Real Estate Brokerage Business

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by a searcher from New York University
in New York, NY, USA

2yrs ago

Real Estate Brokerage Business

Does anyone have experience either buying or operating a real estate brokerage business? Any recommendations on literature to read or thoughts on why it's a bad idea?

1 Like

306 Views

reply by a searcher 2yrs ago
from Brown University in Arlington, VA, USA

If you're speaking about residential real estate brokerage, I'd be careful. It's a difficult business, even aside from industry headwinds.

The business model relies solely on your agents closing transactions. So it's a harder business to make your brand mean something in your local market. Home buyers & seller (mostly) choose their agent based on the agent herself, not on the brokerage brand.

reply by a searcher 2yrs ago
from Northwestern University in Chicago, IL, USA

Drawbacks of the brokerage include the cost to acquire and ongoing payments. Industry has nice margins however there is much admin and running a brokerage requires mgmt. (developing plans, policies and procedures). Know others who have acquired and has been a mixed good / bad scenario. You do need to be licensed and this is state specific. There are some good sales people who do not want the admin and prefer to work for others and in the team environment. Also referenced previously is the lawsuit. Mixed input on that, where the buyer pays instead of the seller rates haven’t decreased. There is the industry itself, higher rates and you do need to ‘close’ to get paid. Having an office, advertising and training all add costs that you’ll want t make sure are recovered.