If you’ve forged a successful career in real estate, you might feel like the time to share your wisdom and experience with the next generation of agents has arrived.
In this case, launching a real estate school to provide training and education for newcomers to the industry will be an appealing prospect.
Of course there are lots of considerations to keep in mind and barriers to overcome on the road to success in this sphere, so here are some tips to get your real estate school off to a flying start.
Familiarize yourself with the licensing requirement in your region
First and foremost, you need to learn about the real estate licensing requirements which apply in the state where you plan to operate your school.
This is important not just from a compliance perspective, but also in terms of providing meaningful value to your prospective students. Things might have changed since you first completed your training, and you want to make sure that the tutelage you deliver is in line with the rules and regulations that are enforceable right now.
Build a business plan
Every new business that wants to survive in the early stages of its existence and thrive in the long term has to be built upon the firm foundations of a solid plan.
There are standard practices for putting together a business plan, and these can apply whether you are starting a real estate school or getting into any other aspect of the property sector.
A business plan is not just about setting out what you hope to achieve and outlining what you will do to achieve it; it also needs to demonstrate that you have researched the market and determined that there is space for your fledgling firm to slot into it.
Aside from giving you a blueprint to follow as you get your school off the ground, a robust business plan is also a great asset when it comes to courting investors.
Speaking of investment, your real estate school will need funding to ensure it can grow and prosper to the limit of its potential. Hopefully, your business planning stage will give you an idea of how much money you need, so the next step is to go out and get it.
If you have accumulated enough capital to fund the project yourself, and you are comfortable with the risks involved, then this is an obvious and straightforward solution.
You could also apply for a business loan from a bank, which has its own perks and pitfalls. Seeking funding from friends, family members and former colleagues could also be suitable, depending on the startup costs you anticipate.
Create an online presence
Much of marketing has moved to the digital realm in recent years, and for new businesses, it is particularly crucial to get a foothold online.
You can organically build a profile for your real estate school through a combination of a well-designed website and a presence on top social media platforms.
This is not just about attracting your first flush of students, but also about appealing to any employees and partners that you might need to catalyze the expansion of your business going forward by building your brand.
Consider the shape of your training courses & the resources required
Your real estate school will need a robust, unambiguous training program for students and instructors to follow.
Much of this will be dictated by the rules and regulations of your region, but where you can make a difference is in how you go about organizing the learning experience.
For example, you may want to embrace an online-only approach to training, so that students can attend seminars remotely and access all of the necessary documentation and resources from anywhere.
Stick to the plan and be patient
In the end, if you are expecting your real estate school to become a success overnight, then you are not being realistic, and you will only end up disappointed.
It is far better to manage your expectations and have a plan which is ambitious without being unachievable.
If in doubt, look at how rivals are handling things like training and resource provision to see which solutions work well already.