to reach your target audience and attract potential customers. Create an advertising plan that is specific to the type of estate agency you are going to run.

What are your equipment requirements?

Consult the list above to determine your equipment requirements. The equipment you require will depend on the type of estate agency you set up and the size of your business. Once you have determined your equipment requirements, you can then calculate the initial costs of purchasing the equipment.

What are your start-up costs and running costs?

Consult the list above to calculate your approximate start-up costs and running costs. Determining your approximate costs allows you to calculate your initial investment and what your monthly and annual running costs will be. You can then calculate whether you can finance your business yourself. Being aware of your expected costs also allows you to create a budget, which is a key part of your business plan. Once you have calculated your approximate costs, you can then calculate your pricing strategy and determine your profit forecast.

How will you finance your business?

Consult the list of start-up costs and running costs above to determine what capital you will require. Can you finance the business yourself or will you need to source outside investment? You will also need to calculate when you are likely to begin turning a profit. If you require outside investment, you could consider a bank or other financial institution, a business loan or an investment partner.

What will your fees and commission be?

This is an important factor you will need to consider before your business begins operating. You are legally required to be completely transparent with any fees your clients are expected to pay. Your clients should also be aware of how much commission you charge. You may choose to have set fees and a set commission percentage or decide these figures on a case-by-case basis.

What is your sales forecast?

How many properties can you realistically take on at one time? How long do you approximate it will take each property to sell? What are your weekly, monthly and annual sales forecasts? You can also analyse the sales forecasts of other estate agencies and look at how sales vary throughout the year to estimate demand. As your business grows, your sales forecast is likely to change.

Your strategy for growth

Your strategy for growth is the actions you will take to realise your goals for expansion and any potential challenges your business could face and how you will avoid or overcome them. Being aware of any potential challenges can help you to prepare for them and hopefully avoid them. This can help to make your business more successful.

Potential challenges could include:

• Difficulties finding listings.
• Your advertising not reaching your target audience.

Some potential strategies for growth include:

• Expanding your business into other locations.
• Hiring more estate agents.
• Targeting higher value properties.

What is your business summary?

Your business plan should include a detailed overview of your business, including the type of estate agency you are setting up, the properties you will focus on, your primary operation strategy, your typical customer base, your staffing and equipment requirements and your business goals.

What are your business goals?

Your business goals or objectives are an essential part of creating your business plan. Your business objectives highlight the targets and goals of your estate agency and help you to create a one-year, three-year and five-year business plan.

Your business objectives should be SMART:

• S = Specific
• M = Measurable
• A = Achievable
• R = Realistic
• T = Time-bound

Have you complied with all legal requirements?

Consult the list of legal requirements above to check you have complied with all requirements and regulations and that all your paperwork is accurate. Failure to comply with legal requirements could have a detrimental effect on your business or could result in a fine, the forced closure of your business or, in serious cases, prosecution.

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Real Estate Agent Business Plan

Things to Consider Before Writing a Real Estate Agent Business Plan

Find a way to get leads.

The majority of your leads, at least at the beginning of your career, would come from constant effort and a variety of sources. So before getting started you’ll have to figure out all the possible ways of generating leads.

Make a networking plan

Having a network comprising of your customers, businessmen, and even your competitors is necessary for a real estate agent. Because you never know where you’ll get your next big client.

Hence, figuring out a networking strategy is important.

Set up your website

Nowadays, a lot of people look for real estate services online. Hence, it makes it important for you to set up a website for your business.

Making a website also contributes to building your credibility and brand image. Hence, building an optimized and active website can do wonders for your business.

Be prepared for changes in the industry

The real estate agent is changing at a rapid pace. Everything from changes in the economy to people’s buying behavior, and income has a major impact on the real estate market. Hence, it is important for you to have a strategy to deal with such changes.

One of the simplest ways to do so is to have a dynamic and customizable real estate business plan. It helps you deal with changes in a smooth and effective way.

How a Business Plan Can Help You?

As a real estate agent, clear business goals and a constantly evolving way of doing business can be extremely profitable for your business. Apart from that, networking is a key aspect of a real estate agent’s business.

A professional business plan can help you manage all of the above efficiently without any hassles.

Having a plan makes managing your business easier and lets you focus on the more pressing concerns of a business.

Moreover, it gives you a competitive edge over those who jump right in, without any plan.

Real Estate Agent Business Plan Outline

This is the standard real estate agent business plan outline which will cover all important sections that you should include in your business plan.

• Products and Services
• Management Team
• Success Factors
• 3 Year profit forecast
• Startup cost
• Funding Required
• Our business offering is listed below:
• Industry Analysis
• Market Trends
• Target Market
• Sales Strategy
• Targeted Cold Calls
• Publications
• Pricing Strategy
• Management Summary
• Hiring Plan
• Important Assumptions
• Brake-even Analysis
• Profit Yearly
• Gross Margin Yearly
• Projected Cash Flow
• Projected Balance Sheet
• Business Ratios

How to Write a Real Estate Agent Business Plan?

A business plan should be clear-cut and ever-changing. It should have goals, but also be flexible at the same time.

Moreover, it should be customizable as per your target market and location. You can write such a plan in many ways.

Although there are several changing and fixed aspects of a real estate agent’s business plan, there are certain essential areas that should be included to write a good business plan.

They are as follows:

1. Executive Summary

The executive summary section sums up what your entire business idea stands for. It is a brief overview of all of your business’s functions, including finances, target audience, operations, marketing, sales, etc.

This section, if written properly, can help you get funded as it presents your idea to the investors in a precise way and helps you gain their confidence.

2. Company Summary

This section basically consists of all the information about your agency’s history, its current situation, the idea behind its existence, and also the finances and funding it requires for becoming profitable.

3. Products and Services

In this product and services section, you’ll define your niche. Having a niche in real estate helps you get a better knowledge of the market and better deals in return. It also helps you meet the right people and the right customers.

As a real estate agent, you can decide whether you’ll deal with office spaces, residential spaces, rentals or buying, selling, etc. Working with a specific set of customers most of the time helps you stay at the top of your game in the real estate market.

4. Market Analysis

A thorough and ongoing market analysis helps you know the market trends and your target audience better. It helps you stay updated with the demands of your customers and how you can fulfill them in the best way possible.

Not just that, it also helps you in knowing where you stand in the market when you need to change your business model with a changing market, and when you need to upskill to stay relevant as a real estate agent.

5. Strategy and implementation

After you are done analyzing the market, writing this section would be a cakewalk. As you are familiar with the market you can formulate the best strategy to thrive in it.

As a real estate agent, having a good advertising strategy, sales strategy, and essentially a good pricing strategy is of utmost importance.

6. Operations Plan

The operations plan section in your business plan includes the day-to-day functioning of your company, as well as your goals and strategies to achieve them.

It is an ever-changing section and has to be tweaked as per the demands of the industry. Breaking your goal down into smaller milestones in this section is an effective way of writing it.

7. Financial Plan

A financial plan decides whether your agency would succeed or not. It prevents you from having mismanaged finances, and a dearth of funds and also helps you in managing the cash inflow of your business.

Download a sample real estate agent business plan

Need help writing your business plan from scratch? Here you go; download our free real estate agent business plan pdf to start.

It’s a modern business plan template specifically designed for your real estate agent business. Use the example business plan as a guide for writing your own.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

Business Plan Summary

A business plan can not only help you with the management of your business but also work as a road map to success.

A real estate agency’s cash inflow is on the irregular side, but a business plan can help you thrive with that too. Having a plan gives you a clear idea of the functioning as well as the spending of your business.

After getting started with Upmetrics , you can copy this sample real estate agent business plan template into your business plan and modify the required information and download your real estate agent business plan pdf or doc file.

It’s the fastest and easiest way to start writing your business plan.

So, what are you waiting for? Start planning

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About the Author

Vinay Kevadiya

Vinay Kevadiya is the founder and CEO of Upmetrics, the #1 business planning software. His ultimate goal with Upmetrics is to revolutionize how entrepreneurs create, manage, and execute their business plans. He enjoys sharing his insights on business planning and other relevant topics through his articles and blog posts. Read more

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Write a business plan

Download free business plan templates and find help and advice on how to write your business plan.

Business plan templates

Download a free business plan template on The Prince’s Trust website.

You can also download a free cash flow forecast template or a business plan template on the Start Up Loans website to help you manage your finances.

Business plan examples

Read example business plans on the Bplans website.

How to write a business plan

Get detailed information about how to write a business plan on the Start Up Donut website.

Why you need a business plan

A business plan is a written document that describes your business. It covers objectives, strategies, sales, marketing and financial forecasts.

A business plan helps you to:

• clarify your business idea
• spot potential problems
• set out your goals
• measure your progress

You’ll need a business plan if you want to secure investment or a loan from a bank. Read about the finance options available for businesses on the Business Finance Guide website.

It can also help to convince customers, suppliers and potential employees to support you.

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Real Estate Agency Business Plan Sample

JUL.10, 2013

Every investor would want to succeed, and they might even be aware of how to do that, but being successful requires adherence to a thoughtful and deliberate process without room for guesswork or chance. All businesses need a business plan to succeed, and real estate is not an exception.

Why you need a Real Estate Business Plan

Getting into the real estate business can be daunting but also rewarding. Our startup real estate business plan is an excellent way to start you off in this business. A business plan is a document that fully analyze and describes a particular business with detailed and complete information about the short and long-term objectives of the firm. When you take a road trip to an area that you have never been before, you will not trust your guts by just heading to the direction of your destination, but you will most likely get a GPS, a smart phone or a roadmap.

This is because the road to your destination is unknown and unpredictable. The seemingly right track may lead to the wrong place and sometimes the wrong path may seem to point towards your goal. A roadmap will show you the pitfalls you want to avoid, unique things to see along the way, and the easiest route to take. The same principle applies to your journey into real estate investing. Therefore, carefully crafting your real estate company business plan will be an integral part of your journey.

We know that real estate business planning is vital to building a sustainable and healthy real estate business, measuring and defining your sales objectives, and expanding your business proactively and holistically. Our experts can help you create a robust real estate management business plan that will assist you with organizing and growing your company.

We understand that it is vital for real estate entrepreneurs’ to undertake their duties as a business so as to set and achieve their objectives. A real estate investment business plan will allow a real estate investor to identify targets, and also develop the necessary action plans towards attaining them. Our real estate investment company business plan will allow an investor to see the bigger picture, and focus on the business objectives more than on minor setbacks. Investing in real estate can be demanding and complicated, but a solid roadmap will keep an investor organized.

Starting a new career as a real estate agent is exciting, and you want to hit the ground running. Although your long term success depends on many things, a good new real estate agent business plan is critical. A real estate agent business plan written by our professionals will not only excite and give you enthusiasm as you meet your first client, but it will set you off armed with adequate knowledge and preparation to deal with what may come your way as you build your career.

Real estate business success should not be guesswork thinking. When you create a business plan as real estate agent, you will understand how to compete in your market and the issues that may affect your business growth. Our business plans for real estate agents provide precise measures for business growth and how to implement the measures.

Although real estate schools provide agents with the education needed to understand real estate law and contracts, they do not cover the aspects of running the business. Real estate agents are associated with brokerages but operate as self-employed salespeople. A business plan for real estate agents, who particularly work independently, will help them keep track of their growth while making the necessary adjustments to succeed.

Why Create a Business Plan for Real Estate Company?

Get help when you need it.

Investing in real estate is not easy and requires much expertise to run the business profitably. We know that learning the legal procedures necessary and understanding the business may be challenging to someone attempting to do things on their own. Successful real estate investors often attribute part of their success to others whether a consultant, mentor, a supportive friend, a lawyer, accountant, etc. Rather than struggle on your own, you can hire us to write you a commercial real estate business plan, and you will realize it worth to embrace other peoples’ expertise and the additional cost to get help when you need it.

Develop a Niche or Focus

We can help you develop your niche and gain a deeper understanding that is necessary to become successful. Concisely, developing a niche involve in-depth learning about a particular type of business in the real estate industry, whether it is real estate agency or wholesaling and become grounded in that area. Through experience over the years in writing real estate business plans we know that you better be an expert in one thing than to be a jack of all trades but a master of none. Once you learn a particular market, we can help you move to another area using a similarly comprehensive approach.

Understand the Risks Involved

While writing a plan for you, we include a real estate financial model that explains how your business will make money. We just don’t tell you how it will be easy for your real estate business to make money. As prudent partners, we advise you on the risks associated with the business not only regarding the legal consequences involved but also the real estate deals and help you structure your business to reduce/avoid the risks. The costs associated with a valuable partner can be negligible compared to the savings he can bring to your real estate business.

Upholding High Ethical Standards

Our promise is not only a professional business plan for real estate investors but also helping you comply with the prevailing standards of practice, policies, and code of ethics. Unless they belong to membership organizations, real estate investors are not bound by ethics in their practices so long as they operate within the law. However, real estate agents are bound by a specific State’s real estate commission rules and standards. A real savvy investor who wants to remain in the business for the long haul understands the value of conducting legitimate business and upholding high ethical standards. Reputation is vital in this business because you deal actively with people.

Why We Should Hire Us to Write a Business Plan for your Real Estate Company

• Our expert writers are the most qualified in the industry
• Our experience with business estate planning spans the following areas; commercial real estate development, real estate agency, residential real estate development, residential real estate investment, etc.
• We invest in research and planning to compile all the information in a meaningful way that is easy to understand
• We have served many customers who always come back to us for our services
• We deliver what we promise

Direct Benefits of a Real Estate Investing Business Plan

Preparing a plan will help you identify the specific resources and skills that you already have in hand and those which you must develop further for you to be successful in your real estate business.

A business plan is a comprehensive guide for achieving your business objectives. How much should be your marketing budget, the number of sales you need to break even, how much you expect to earn, etc. Our robust real estate development business plan will help you in answering these and more questions. In the process of your business growth, it will let you know your position concerning those goals.

Both the very act of helping you prepare the document and the end product – the business plan itself – will help you decide whether the venture is essentially sound or whether it will work. Real estate financial modeling that is included in our plans will gauge your expected income against the invested capital to give you an answer on whether the venture is profitable or not.

A business plan will not only help you think more deeply into your real estate investing business from varying angles, but it is also a great sales tool. We can assist you in writing your business plan for real estate development in a compelling style that will make banks, other lenders, and business associates feel the urge of working with you.

Download Real Estate Agency Business Plan Sample in pdf

OGS capital professional writers specialized also in themes such as business plan home inspection , RV park business plan template , shelter business plan , hotel business plans , flipping house plan of a business , real estate business plan , etc.

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

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