3 Pieces of advice to remember when setting up your own estate agency or going self-employed

1. Prospect, don’t advertise

When starting out, you’re hungry for results and might be tempted to take the path of least resistance to get properties listed and sold. 

Be careful. In the early stages, you’ll be bombarded with companies offering leads and advertising opportunities and you should approach with caution.

My advice is to resist any offers until your pipeline is established. In the beginning, focus on prospecting through door-knocking, networking, leaflets, and letters. There are two key reasons for this:

Firstly, if you can build a solid foundation by finding leads on your own without spending much money, you’ll develop resilience that other agents may lack. You won’t be reliant on anyone else - through grit and hard work, you’ll be able to find business independently. You’ll give yourself the ability to thrive in ANY market. 

Secondly, this approach is financially sensible too. Early on, prioritising your take-home pay should be top of mind. Later, when your business is stable, you can allocate a budget for advertising each month and test what works. Jumping into advertising too soon - whether it’s social media or seemingly great deals - can be an easy way to lose money. If you don’t NEED to spend it, only do so when you can spend more to learn. It’ll be at that point you’ll find tools that can work for you - but just don’t expect it to work overnight. 

2. Focus on simplicity

One of my mottos is: “Simplicity scales, complexity fails.”

This applies to every aspect of your business. When setting things up, consider all your responsibilities and how you use your time. Focus on what will deliver the highest possible return. Beyond that, eliminate distractions and put all your energy into what moves you forward.

It’s so important to be intentional about your time. Say “no” to anything that adds unnecessary complexity. Don’t over complicate your goals. It can be tempting to agree to meetings, adopt new tech solutions, or get overwhelmed by all the tasks you think you need to juggle. But if you know what will actually help you, stay laser-focused on that.

Your ability to determine what’s important, and what’s just noise can make a huge difference to how quickly you experience success, and then your ability to keep hold of it. 

The most successful agents are the most focused. To maintain that focus, simplicity is key.

3. Your ability to find listings is the biggest predictor of your success

Aside from offering bad service, engaging in professional negligence, or getting shut down by Companies House or HMRC, the only reason an agency ever fails is that they don’t generate enough sales or lets. It really is as simple as that. 

In the same way, the only reason self-employed agents fail is because they don’t secure enough listings.

If there’s one thing you should focus on every day - above all your other responsibilities - it’s building your network and meeting more potential sellers. If you’re not listing enough houses, nothing else matters - you won’t have a business. 

I know this may sound repetitive, but it truly is the most critical aspect of your business journey.

Bonus Tip: Be careful who you spend time with

It’s great to have a supportive network when you go self-employed, but be mindful of who you take advice from. Make sure it’s from agents who are genuinely successful - people who you aspire to. Ignore the advice from anyone who doesn’t have the business you’re striving for and hasn’t ‘walked the walk’.

If you’re talking to agents at a similar stage as you, pay attention to who gives you energy and positivity - and who drains it. It’s essential to surround yourself with people who inspire ideas and optimism. If someone around you constantly shares their struggles or complaints about competition, their negativity will impact you, whether you realise it or not. My advice is to be ruthless and cut the energy drainers out of your life.