Buying a franchise is a great way to take your real estate career to the next level. This will allow you to enjoy the independence and flexibility of entrepreneurship while capitalizing on the business model and support system of a brand that’s already established in the real estate industry. Like any big investment, getting started can be complex and will require careful planning. The following guide will help give you an idea of the process involved.

How to Start Your Own Real Estate Franchise

1. Choose a Franchise

The first step is researching various franchises to see which ones will align best with your personal values and financial goals. Each option will have a unique culture with a core message that represents what the business stands for. Once you vet out different possibilities of interest, you’ll need to look into their qualification requirements to see what’s a match for your skills, experience, and budget.

2. Complete the Application 

Next, you’ll need to request an application from your selected real estate franchise and provide any documentation they ask for. Your information will be carefully evaluated by the company to determine how well you would fit into the culture. If they decide to move forward with your application, you’ll get the chance to talk with a representative and learn more about the business. 

3. Review the Franchise Agreement 

After receiving the franchise agreement, it’s best to review it with an attorney who specializes in franchise law. They’ll ensure you’re clear on all the terms and expectations placed on both you and the franchisor before you commit to the purchase. Make sure the document addresses important aspects, such as transfer of ownership, pricing, and training. 

4. Attend Training & Workshops

Before opening your doors, you’ll go through training to help prepare you for business ownership. You’ll learn how to recruit talented real estate agents and be given direction on marketing and building recognition in the community. You’ll also become familiar with the company’s policies and guidelines and the systems you’ll use to conduct business.

5. Secure Financing 

Now it’s time to get your finances in order. If you aren’t paying for the franchise outright, there are other options for securing funding. You must create a sound business plan to present to investors, and you may get the money from a bank loan, SBA loan, a rollover for business startups, or a partner lender. Each has varying eligibility requirements that you’ll need to research.

If you’re ready to begin pursuing your entrepreneurial dreams, contact EXIT Realty Upper Midwest to discuss franchise opportunities throughout Iowa, Minnesota, South Dakota, North Dakota, Wisconsin, and Illinois. The EXIT Realty brand provides franchisees with a proven formula for success, as well as access to high-quality training programs and the latest industry technology. Call (651) 505-3570 to speak to a representative or visit their website for more information on the benefits of growing your business with the EXIT name.