{"id":13997,"date":"2011-01-16T22:09:42","date_gmt":"2011-01-17T05:09:42","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=13997"},"modified":"2011-01-16T22:09:42","modified_gmt":"2011-01-17T05:09:42","slug":"taking-the-plunge-as-a-real-estate-brokerowner","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/13997\/taking-the-plunge-as-a-real-estate-brokerowner\/","title":{"rendered":"Taking the Plunge as a Real Estate Broker\/Owner"},"content":{"rendered":"

I have been talking for years with Mark Madsen about opening my own real estate brokerage here in the Las Vegas Valley.\u00a0 I finally stopped talking and took action!\u00a0 On January 1st<\/sup>, 2011 I officially opened my own Las Vegas Real Estate Brokerage, Shelter Realty Inc<\/a>.<\/p>\n

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. \u00a0I 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! \u00a0It became evident that the only decision I had was to open my own real estate and property management<\/a> brokerage.<\/p>\n

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. \u00a0Little did I know that it is almost impossible to account for everything!<\/p>\n

So, if you\u2019re thinking about taking the plunge like I did, here are top 5 issues that I didn\u2019t account for when I opened my own real estate brokerage.<\/p>\n

    \n
  1. General Liability and E\/O Insurance (More expensive than I estimated)<\/li>\n
  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)<\/li>\n
  3. Client\/Landlord Response (It took much longer than anticipated to get back signed addendums from landlords authorizing the transfer to the new company)<\/li>\n
  4. NAID Number (I forgot to apply for an NAID Number. \u00a0Can’t sell a HUD home without one!)<\/li>\n
  5. Peer Support (Others around you aren\u2019t always excited to see you succeed)<\/li>\n<\/ol>\n

    Even though it\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

    I have been talking for years with Mark Madsen about opening my own real estate brokerage here in the Las Vegas Valley.\u00a0 I finally stopped talking and took action!\u00a0 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 […]<\/p>\n","protected":false},"author":69,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5],"tags":[502],"class_list":{"0":"post-13997","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-real-estate","7":"tag-shelter-realty","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3752,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3752\/another-real-estate-model-a-less-radical-variation-on-a-current-theme-that-can-work-within-the-present-regulatory-context-a-national-franchise-of-real-estate-franchisors-each-of-whom-is-committed-t\/","url_meta":{"origin":13997,"position":0},"title":"Another real estate model, a less-radical variation on a current theme that can work within the present regulatory context: A national franchise of real estate franchisors, each of whom is committed to sustaining the value of the brand","author":"Greg Swann","date":"August 4, 2008","format":false,"excerpt":"I read Rob Hahn's ideas about brokerage-as-law-firm last week. I thought that much was kind of naive -- a reflection of a lack of understanding the legal realities of real estate brokerage -- but I didn't jump in because I thought some of his other ideas were interesting. Here's the\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6703,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/6703\/turning-liquidblue-into-steady-green-is-it-possible-to-found-a-new-real-estate-brokerage-without-going-broke\/","url_meta":{"origin":13997,"position":1},"title":"Turning LiquidBlue into steady green: Is it possible to found a new real estate brokerage without going broke?","author":"Greg Swann","date":"January 27, 2009","format":false,"excerpt":"Cleveland real estate broker John Kalinowski and I have been batting around some ideas of his on how to structure his new brokerage to make it work well for everyone -- clients, agents and ownership. Surely I'm not the best person to ask about this, since we are doing everything\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7565,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7565\/nest-realty-jim-duncans-new-broker-joins-the-custom-sign-club\/","url_meta":{"origin":13997,"position":2},"title":"Nest Realty, Jim Duncan’s new broker, joins the custom sign club","author":"Greg Swann","date":"March 23, 2009","format":false,"excerpt":"Long-time real estate weblogger Jim Duncan moved to a new brokerage recently -- Nest Realty. As a part of their launch, they're building custom real estate yard signs, the prototype for which you can see above. Jim asked for my thoughts on the signs, and I'm going to go into\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":649,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/649\/dual-agency-smack-down-a-category-11-hurricane-of-arguments-against-disclosed-dual-agency\/","url_meta":{"origin":13997,"position":3},"title":"Dual Agency Smack-Down: A category 11 hurricane of arguments against Disclosed Dual Agency . . .","author":"Greg Swann","date":"November 17, 2006","format":false,"excerpt":"I'm going to stir up a category 11 hurricane by basing my initial entry in the Dual Agency Smack-Down on our past posts on the subject. Cathleen and I have dealt with this topic at great length in the past, so it seems reasonable to reinforce our arguments by revisiting\u2026","rel":"","context":"In "Dual Agency"","block_context":{"text":"Dual Agency","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/dual-agency\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1019,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1019\/is-your-broker-profitable-traditional-brokerage\/","url_meta":{"origin":13997,"position":4},"title":"Is Your Broker Profitable?- Traditional Brokerage","author":"Brian Brady","date":"February 8, 2007","format":false,"excerpt":"Have you ever analyzed the business model your broker has? Try to run the numbers sometime and see just how much profit the owners(s) of your real estate brokerage really earn. I learned a lot about running a mortgage brokerage and real estate brokerage from 1999-2002. I've owned both and\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":629,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/629\/links-for-a-very-busy-saturday\/","url_meta":{"origin":13997,"position":5},"title":"Links for a very busy Saturday . . .","author":"Greg Swann","date":"November 11, 2006","format":false,"excerpt":"I'm selling at least two houses this weekend, so I'm catch as catch can. I want to write a very involved Realty Reality story, too, so my Saturday is much enriched. Here are some other riches: Realty Thoughts ponders the differences between the Inman shows and NARdiGRAS. Here's one that\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/13997","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/69"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=13997"}],"version-history":[{"count":2,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/13997\/revisions"}],"predecessor-version":[{"id":13999,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/13997\/revisions\/13999"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=13997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=13997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=13997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}