{"id":47305,"date":"2023-10-20T15:53:12","date_gmt":"2023-10-20T15:53:12","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/real-estate-agency-startupsmart\/"},"modified":"2023-10-20T15:53:12","modified_gmt":"2023-10-20T15:53:12","slug":"real-estate-agency-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/real-estate-agency-startupsmart\/","title":{"rendered":"Real estate agency – StartupSmart"},"content":{"rendered":"
\"Real<\/div>\n

A recent report by IBISWorld indicates revenue in the real estate agents industry is stabilising as property demand strengthens after three \u201cdifficult\u201d years.<\/p>\n

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\u201cThe real estate agents industry stabilised in 2010-11, in line with improvements in economic conditions and growth in residential property prices in much of Australia,\u201d IBISWorld says.<\/p>\n

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\u201cGrowth in demand for commercial property strengthened property investment. However, this was offset by weakening residential demand since the beginning of 2011.\u201d<\/p>\n

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As a result, IBISWorld estimates that revenue for the industry will increase by about 0.9% in 2011-12 to reach $9 billion.<\/p>\n

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So is this a good time to start-up in the sector? StartupSmart goes to auction to determine what\u2019s involved in starting up a real estate agency.<\/p>\n

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What is it and who is it suited to?<\/h2>\n

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A real estate agent acts as an intermediary between buyers and sellers of real estate. Some agents specialise in the residential market while others specalise in commercial property.<\/p>\n

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Others deal specifically with property management, which involves leasing property and dealing with all aspects of the lease.<\/p>\n

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Some agents extend their service by offering the specialised skills and knowledge needed to carry out property auctions.<\/p>\n

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One of the essential skills of an estate agent is good communication. Real estate is a \u201cpeople\u201d business, so agents must be able to communicate with potential buyers, sellers and solicitors.<\/p>\n

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A house sale and purchase is usually the single largest purchase that the average person makes, and is therefore high up on the list of stressful situations.<\/p>\n

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Good communication on the part of the agent can reduce stress, make a sale go through more quickly and efficiently, and ensure that customers return to the agency in the future.<\/p>\n

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Rules and regulations<\/h2>\n

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Real estate agents need to understand the laws that are relevant to the industry.<\/p>\n

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Commercial agents need a wide range of business skills to understand the aims and objectives of a client. A thorough knowledge of planning law, landlord and tenant law is essential.<\/p>\n

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As mentioned earlier, property management involves leasing property to a chosen tenant and dealing with all aspects of the lease from then on, including the legal and financial implications.<\/p>\n

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Leasing agents therefore need to keep up with any changes in legislation relevant to the market, and be thorough in the preparation of important documents, such as tenancy agreements.<\/p>\n

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There are plenty of industry associations to keep you up to scratch, including the Real Estate Employers\u2019 Association, designed to help business owners deal with relevant legislation.<\/p>\n

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Research and competition<\/h2>\n

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While academic qualifications are always helpful, personal qualities and abilities are the most important aspects of working as a real estate agent. You also need to be literate and numerate.<\/p>\n

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You need to identify the market you\u2019re in, and remain true to that market. You also need to hire good staff. There\u2019s nothing worse than a real estate agent with no passion for property.<\/p>\n

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Costs and earnings<\/h2>\n

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Probably the most expensive part of setting up a real estate agency is the office. If you want to be a successful agent, you need to invest in a good location in order to maximise your exposure.<\/p>\n

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The next biggest cost is publicity. An agent should advertise their properties in the local property pages and\/or online. Additional publicity costs are printing, mailing and phone costs.<\/p>\n

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Real estate agents can earn more than $100,000 a year, providing they have the right experience.<\/p>\n

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An average day<\/h2>\n

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Owning a real estate agency can be challenging and rewarding, but there are also times when you\u2019ll find it frustrating and even infuriating.<\/p>\n

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After you have done the bulk of your work, and the process of legally transferring land and\/or property begins, long protracted delays can ensue. Cancellations can also occur.<\/p>\n

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Property management is slightly different. Your role will involve selecting responsible and reliable tenants, maintaining ongoing communication with them, and handling any problems.<\/p>\n

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You will therefore need to liaise with a wide range of people including solicitors, plumbers, cleaners, gardeners and builders.<\/p>\n

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Useful contacts<\/h2>\n


<\/strong><\/p>\n

Real Estate Employers\u2019 Association<\/strong><\/p>\n

http:\/\/www.reea.org.au\/index.php?Doo=PageView&id=107 <\/strong><\/p>\n


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<\/strong><\/p>\n

Real Estate Institute of Australia<\/strong><\/p>\n

02 6282 4277<\/p>\n

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<\/strong><\/p>\n

Australian Chamber of Commerce and Industry<\/strong><\/p>\n

02 6273 2311<\/p>\n

03 9668 9950<\/p>\n

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Australian Government Small Business Support Line<\/strong><\/p>\n

1800 777 275<\/p>\n

<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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