4 tips for agents considering self-employment

If you’re considering becoming a self-employed agent, you likely fall into one of two categories: currently working as an employed agent or seeking to enter the industry as a new agent. This article focuses on the former, as it’s my personal view that you should only decide to go self-employed after gaining sufficient experience as an employed agent and receiving high-quality training from experienced leaders.  Advising homeowners on what is often their most valuable asset through one of life's most stressful experiences is not to be taken lightly. It’s not a job you can learn ‘on the job’. Additionally, the stressful nature of the role combined with the need to be completely self-sufficient is not for the faint of heart. Entering this field without thoroughly understanding what to do will significantly increase your chances of failure.

Here are my top 4 tips for any agents considering going self-employed: 

Start building your personal brand whilst still employed

While you’re still employed, it’s the perfect time to start building your personal brand. You shouldn’t feel uneasy about making this known either—your current employer will benefit from your enhanced profile while you are with them. Crucially, no employer expects you to stay with them forever. Start creating content online, building your social media profiles, and getting involved with local events and business networks. Remember, every client needs to remember YOU, not just the brand you work for. If you excel and provide clients with an incredible experience, this will benefit you in the future, as they will be more likely to recommend you to their friends and family by name.

Have a clear plan about your finances 

When you go self-employed, there is no basic salary, so it’s essential to avoid falling into financial difficulty while building up your sales pipeline. Before handing in your notice, make sure you have at least 6-8 months' worth of living expenses saved. This financial cushion will give you peace of mind and allow you to focus on growing your business without the immediate pressure of income. Additionally, consider taking up part-time work or freelance gigs to ease the financial pressure during the initial phase of your self-employment. This supplemental income can provide stability until your sales pipeline is fully established.

Address any skills blindspots 

When you go self-employed, you’ll need to handle every aspect of being an agent, from listing and meeting legal requirements to valuation, negotiations, sales progression, and your own bookkeeping. If you have any blind spots in your skill set, make sure you address them before handing in your notice. This might involve asking your boss for training on specific aspects of the role or finding and funding your own training outside of working hours. It’s much better to address any concerns while you’re still employed rather than when you’re under pressure without a steady salary. 

Research thoroughly 

There are many options available to agents looking to go self-employed. Obvious differences include the strength of the brand you will be associated with, the commission structure, and whether you get an exclusive territory. However, some often-overlooked aspects are things such as the software you’ll need to use - is it cutting edge, or will it hinder your efficiency?  The leadership team of the brand also carries a lot of weight. It's crucial to ensure you can trust them and feel their values resonate with your own, as they will effectively become your business partners.

Are you considering going self-employed? Feel free to reach out to me directly to discuss how it works at Hortons