Before you set up as a solo buyer’s agent, it’s worth keeping in mind your setup costs and ongoing financial obligations to ensure you start with a great financial buffer.
You’ll need more than a laptop and a basic website. In this article, I go through some of the elements you need to consider before leaping into the unknown.
To look at just your branding, if you do it thoroughly and commission a complete branding kit that includes your logo and has a considered colour palette, expect to pay anywhere from $10,000 to $15,000. These are upfront costs, and they will cost you in time and mental energy as well as dollars. That’s time and energy that you could be using to find clients and generate your income.
What you need to be a successful buyer’s agent
Yes, you could go online and build your own website using a site like Squarespace. However, these template-based websites won’t give you the functionality and the credibility you need to run your business. Worse, you won’t be able to optimise your website for search engines (SEO). A starter website built in WordPress with good functionality will start from $5,000. A landing page is simply not adequate.
Customer Relationship Management system
To manage your relationships and stay in touch with clients and prospects, as well as with real estate agents and mortgage brokers, you’ll need CRM software. You’ll find cheap or free versions like zoho but what you need is a CRM that’s designed specifically for property professionals. The low-cost/no-cost CRMs start at around $20 a month but expect to pay more for a customised CRM that is property-specific.
Search engine optimisation helps potential clients find you. And it isn’t just about keywords. To get it right, you’ll need an SEO strategy and some technical help as well as content. For ongoing SEO help, expect to pay anywhere from $750 a month for a standard level up to around $3,000 a month for expert help and customised SEO.
Separate from your CRM but using similar information, an automated marketing system will personalise your messaging, push out content to social media pages, segment your target audiences, create forms and track your ROI. You should expect to pay around $1,000 per month.
Branding and logo
If you choose to operate as a solo buyer’s agent, you’ll need to establish yourself as your own brand. To get this right can cost many thousands of dollars. However, when you join Property Mavens, you join a business with a trusted and established brand.
A logo that brings to life how you view yourself and your business can cost anywhere from $50 for a basic logo to many thousands of dollars. A logo is NOT a brand and a logo design isn’t a one-size-fits-all approach, so you’ll need to dedicate some time to working out what you want, and factoring in time for amendments. A cheap design can point to being an amatuer instead of a professional.
You will need to engage a graphic designer, copywriter, website designer, attend to SEO, advertising and social and emarketing strategies and have hundreds of decisions to make if you start from scratch.
While we believe in the paperless office, you will still need some collateral including business cards, letterhead and a presentation brochure. When buyers are going to be spending a lot of money, they want to see some tangible evidence of your business.
You’ll also need legal documents such as standard contracts, and regular content to populate your website and send to your database of prospective clients.
Working under an established reputable firm such as Property Mavens can make all the difference between failure and success. It’s never too late to transition!
Join us at Property Mavens Group
Don’t reinvent the wheel when you can join us at Property Mavens.
Currently we are in a growth phase and oversubscribed with client leads. For a limited time, we have places available in this strong buyers’ agent business, with leads in Melbourne, Geelong, Bendigo and Ballarat. Call me, Miriam Sandkuhler, on 03 9988 2266 to learn more.