There’s always something to howl about

Taking the Plunge as a Real Estate Broker/Owner

I have been talking for years with Mark Madsen about opening my own real estate brokerage here in the Las Vegas Valley.  I finally stopped talking and took action!  On January 1st, 2011 I officially opened my own Las Vegas Real Estate Brokerage, Shelter Realty Inc.

Prior to making the decision to start my own real estate brokerage, I weighed the pros and cons and spoke with several broker/owners to hear firsthand of their experiences.  I also calculated what I paid my broker for the last two years and what I expected to spend this year if business continued to grow and it was eye opening!  It became evident that the only decision I had was to open my own real estate and property management brokerage.

After making the decision to move forward, I wrote out a business plan and tried to account for everything that needed to be done prior to opening.  Little did I know that it is almost impossible to account for everything!

So, if you’re thinking about taking the plunge like I did, here are top 5 issues that I didn’t account for when I opened my own real estate brokerage.

  1. General Liability and E/O Insurance (More expensive than I estimated)
  2. Business license requirements (As a property manager, you are required to be licensed in all cities in which you manage a property, not just the city in which your office is located, like I had thought)
  3. Client/Landlord Response (It took much longer than anticipated to get back signed addendums from landlords authorizing the transfer to the new company)
  4. NAID Number (I forgot to apply for an NAID Number.  Can’t sell a HUD home without one!)
  5. Peer Support (Others around you aren’t always excited to see you succeed)

Even though it’s only been a few weeks, I feel re-energized about real estate as if I was a newly licensed agent again and I am looking forward to sharing my experiences as a new broker/owner with others.

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