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Starting Your Own Property Business

Apr 9, 2008
You can start your own property business from your home with a little bit of capital. From this humble start you can go on to make some serious money as well as build your reputation as a master property dealer. You can quickly become quite successful and wealthy if you go about doing things the right way. It does not matter if you do not own any property yourself because in the beginning you will be working on letting property than belongs to others.

The first thing to do is to create a professional sounding name for your business and also formulating a sound business plan. Then you must make a thorough market research. These initial steps are going to decide the first few months of your business. Get them right and you are ready to taste success. The main thing to avoid is to rush things. Since you have never done anything of this sort before take your time to learn the ropes. The market is not going to disappear overnight while you are looking the other way.

Market research helps you to understand the environment you are working in. For example you must know your competitors and what they charge landowners and tenants? How do they go about advertising their services and what marketing techniques do they use? Is most of their campaigning done on the internet, offline, or both? What sort of properties are they mainly dealing in and what is being charged based on what factors? All this will help you to know your competitors' strengths and weaknesses. The ideal way to figure all this out is to become a mystery shopper.

You can find the list of other property dealers in your area by searching the internet or browsing a business directory. That part is easy. Next to each competitor write down their charges. Note that you cannot charge clients for registration but only for processing their tenancy application. Charging for registration is against the law. Next write down what the others are charging landlords. In the next column you should note down their website URL along with other contact information. At this point some people start to feel queasy because it seems to them that they are prying a little too much into the personal lives of their competitors. This feeling is normal so do not hesitate from the task at hand. Every new business simply has to study its competitors or it will not survive long. Once you pop on the radar you too will be subjected to similar activities from your competitors.

Now you need to build your portfolio. Your portfolio is the best way of showing your customers what you can do for them if they retain your services. It also serves as an experience benchmark and can include the terms and conditions of your business along with its goals, mission, and so on. A Real Estate portfolio helps people to understand why they should work with you and no one else. Go for multiple format portfolios to cater to different customers. Remember to keep updating it to keep it fresh.
About the Author
William King is the director of Dubai Property & UAE Property & Dubai Real Estate Portal, Pakistan Property & Pakistan Real Estate Properties Portal and UK Wholesalers Dropshippers & Trade Suppliers Directory . He has 18 years of experience in the marketing and trading industries and has been helping retailers and startups with their product sourcing, promotion, marketing and supply chain requirements.
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