By guest blogger and 2015 WeMAR REALTOR® of the Year Liz Recchia

Owning your own small business requires thought, constancy and guidance. Start by asking yourself the right questions: What is your philosophy? Why do you want to start your own business?

Survey your gifts and talents to find your niche; add to or change your niche over time.

What type of people do you know and understand? What types of government policies have created a new opportunity for you and your clients? What tool can you use to help your clients buy and sell real estate that isn’t typical? These are all questions to consider.

How do you find potential clients? Here are some suggestions:

  • Multi Family – Ask the landlord if you can advertise a unit for rent; farm apartment buildings for potential buyers
  • Learn to do Broker Price Opinions (BPOs) – Join the National Association of BPO Professionals; take the courses and access their list of companies
  • Check bankruptcy filings; people sell their real estate before, during or after discharge
  • HUD Homes – Any broker with a Name Address Identification (NAID) number can advertise and sell HUD homes; check out the Good Neighbor Next Door programs
  • Are there social needs, populations who welcome well cared for rental housing; vets, students, long haul truckers, corporate?
  • Cold Calls – Not popular, but effective; consistent calling yields a stream of buyers and sellers
  • Door knockers – Team up with a home warranty company; offer a free home warranty at close of escrow if they buy or sell with you
  • Place local business coupons on the back of your business card
  • Hold open houses for other agents; conduct workshops and invite the neighbors
  • Be a guest speaker!
  • Meet professionals from tangential businesses; probate & family law attorneys, home builders, CPAs, etc.
  • Co-host a workshop with a CPA or attorney
  • Start a client appreciation program
  • Compile a list of local companies your clients recommend and distribute to your clients
  • Host housewarming parties.

For more on these and other ideas on how to make it rain, watch Recchia’s related webinar.